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Business Management

Business Management is the planning and controlling done by managers to achieve goals.

INTRODUCTION

Management means planning, staffing, organising, directing and controlling done by the managers in an organisation to achieve the goals. 

In Business Management, the goals are achieved by the combined efforts of people in an effective manner. A business manager is the person engaged in this field , he is responsible for achieving the goals of the company with his management skills.  Studying business management helps you in future to plan how you're going to manage each and every activity in the organisation and how you will delegate the authorities and responsibilities to various business partners . Though you should be known to every aspect of your business but you are not going to do all the work by yourself but if you're in a small business you might have to manage every area.

POSITIVES AND NEGATIVES

Positive

One can start his/her own business without even getting the professional degree but he might not be able to work efficiently and effectively as compared to the one with the professional degree. studying business management can improve one's ability to analyse in a better way and take decision in favor of the organisation.  

While studying business management you get exposed to various business professionals which opens new opportunities for you.

You get the opportunity to work under a professional and gain experience or you have the option to start your own business.

You will not only be learning the necessary terms in the business field but you will be developing your leadership, communication teamwork and other skills important for this profession.

Negatives

There is always a possibility that things do not turn out according to your plan. You might be planning of starting of your business but you don't have the necessary funds and this is the  major disadvantage as you may have to take loans to start your business, you can even use most of your savings and you may become the victim of losses in your business or earn less incomes.

A lot of risk is included as you are not sure whether your business will grow or not.

As the owner of the business you always have some responsibilities over you. E.g.- welfare of the employees and the organisation.

Undesirable duties. When you start up, you'll undoubtedly be responsible for either doing or overseeing just about everything that needs to be done. You can get bogged down in detail work that you don't enjoy. As a business owner, you'll probably have to perform some unpleasant tasks, like firing people.

Because of the funds, you might have to start a small business which demands more of your output in every field.

 

SKILLS REQUIRED

Specialisation: To study and understand the basic requirements of the business

Good time management: As business managers are often expected to complete work on time

Interpersonal and relationship-building skills: To assign work according to the strengths of the staff.

Delegation: As it is necessary to share responsibility and accountability.

Forward-planning and strategy: To achieve the desired goals 

Communication: Keep everybody informed about the plans and goals

COURSES AND ELIGIBILITY

Graduate in business requires good percentage in Class 12 in any stream. Selection is either through an entrance or on the basis of the Class 12 result. Post graduate degree requires an undergraduate degree ( Ba, B.Sc, B.Tech)

    Duration of courses

    Undergraduate studies (BBA): 3 years

    Postgraduate course (MBA): 2 years

    Part time courses (MBA): 1-3 years

There are also special areas in business management, e.g.-

Administrative management

Corporate management

Business design

General management

Forest management

Hotel management

Disaster management

Hospital management

Technology management

Rural management

 

TOP INDIAN INSTITUTES

Indian Institute of Management Ahmedabad (IIMA)

Indian Institute of Management Calcutta (IIMC)

XLRI Xavier Institute of Management, Jamshedpur

Faculty of Management Studies (FMS), Delhi

Indian Institute of Management Kozhikode (IIMK)

 Indian Institute of Management Indore (IIMI)

S. P. Jain Institute of Management & Research (SPJIMR), Mumbai

Management Development Institute (MDI), Gurgaon

International Management Institute (IMI), New Delhi

NarseeMonjee Institute of Management Studies (NMIMS), Mumbai

National Institute of Industrial Engineering (NITIE), Mumbai

Institute of Management Technology (IMT), Ghaziabad

Jamnalal Bajaj Institute of Management Studies (JBIMS), Mumbai

Department of Management Studies, Indian Institute of Technology Delhi (IITD)

 Xavier Institute of Management Bhubaneswar (XIMB)

Symbiosis Institute of Business Management (SIBM), Pune

Vinod Gupta School of Management (VGSoM), Indian Institute of Technology Kharagpur (IIT-KGP)

T. A. Pai Management Institute (TAPMI), Manipal

Shailesh J. Mehta School of Management (SJSSoM), Indian Institute of Technology Bombay (IITB)

TOP INTERNATIONAL INSTITUTES

London business school

Harvard University

Insead

University of Pennsylvania

Massachusetts institute of technology

Universitacommerciale Luigi Bocconi

University of Oxford

London School of Economics and Political Science

Copenhagen Business School

JOB PROFILE

Business managers are responsible for supervising a company's activities, hire, train the workers and employees. Small businesses rely on the business manager to keep workers aligned with the goals of the company.  Business managers might also develop and implement budgets, prepare reports for senior management and ensure the department complies with company policies.

SALARY

A Business Manager earns an average salary of Rs 8,00,116 per year. Skills that are associated with high pay for this job are Business Analysis, Project Management, Account Management, Customer Relationship Management (CRM), and Sales Management.