Introduction To Business Studies: Importance And Career Opportunities

Table Of Contents

1. Introduction Of Business Studies
2.What Then Is Business
3. Meaning Of Business Studies
4. Components Of Business Studies
5.Importance Of Business Studies
6. Career Opportunities In Business Studies

Introduction To Business Of Studies

Depending on where you live, or school you may observe some or a number of the following activities.

i. busy shops and supermarkets, here and there.
ii. people hawking goods like oranges, groundnuts, sachet water (pure water).
iii. roadsides restaurants, with people eating.
iv. barbing saloon at work
v. hairdressing activities
vi. motor mechanic at work etc.
vii. business centre, typesetting and photocopying documents.

What can you explain the owners of these centres are doing? Simply, they are doing business.

One common factor or objective of these activities is to sell products- good and services and make money.

What Then Is Business

Simply defined, business is any activity directed to provide service or exchange goods for money or payments lieu, for the purpose of satisfying human needs and wants.

This definition must be qualified by the following condition:

(a). The activity must be lawful and socially accepted. Therefore arm robbery, prostitution, human trafficking etc are not business by this definition.

(b). The outcome of the activity should be profitable and be rewarding because the primary goal of setting up a business is to make profit.

(c). The activity must produce tangible ( visible) goods or intangible goods ( services). Tangible goods include products like text books, food items, such as bread, biscuits, yams, rice etc.
Intangible goods cannot be seen physically or touched. They are services provided by persons for which they are paid. Examples of the services are those provided by the motor mechanic, teachers, barbers, nurses, accountants, the police, lawyers etc. We cannot touch the service, but we can feel satisfied when they are rendered.

What Is Business Studies?

Business studies therefore is the study of the way of running or managing a business, with reference to funding or financial, organising, and control, to achieve set goal objective, which is to make profit. Business studies can also be define as the study concerned with how human and financial resources are organised and utilized to satisfy human needs. For the purpose of this study, we shall give attention to those important areas needed for effective and efficient running of business, namely; office practice, commerce, book keeping, computer keyboarding.

Importance Of Business Studies

1. It widens knowledge and exposes an individual to various occupations and careers through it’s integrated nature. It combines studies in commerce, accounting, management, economic, insurance, etc.

2. It Makes One To Be Versatile And Resourceful: This is importance for self reliance, which is a tool for self Employment and poverty alleviation.

3. Business studies helps one to make more informed decisions in the everyday business of living.

4. It gives one’s a better understanding of the world of work and efforts to satisfied human needs.

5. It encourages one to think or how and why one should start a business.

6. It helps one make wise decisions about savings and spending of one’s money

7. It provides small and medium scale employment for individuals and groups.

8. It introduces one to many careers such as accountancy, finance, sales, marketing and management

READ ALSO: Introduction To Commerce

Components Of Business Studies

Business studies is an integrated subject. What this means that it comprises more than one subject. Such subject are what we refer to as the components or branches of business studies and they include:

1. Office Practice: This comprises of the activities carry out in the office like typing, disseminating information, mailing, faxing, filing of documents, writing memos and correspondences. These activities facilitate business transactions.

2. Commerce: Commerce is the heart of business and refer to production, distribution and exchange of goods and services, in other to satisfied human want. Commerce is sub-divided into trade and aids to trade.

3. Book Keeping: Book keeping deals with recording of business transaction to show the exact state of the owner’s capital.

4. Short Hand: Short hand can simply be defined, as the act of representing spoken words with signs and characters.

5.Keyboarding: Keyboarding refers to the process of operating or manipulating the various keys of the typewriter or a computer keyboard.

Career/Employment Opportunities In Business Studies

Meaning Of Career:

Career is a profession. It is a way of making money or getting the best from one’s work. Because of the integrated nature of the study, ones is exposed to a variety of opportunities for a vocation or profession or career. They include:

i. Company secretary
ii. Company administration
iii. Entrepreneur
iv. Business executive
v. Financier
vi. Business manager
vii. self employment
viii. Business Consultant etc.

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