What is Business Management and Why it’s so Popular Right Now

07 NOV 2022 By Maria S
What is Business Management and Why it’s so Popular Right Now

A Sought-after Career

A 2016 article states that: “Business studies graduates are more likely to be employed three months after graduating than other graduates”. Six years later and this statement remains relevant and true while being further supported by the data of the U.S Bureau of Labor Statistics.  “Overall employment in management occupations is projected to grow 8% from 2021 to 2031, faster than the average for all occupations. This increase is expected to result in about 883,900 new jobs over the decade”. Then, no wonder business management has become both a popular and lucrative career among aspiring graduates who wish to land a managerial job and change the world.

Every organisation needs skilled managers who roll their sleeves, seize challenges and take things in hand. In fact, the more an industry grows, the more business management opportunities become available. Hence, a business management degree definitely opens a number of doors. Every industry, whatever its nature, needs effective, quality management and careful execution of its activities in order to thrive and succeed. Who is responsible for it? It’s employees. The business’s most valuable asset. A good business manager should care about the team and the company, and all together can do wonders. If you are ready to be a good business manager, a relevant degree along with determination, leadership and strong interpersonal skills are all it takes to make your debut.

Business Management or Business Administration?

We frequently use the two terms interchangeably, but there is a difference between them. Specifically, Business Management focuses on directing, planning and coordinating business activities, tasks, and both financial and human resources. It involves training and supervising the staff while formulating objectives based on the company’s vision and mission. It requires excellent communication skills as it is quite human-centred. On the other hand, Business Administration has to do with the daily operations of a business and it’s often more technical and specialised. It has to do with forecasting, strategic planning, setting budgets, entrepreneurship and the implementation of new policies and procedures. It focuses on the more practical application of business, such as finance, marketing, accounting, and operations. In small-sized businesses, one person might undertake both roles, whereas in bigger organisations the business administrator and manager work closely to streamline business operations and achieve effective management.

Why Study Business Management?

As said, a Business Management degree is so popular right now as it provides several global career opportunities in multiple industries. It covers various areas from financial, operational, and human resources to IT, sales and marketing and strategic management. Hence, without further ado, let’s specify the added benefits of pursuing such a career:

  1. High employability. You will never be left out of the job market as business managers are always in demand.
  2. Gain in-depth knowledge, industry insights and an understanding of the business world.
  3. Develop and improve fundamental management skills such as marketing, strategic planning, reporting, financial and data analysis, presenting and project management.
  4. You can be a great entrepreneur, as you will be able to apply academic knowledge to your own real-life business.
  5. Get a broad overview of different business areas and then shape your career path by choosing the specialisation that best suits you.
  6. It strengthens your communication, networking, leadership and negotiation skills through daily social interactions with employees, partners, and clients.
  7. Higher salary offers and increased eligibility for promotion.

What Skills Do I Need to Succeed?

If you are a people person with a business mindset and leading is something you believe that you are good at, studying business management might be both ideal and rewarding for you. Nonetheless, you will need some further soft skills which I will dive deep into below.

  • Strategic and critical thinking
  • Organisational skills
  • Communication and collaboration
  • Empathy and respect for others
  • Motivation and ambition
  • Innovation
  • Time management
  • Problem-solving
  • Decision-making
  • Negotiation and conflict resolution
  • Integrity of character and accountability

How Business Management Education Can Transform African Entrepreneurship

Management is a significant factor that determines performance, productivity and success. The business strategies of Nigerian SMEs are a sustainable competitive advantage that significantly contribute to the increase in the number of customers and market shares based on this 2018 journal article. However, “business management specialists have argued that even with the availability of resources such as funds, land and skilled labour, the majority of these SMEs fail. This is due to the lack of strategic planning resulting from poor management and the absence of proper business management education.” Owning the necessary resources to grow your business is not enough. You need a well-cultivated business mindset with a thorough understanding of management to gracefully orchestrate business activities. In addition, an experiment conducted in Ghana has shown that “a great number of entrepreneurs within this region are unfamiliar with standard business practices.” Hence, participation in a management training programme to learn essential techniques or even acquiring relevant academic knowledge is invaluable for local entrepreneurs.

Recognised Business Management Degrees at a Price You Can Afford

Does a career in business management sound interesting to you? Would you like to become an active member of one of the most profitable industries in your community? Do you wish to start your own business, or even compete for a promotion at your current job? Then a relevant Bachelor’s degree will set strong foundations for you to do so.

Today is your opportunity to apply for a scholarship and enrol in the new and fully online BA Business Management programme offered by our British partner, the University of Suffolk. You can also explore our website to choose among other recognised Management degrees in specific fields such as: Hospitality, Healthcare, Marketing, Supply Chain, Accounting and Finance.