Introduction to Business Studies

Introduction

A business is an organization or entity that is engaged in commercial, industrial, or professional activities. It involves producing, buying, or selling goods or services to generate profit.

Business activities refers to any action undertaken by an organization to produce, buy, sell, or provide goods and services with the aim of making a profit or achieving other objectives

Meaning of business studies

 Business study is the subject that teaches us about business and business activities. It provides us with the Knowledge, understanding, and skills needed for productive work or activity.

It can also be defined as the process of studying all human efforts and activities directed towards the development and satisfaction of human needs and the development of a nation through the production and distribution of goods and services

Importance of Business Studies

1.      Provides knowledge on how to start and manage a business efficiently.

2.      Equips individuals with skills required to be employed in various business careers.

3.      Enhances understanding of financial management, saving, and investment.

4.      Develop critical thinking and problem-solving skills for business operations.

5.      Contribute to national development by promoting trade and industry.

6.      Helps individuals make informed decisions as consumers and producers.

7.      Prepares students for business challenges in a globalized economy.

8.      It will expose students to the aspects involved in the  production of goods and services for the satisfaction of human wants

9.      It will enables students to know how files, records and accounts of business activities are kept in an office

10.  It teaches how to use office equipment such as scanner, computer, stapler etc.

11.  It teaches students how the office function

12.  It equip students with the knowledge of different forms of business organization

13.  It makes it possible for you to acquire further training in higher institutions of learning

14.  It equips you with the basic skills with which to begin an occupation, if you do not have an opportunity for further training

15.  It develops and prepares you for office occupations in future

 

Components of Business Studies

Office Practice: This involves the study of office procedures, administration, and management to ensure efficient business operations. It includes handling correspondence, filing systems, and office communication. That is, it deals with how clerical activities are carried out on a day-to-day basis within an organization in order to achieve set objectives and goals

Commerce: Commerce deals with trade and activities related to the exchange of goods and services. It covers areas like retail and wholesale trade, transportation, banking, and insurance. It deals with buying, selling and distribution of goods and services

Book-keeping: This is the component of business studies that is concerned with recording business transactions in an orderly and meaningful manner. It helps in maintaining accurate financial records, preparing accounts, and ensuring financial accountability and informed decision making

Keyboarding:  Keyboarding is the ability to type or input data efficiently using a computer or typewriter. This skill is important for data entry, document preparation, and improving productivity in modern office environments.

 

Career/ employment opportunities in business studies

Business studies enable people all over the world to become important personalities such as:

1.      Accountants                                                 10.  bankers  

2.      Stockbrokers                                                11.  Insurance brokers

3.      Managers                                                     12.  Public administrators

4.      Publishers                                                    13.  clerks

5.      Secretaries                                                   14. proprietors

6.      Traders                                                         15.  Directors

7.      Chief executive officers                              16.  Teachers

8.      Entrepreneurs

9.      Sales representative