Being passionate about the business you manage is very important for your success. But passion alone is not enough. You also need core business skills to properly start your organization and survive for a long time.
You need to understand the basics of business management, such as: business planning, strategy, finance and marketing. If you plan to hire people to help run things, you need communication skills, leadership and an understanding of how to motivate and reward employees.
You need a clear strategic vision for the company and the ability to make informed management decisions based on research and analysis of markets, competition, and any internal or external forces that may affect your business.
In short, opening and managing a business requires a lot of business knowledge and experience. In the new business management micro-action program from IIMBX and EDX, entrepreneurs, students and professionals can gain insight into the key concepts of management across six functional areas.
Get an overview of accounting, finance, operations, human resources management, marketing and strategy. When you have an idea of each of these key disciplines, check out the real-world business. The course is online and anyone can take it. Read more about the Micromasters program and sign up online now.
6 Business management basics
1. people
Human resources are your company’s biggest asset and how you lead, motivate and inspire your employees can have a huge impact on the success of your company.
In people management, understand the key leadership and communication skills you need to be a successful leader and build a strong organization.
2. operate
Have you ever wondered what happened behind the scenes of a new product release, such as a new iPhone or the latest version of a popular video game?
Managing the supply chain and ensuring that demand is met within a tight deadline can be complex and critical to business success.
In Operations Management, you will explore key aspects of business operations, including the concepts of capability planning, productivity analysis and improvement, quality assurance, and lean management.
Learn about the tools and technologies used to manage quality, calculate operational cycle times, and organize and configure various components of the supply chain.
3. Accounting
Proper management of daily accounting and corporate finance is crucial to operations. When making accounting decisions, please understand the different business organizations and the role of each accountant.
You will also learn how to read, analyze and prepare financial statements, which is an important skill if you intend to start or run a business.
Also read: 13 business success stories from entrepreneurs inspire you
4. Strategy
How does your business compete in the industry? How do you create a competitive advantage? Are you able to adapt to the ever-changing business environment?
The ability to provide advanced, strategic advice to the business is required, for external forces such as identifying opportunities and staying ahead of new competition and changing consumer demand.
In strategic management, you will learn how to develop a business strategy, including analyzing competition and determining how your business can gain a competitive advantage.
5. finance
The growth and maintenance of your business may require large purchases, investments, mergers and acquisitions, etc. Smart financial planning and decision making create value for your organization and ensure it grows into the future.
In corporate finance, learn the tools and technologies that managers use to manage capital and maximize corporate value.
6. marketing
Marketing is more than just advertising products or services. You must identify and interact with your customers, maintain their changing needs and desires and provide a strong value proposition.
In marketing management, you will learn the core concepts of marketing, including segmentation, positioning, differentiation, product positioning, etc.
Real-world business scenarios will be used to understand different marketing strategies and tools for analyzing and discovering opportunities.
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