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Business Studies

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Last updated date: 20th Apr 2024
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An Overview: How to Study Business Studies

Business Studies simple can be defined as the study which studies various fundamentals of business. The field which studies the principles of business, management of the business and business economies coins under one term as ‘Business Studies’. 


In this article, we will be studying what is business studies, detailed explanation of the term will be given, why should one study business studies, how can one study business studies, and job opportunities with business studies will be shared in this article. Starting with let us understand in detail what is Business Studies. 

What is Business Studies?

Business Studies is a broad subject which studies accountancy, finance, organization, human resources, marketing from the perspective of running a business.


The study combines various facets of business and thereby studies the business minutely, thus the name ‘business studies’.


Business Studies gives a general overview of the various types of elements on how to run a business successfully. Thai teaching of business studies is known as ‘business education’. 


Business Studies - Why To Study Business Studies? 

Did you know business studies is one of the most studied subject in the entire world? The subject has gained such importance that it cannot be ignored in any career sector.So, what are some reasons to study business studies? 

  1. Strengthening the Communication Skills: 

Business studies gives an individual excellent skills to communicate professionally. Credit points will be awarded if you write and present fluently with your good communication tactics. 

  1. Knowing the Length and Breadth of the Market:

Being in a business, the most important task is to know the market well. The core contents of the market, meaning the target audience must be kwnon to every business man where he establishes his business. Business studies teaches some of those tactics on how to know the target market. 

  1. Entrepreneurship:

Business Studies gives birth to many talented Entrepreneurs. Managing the business is the main task of an entrepreneur, thus with the help of this study entrepreneurship will flourish in an economy. 


How Can I Study Business Studies? 

Business Studies as a subject is introduced in Classes 11 and 12. Then, if you carry on business studies an a career choice then you will have to specialize in one particular segment of the same. Thus, studying business studies initially starts generally knowing about the principles of business, types of business etc. gradually when pne would like to pursue business as a career then he/she is required to learn the practical aspects of business as well.


As a student, you can focus on:

  • Technology

  • Marketing

  • Economics

  • Statistics

  • Accounting

  • Ethics 

To study business studies as a whole. 


While, when you pursue business as a career choice, you may encounter:

  • Degree programs in business studies

  • Why and How Business Organizations Work

  • How the Global Business Environment runs?

  • Studying the different araes of business

  • Functioning of the different areas of business

  • Business Strategy and Management Skils. 


Thus if you really wnat to study business you need to know the practical element of the same. College students are required to complete a vital project on business studies on their final year. Thai helps them to learn business and analytical skills. Many reputed colleges and universities brings the business men and the students close by initiating workshops and seminars, further they also run internships to give them their experience about business. 


Job Prospects With Business Studies

Studnets who graduate with a degree in business studies can go for:

  • Entrepreneurship

  • Business

  • HR

  • Finance

  • Marketing

  • PR

  • Sales

  • Advertising


Topics Under Business Studies

The topics covered under Class 11 Business Studies are as follows:

1. Business, Trade, and Commerce

  • The contribution of business activities to the growth and development of an economy.

  • The concept and objectives of a business.

  • Classification of business activities into occupation, profession, and employment.

  • Classification of industry into different types.

  • Risk and profit as a reward for risk.

  • Factors for starting a business.


2. Forms of Business Organisation

  • Different forms of business organisation, including features, merits, and limitations.

  • Differences between various forms of organisations


3. Private, Public, and Global Enterprises

  • The concept and characteristics of business.

  • The features of different forms of public enterprises, viz., departmental, statutory corporations, and government companies.

  • The changing role of the public sector, features of global enterprises, and the benefits of joint ventures


4. Business Services

  • Characteristics and different types of services.

  • The concept of e-banking and different types of insurance policies.

  • Types of warehouses.


5. Emerging Modes of Business

  • The meaning of e-business, the difference between e-business and traditional business, including the benefits of switching over to an electronic mode.

  • Requirements for a firm’s initiation into e-business, major security concerns of electronic mode of doing business.

  • The need for business process outsourcing and the scope of business process outsourcing.


6. Social Responsibility for Economy and Business Ethics

  • The concept and need for social responsibility.

  • The relationship between business and environment.

  • Protection.

