6 Fundamentals of Business Management
Having a true passion for the business you are managing is very important for your success. But passion alone is not enough. You also need core business skills to properly launch your organization and survive over the long term.
You need to understand the fundamentals of business management like: business planning, strategy, finance, and marketing. If you plan to hire people to help run things, you need communication skills, leadership skills and an understanding of how to motivate and reward employees.
You need a clear strategic vision for the company and an ability to make informed management decisions based on research and analysis of the market, the competition and any other internal or external forces that can impact your business.
In short, starting and managing a business takes a great deal of business knowledge and experience. In the new Business Management MicroMasters program from IIMBx and edX, entrepreneurs, students and professionals can gain in-depth knowledge of the key concepts of management across six functional areas.
Get an overview of accounting, finance, operations, human resources management, marketing and strategy. Look at real-world businesses as you develop an understanding of each of these key disciplines. Courses are online and open for anyone to enroll. Read more about the MicroMasters program and enroll online today.
6 Fundamentals of Business Management
1. People
Human resources are your company’s greatest asset and how you lead, motivate and inspire your employees can have a huge impact on the success of your company.
In People Management, learn the key leadership and communication skills that you need to be a successful leader and build a strong organization.
2. Operations
Have you ever wondered what happens behind the scenes of a major new product launch such as a new iPhone or the latest version of a popular video game?
Managing a supply chain and making sure production meets demand under tight deadlines can be incredibly complex and is critical to business success.
In Operations Management, you will explore key aspects of business operations including capacity planning, productivity analysis and improvement, quality assurance and the concept of lean management.
Learn about tools and techniques for managing quality, computing cycle times for operations and organizing and configuring the various components of a supply chain.
3. Accounting
Proper management of the day to day accounting and finances of a business is critical to operations. In Accounting for Decision-Making, learn about different business organizations and the role of accounting in each.
You will also learn how to read, analyze and prepare financial statements, an essential skill if you plan to start or run a business.
Read Also: 13 Business Success Stories From Entrepreneurs to Inspire You
4. Strategy
How does your business compete in the industry? How can you create a competitive advantage? Are you able to adapt to a changing business environment?
The ability to take a high-level, strategic view of a business is necessary to identify opportunities and to stay ahead of external forces such as new competition and changing consumer demand.
In Strategic Management, you will learn how to develop a business strategy including analyzing the competition and identifying ways that your business can gain a competitive edge.
5. Finance
The growth and maintenance of your business may require making major purchases, investments, mergers and acquisitions and more. Smart financial planning and decision-making create value for your organization and ensure its growth into the future.
In Corporate Finance, learn the tools and techniques managers use to manage capital and maximize the value of a business.
6. Marketing
Marketing is much more than simply advertising a product or service. You must identify and interact with your customer, stay on top of their changing needs and desires and deliver a strong value proposition.
In Marketing Management, you will learn core concepts of marketing including segmentation, targeting, differentiation, product positioning and much more.
Real-world business scenarios will be used to learn about different marketing strategies and tools for analyzing and discovering opportunities.
