Business is a subject that covers various aspects that have a practical application in our daily lives. We don’t just learn theories and reports under it but how to practically apply those concepts to make our lives easier.
It covers multiple subjects in a combination which gives us some knowledge about everything going on in the world. Hence, it is just not a subject but a necessity.
To learn about it in detail, let’s first look at the different subjects we learn in Business followed by the importance of it.
Table of Contents
Subjects under Business Studies
- Finance – Finance is an integral part of our lives, even if we don’t work in the finance department we need to know it to manage our finances properly, to file our taxes, and to maintain our budgets with some savings. You might earn lakhs of money but if you don’t know where to invest it and earn returns on it, you can’t make wealth out of it.
- Marketing– Marketing in basic terms means how to sell your product/ services to someone. An individual needs to know marketing and its tactics to understand how consumer behavior works and how these big companies use them.
There is a significant sub-category in marketing known as digital marketing which is the new trend post-pandemic. We have shifted largely to online for everything from education to office meetings.
Everyone should know about digital marketing to know how the digital world works and how from content creation to SEO scores, these websites operate.
If you are interested in learning digital marketing, do check out IIDE’s Online Digital Marketing Course which is a 3-month fastrack course to upskill yourself and enter this industry. - Law – With technology advancing, the cases of fraud and cybercrime are also increasing. To save ourselves from this and other crimes a person must have knowledge of the law, his rights, and what he should do in such a situation. Law teaches us how the system works and how we can safeguard ourselves and enjoy our rights.
- Entrepreneurship – It’s the backbone of the business, it teaches us the basics of business. From analyzing our ideas to making a business model of our idea, entrepreneurship comprises its all.
- Communication– It is more of a skill than a subject, we all need to know how to communicate effectively between a group of people. It is essential for any individual, you might have great knowledge of various topics but if you don’t know how to communicate, it’s a waste.
- Information Technology– Business also covers technology which is the need of the hour. In today’s world if you don’t know the technology you can’t understand the basics of anything as everything involves some kind of technology. It helps us understand consumer behavior and record their responses.
- Economics– Last but not least economics is a very important subject to learn the movement of world markets. From understanding the working of a single unit (micro) to understanding the working of a whole economy (macro) economics has it all.
So, these were some of the important subjects that are covered under business. We can clearly understand the scope of these subjects. If you want to know about careers in the business world, do check out – How to become a business analyst. Now let’s look at the importance of knowledge of the business subject.
Importance of Business Subject:
Knowledge of business helps you in networking and improving your management skills which leads to a strong base and effective personality.
It teaches you leadership skills and how to generate team spirit, which ultimately takes you to higher positions in any corporate company irrespective of your profession. Business knowledge is a mandatory requirement to enhance and upskill personal skills.
Let’s look at some of the benefits of learning business in detail now-
- Management Skills – It helps in developing management skills that help in coordinating everything effectively to give out results. It also helps in organizing and coordinating our personal work-life.
- Finances– It teaches you to maintain your finances, from where to invest to how to file your taxes. Finance covers it all, it saves our time and money.
- Introduction to Business World – It helps us understand how the business world works, the marketing tactics of big companies, and everything in between.
- Communication Skills – Improves communication skills, leading to effective communication.
- Independence – We can surely say business studies makes a person independent in all aspects like personal finance, investments and communication.
It helps an individual in taking calculated risks which can improve their growth and success multiple times. Business is a combination of multiple subjects, and when we have some knowledge of everything around us, it helps us in making decisions clearly and confidently.
Also Read: Digital Wellness – Tips for a better digital world.
Conclusion
An individual can earn money in any profession but to spend it or invest it he/ she should know the business world and how these big MNC’s work. Business studies is a combination of various critical subjects resulting in a productive outcome.
It directly increases the chances of getting a job in any profession as you are more confident and have effective communication skills. Universities and colleges should promote having business subjects for every student irrespective of his stream to build a strong foundation.
Online presence has become very important post-pandemic and businesses need to use digital marketing for the growth and success of their brand.
For graduate students, one of the best options to pursue digital marketing is via an MBA in Digital Marketing Program.
Do let us know your thoughts in the comments section below.
Author’s Bio
Karan Shah
Founder and CEO at IIDE
An ‘Edupreneur’ and the founder of IIDE – Indian Institute of Digital Education.
He is a passionate public speaker and teacher for over 10 years. He has trained over 1,00,000+ students and 25+ corporates in Digital Marketing via online and offline channels. He is a Harvard alumnus specialising in E-commerce. He is a TEDx speaker and is a visiting faculty at India’s top management institutes like the IIMs.