It is a subject that covers the principles of running a business. It helps students understand the role of business in society and the various aspects of business, such as finance, marketing, production, and management. It also provides an understanding of the legal framework within which an enterprise operates.
What is Business Studies?
Business Studies is an academic topic primarily focused on the working of a business. It covers the core concepts of business like finance, marketing, production, and management. It is also concerned with the function of the business in society and the economy.
Importance of Business Studies
Business studies is an important subject because it teaches students how to make a profit and run a successful business. It also teaches students how to work cooperatively and communicate with other people. Business studies help students learn how to identify and solve problems.
How to Learn Business Studies Quickly?
The only possible method to learn business studies quickly is to visualize while studying. Visualizing the topic while studying will help you remember the topics easily. Also, one can remember acronyms. Acronyms will help you remember important concepts using short forms.
Preparation Tips for Business Studies
When you are preparing to study business, there are a few things you should keep in mind. First, ensure you have plenty of materials to hand, including textbooks and notes. Second, be sure to study regularly, and don’t let yourself get bogged down by too much work at once.
Moreover, students also have a misconception about remembering numerous definitions, concepts, and points within the chapters. The examination for business studies is more inclined toward assessing the knowledge of students' conceptual understanding of businesses and all their respective aspects.
In this article, we will help you with how you can prepare for business studies.
Pre- Examination Tips for Students
Work on the concepts
Your priority while preparing for the examination should be to read all the topics thoroughly and try to clear all the concepts of each chapter.
Examination Preparation Tips and Tricks
Focus on the Keywords
Mark out all the keywords or terminologies at the time of preparation. Using the keywords in the examination will help you score marks since they will indicate that you are well prepared for the topic/subject.
Practice Case Studies
Case Studies must be covered, while the preparation as a business studies question paper contains at least 2 case studies-based questions. These types of questions evaluate the high-order thinking skills of students. Case studies are more like practical applications of the concepts learned in a particular topic.
Attempt Previous Year's Questions
Practising previous year's questions will give an idea of the time pressure you will be facing in the examination. In addition to it, you get to know the question paper patterns.
What is Case Study in Examination?
Case Studies are a type of question that aim to evaluate students' high-order thinking skills. It is nothing but the real-life application of the questions. These types of questions usually have a short paragraph for you to read and point out the problems. The following paragraph will be followed by a few questions taken from the paragraph itself.
How to Write Your Examination Paper?
Scan the Question Paper Well
Read the whole question paper during the first 15 minutes given to you as reading time. Understand the types of questions and the length of the question there.
Make a Strategy Before you Start Writing
Before you start writing, categorize the question as per difficulty level. Try to attempt all the high marks questions at first as these questions are straightforward and are of low difficulty level. Then move on with the moderate difficulty level questions. Lastly, go for the tough questions. This will ensure you attempt all the easy questions at first that will get you more marks.
Manage your Time Well
Using the above strategy will help you in many ways. As you will attempt the low difficult questions at first, that will ensure you the specific marks with ease. You can save a lot of time by attempting the easy questions quickly, which will get you more time to analyze the difficult questions and make careful attempts.
Use Pointers in the Answer Script
Avoid writing long paragraphs against questions instead, explain your topics in subheads and then explain those subheadings in a few lines with the required keywords in the answer.
Recheck Before you Submit the Answer Scripts
You need to plan this and try completing all the questions at least 15 minutes earlier. Use this 15 minutes for rechecking all the answers thoroughly and try to underline all the keywords, headings, and subheadings using a pencil. ( Note- Don’t use Pen to underline the keywords)
Case Study: Conceptual Application of Concepts with Example
Farm Wheat PVT. LTD. is a wheat manufacturing company. On a day-to-day basis, 3000 bags of 25 kgs each are produced in the company. However, according to the records, they missed out on their monthly target of 3000 bags of wheat each day. Reports also suggest that manufacturing cost in the present year is less compared to the previous financial year.
Q. Point out the management's possible mistake.
Ans. The company missed out on being effective as the number of bags was less than the target. Effectiveness is one such important function of every enterprise that solely checks on the quantity, quality, and time allotted to each department.
Every student encounters business in their day-to-day life so it is important for them to be well read about the functions, procedures and operations. Business Studies help students understand various core activities within the business entity. It elevates their confidence and competence to deal with daily business procedures.
Furthermore, it is one of the easiest subjects; however, students find it difficult to learn the subject. Students can expect to get good marks in examinations if they are conceptually clear about the subject.