  • Concept of business ethics and  the elements of business ethics.


7. Formation of a Company

  • The essential stages in the formation of a company include the steps involved in each stage of company formation.

  • The need for a certificate of incorporation and certificate to commence business.


8. Sources of Business Finance

  • The meaning, nature, merits and limitations, and importance of business finance.

  • Various sources of business finance.


9. Small Business and Enterprise

  • The meaning and nature of MSME in India.

  • Role of MSME in India, problems faced by MSME in India; and the role of innovation and entrepreneurship for MSMEs.


10. Internal Trade

  • The meaning and types of internal trade.

  • Types of retailers.

  • Describe the many types of small and large-scale retailers and the function of industrial and commercial chambers of commerce.

  • Implementation of GST.


11. International Trade

  • Meaning and scope of International Business

  • Difference between Internal and International Business

  • Benefits of International Business

  • The most essential worldwide agencies and agreements for promoting commerce and development.

  • The role of different organisations in the promotion of International Business


Case Study

Rajesh wants to start a wholesale business of readymade garments, but he is hesitant because it involves a number of issues, including customers for moving goods from the factory to the market, informing customers about new designs and varieties added each season, the risk of loss due to fire or accident, storing excess stock of goods, and so on. He approaches his friend Sanjay, who explains some aspects of commerce that can help Rajesh.

  1. Indicate the type of business Rajiv intends to start.

  2. Indicate which aspect of business can assist Rajiv in overcoming these obstacles.

Ans.

A) Whole-sale trade. Wholesale trade refers to purchasing goods in large quantities from manufacturers, dealers, or producers and reselling them in smaller quantities to others, who may be retailers or even consumers.


B) Commerce is one of the most important aspects of business that can assist Rajiv in overcoming the obstacles, including customers moving goods from the factory to the market, informing customers about new designs and varieties added each season, the risk of loss due to fire or accident, storing excess stock of goods, and so on.


Summary

This article was thus a detailed study on the term ‘Business Studies’ what is included in this study, what are the reasons behind the study of business studies, how can one study business studies, all were discussed in good detail. Hope the students have gained enough insights from this article.

FAQs on Business Studies

1. What do you study in Business Studies?

In the study of business studies you will gain a broad knowledge in business operations, you can also study specific fields of business studies like - customers, markets, finance, operations, strategy, business policy, communications and IT.

2. Is Business Studies tough?

No. If you are someone who loves economy and trade, always wondered how money flows, from where does teh goods and services come from, if you ever aspired to run your own busines, then business studies will be a very interesting subject for you.

3. What is the basic study of business studies? 

The basic study of business studies is provides an introduction to business in the fields of management and leadership, accounting, marketing, communication and entrepreneurship.

4. Which degree will be best for studying business?

Degree in Accounting, Management, HR, Economics, Entrepreneurship, Supply Chain Management, Business Administration are some best business degrees you can attempt for. 

5. Who is the Father of Business Studies?

Peter F. Drucker is the ‘Father of Business Studies’. 

6. State any two objectives of the business.

  • The most important objective of a business is to earn an adequate amount of profit because it is essential for the survival, growth, and expansion of the business. Profit ensures a continuous flow of funds for the modernisation and expansion of future business activities. Profit also indicates the degree of stability, efficiency, and further development of the company structure.

  • The second objective is to survive for a longer period of time which is possible only when the company is able to cover its cost and earn profit. 

7. Describe the main features of a business. 

The main features of a business are as follows:

  • Business is an economic activity because it is performed with the aim of earning money and livelihood. It also creates employment opportunities which increase the growth of the economy.

  • Business includes an act of production/ procurement of goods and services.

  • Dealings in goods and services on a daily basis that is why it is also called a continuous process.

  • The main motive of any business is earning profit as it indicates whether the business will run smoothly in future or not.

8. How can I easily learn the Business Studies concepts of Class 11?

  • To score good marks, one should start by creating notes as it helps keep every topic content organised and easy to revise during exams. 

  • Instead of blindly learning each and everything that is written in books, one should focus more on conceptual clarity. 

  • Practise more case study questions.

  • One should also focus on the presentation, i.e., how to write answers in a comprehensive format. The answers should be written in bullet points as it makes the solutions more presentable and easy to read by the examiner.