Why Study Business?
Dr. Ben A. Carlsen, MBA
DECISIONS...DECISIONS...DECISIONS...
Students frequently have difficulty in selecting a career path. Should they major in
Law, Criminal Justice, Nursing, the Sciences or the Social Sciences Selecting a Major
course of study is not an easy task for anyone, let alone a teen-ager or twenty-
something year old.
Of course experts say the first step is to do an examination of yourself. What are
your interests and abilities? What do you like to do and what are you good at? What
are your strengths and weaknesses, and what would excite you? What career would
appeal to you?
THE SWOT ANALYSIS
One of the common business tools is the SWOT analysis. The SWOT model is
designed to help you organize and categorize. This technique is useful in making
decisions, formulating strategies, and adaptable to the process of deciding upon a
field of study.
The "S" stands for STRENGTHS, the "W" for WEAKNESSES, the "O" for
OPPORTUNITIES, and the "T" for THREATS. Strengths and weaknesses are internal
(within you, in this case) and opportunities and threats are external (in the
environment).
Start by identifying and listing your strengths, and don't underestimate yourself.
Then, list your weaknesses, and be brutally honest. After that, decide on what the
opportunities are in a particular field, such as: management positions, potential for
advancement, plenty of potential jobs, good levels of compensation, a wide range of
career paths, etc. Finally, determine the threats which may include business down-
turns, technological obsolescence, management cutbacks, out-sourcing or off-
shoring, etc.
The strengths required for business generally include: strong communications skills,
good analytical ability, decision-making capabilities and some facility with facts and
numbers. If you're strong in these areas you may want to consider a business major
and career.
THE BUSINESS CURRICULUM AND PROFESSIONAL CREDENTIALS
Business degree programs typically include courses in management, finance,
accounting, and computer applications. Courses in Strategic Planning,
Entrepreneurship/Small Business Management, Project Management, Customer
Service and International Business are also important. Since communication and
planning are so crucial, pay particular attention to programs that offer courses in
written communications, business communications, or have English Composition
components.Students interested in specialized areas of study should aim for Certification and/or
licensure at some point. Designations such as CPA (Certified Public Accountant), CFP
(Certified Financial Planner), RFC (Registered Financial Consultant), CMA (Certified
Management Accountant), CSP (Certified Systems Professional), or CPM (Certified
Project Manager) are all professional credentials which assure a standard of
knowledge and competence. Each of these designations has separate requirements
for education and experience.
THE CASE FOR BUSINESS
Business is one of the broadest fields and traditionally one of the most highly
compensated. For four-year college graduates it typically ranks in the "top ten" most
profitable majors. (National Association of Colleges and Employers). The U.S..
Department of Labor statistics also report favorable earnings results for business
graduates. As a broad field (as opposed to specialized career or job training) there
are a wide range of employment opportunities in the private sector, public sector and
non-profits. And, since the business world is highly competitive, those equipped with
some business knowledge and credentials are at an advantage.
Business can also be exciting. The competitive environment, the challenge of
marketing and selling goods or services, the successful conclusion of a deal or
project, negotiations, and making profits can produce an adrenaline "rush."
If you want to be an entrepreneur and start your own business, or if you wish to be a
corporate manager, the investment in studying business administration is good
preparation. Whether you begin with a Associate's Degree, attain a Bachelor's in
Business, or complete your MBA, your business education should pay you personally
and professionally. Everyone makes buy or rent decisions, struggles with
investments or taxes, and faces motivational or organizational challenges where a
business background /education would be valuable.
Candidates with a business background and education are frequently sought after by
employers, regardless of the field. One of the "hottest" combos is to have a
professional license along with a business degree. For example: R.N./MBA's are in
high demand.
Employers recognize that having employees who speak the "language" of business
and understand business concepts and techniques will facilitate training, increase
productivity, help in providing focus on organization priorities and contribute to the
"bottom line." Sharp employees with business acumen, in fact, give employers that
"competitive edge."
WHERE DO YOU GO FROM HERE?
Examine some programs and schools pick a program that meets your needs,
challenges you, and feels comfortable. You will need to spend lots of time, effort and
energy to succeed, so make sure you're up to the commitment.
Business is a great field! Career options are practically unlimited and income
potential is excellent. It's an exciting area of study with practical application to
anyone's professional life. It's really up to you.Copyright ©, 2008, Dr. Ben A. Carlsen, MBA. All Rights Reserved
About the author:
Ben A. Carlsen, Ed.D, MBA, is an experienced CEO and manager. Dr. Carlsen has
over 30 years experience in management, consulting, and teaching. Currently the
Head of the Business Department at Everest Institute, Hialeah, FL., he was Chairman
of the Los Angeles County Productivity Managers Network and President of the
Association for Systems Management (So. Calif. Chapter). Additional information can
be obtained at http://drben.info