Importance of Business Studies

[shibli]

In this age of globalization and internationalization, the demand of business education is increasing. Before studying business studies, most students think that Finance is about maximizing profit; Marketing is about selling and advertising; and Management is about getting things done by others. But after successful completion of BBA and MBA degrees, they are able to understand that Finance is about cost minimization and wealth maximization; Marketing is all about identifying customers' needs and wants and delivering superior value up to their satisfaction and building profitable relationship with them and Management is about planning, organizing, controlling, leading and stuffing and finally doing things rightly. Peter Drucker (1993) rightly said, “Knowledge has to be applied systematically and purposefully to determine what new knowledge is needed, whether it is feasible, and what has to be done to make knowledge effective.”

So undoubtedly business education has paramount importance but we believe that education is half of the story and second half is placement of the students in the job market. Daffodil International University is trying to enrich its students in a way that they can match the requirements of the industry. We are trying to enhance the practical capabilities of the students through providing real life exposures in order to make them fit in the highly competitive corporate environment. DIU has also been working collaboratively with Jobsbd.com which is an on-line recruitment website to help job seekers find their dream jobs since August 2009.

The main objective of the CDC of DIU is to make an attempt to bridge up the gap between the University’s academic curricula and the latest requirements of the job market.

[shibli]

Before studying MBA, i used to say, "Let's go for marketing". After completion of MBA, i now say, let's go for shopping. Before studying MBA, i thought that any sort of promotional activity is advertising but i understood later on that advertising is one component of communication mix. Earlier i thought public relation is all about mass communication but i learnt later on that public relation is handling queries and rumor and upholding the image of a particular company. Earlier, i thought Business Communication is all about Mass communication or Developmental communication. But most of the experts of Business Communication like Madam Mehzabin from IBA, Nusrat sir from East West or Quazi sir from North South have opined that Business Communication means Business English. Issues and topics like Stress Management, Conflict Management, Corporate culture, Leadership, Negotiation Skills etc. all these come in the course "Organizational Behavior". So, let us study Business Studies to know more about business intensively and know what is what.......

[goodboy]

Thank you sir for posting the topic regarding the fact. Business education for now on is the much needed option for everyone, because everyone is involving themselves in this sector for make an administrative effort.

Business, for sure has made the future of globalization at the point of great hope & satisfaction. to fulfill the destiny, one should go & try.....I mean to experience the ladder of "Business Studies".

[Faiyaz]

Sir,
Wouldn't you say something about accounting? Because, I feel if the question comes about business studies it's the harmony about 4 'core aspects' of operating businesses. That's Finance, Marketing, Management and Accounting. To me, I think finance is a knowledge that corely let us minimize the cost while maximizing the profit as well as determining the operational outcomes of a specific project and thus investing money on the proposal. On the other hand marketing is a social knowledge that deals with the attitudes of people, so that profit could be maximized. Management, I feel is the study that studies an organizational divisions and non-divisional aspects among employees so that an organization could reach its goal, that is maximizing profit. And last but not the least, to me accounting is a knowledge that determines the outcomes of the previous three after a given time period through logical values.   
Ain't I right Sir?

[shibli]

YES YOU are right. You are also right when you said, "Man is least himself when he talks in his own person. Give him a mask and he will tell you the truth.." -Oscar Wilde

[goodboy]

Definitely, Faiyaz......you really have found out the momentum of the business core aspects. True to say, that "Accounting" is the only viable environment from where we can decide our outcomes & probabilities of business operations. Really fantastic!!!!!

& Thanks to Shibli sir for his replay.......

[nature]

As a students of BBA program this post help us the know the importance of Business studies. Now a days Business is so much popular and most of all are involved in this sectors and earn money.

Thanks a lot Shibli Sir for posting the topic in Forum for all students.

[shibli]

What is Management? Five elements


Fayol's definition of management roles and actions distinguishes between Five Elements:

   1. Prevoyance. (Forecast & Plan). Examining the future and drawing up a plan of action. The elements of strategy.
   
   2. To organize. Build up the structure, both material and human, of the undertaking.
   
   3. To command. Maintain the activity among the personnel.
   
   4. To coordinate. Binding together, unifying and harmonizing all activity and effort.
   
   5. To control. Seeing that everything occurs in conformity with established rule and expressed command.

[shibli]

What are the 14 Principles of Management? Description

The 14 Management Principles from Henri Fayol (1841-1925) are:

   1. Division of Work. Specialization allows the individual to build up experience, and to continuously improve his skills. Thereby he can be more productive.
   
   2. Authority. The right to issue commands, along with which must go the balanced responsibility for its function.
   
   3. Discipline. Employees must obey, but this is two-sided: employees will only obey orders if management play their part by providing good leadership.
   
   4. Unity of Command. Each worker should have only one boss with no other conflicting lines of command.
   
   5. Unity of Direction. People engaged in the same kind of activities must have the same objectives in a single plan. This is essential to ensure unity and coordination in the enterprise. Unity of command does not exist without unity of direction but does not necessarily flows from it.
   
  6. Subordination of individual interest (to the general interest). Management must see that the goals of the firms are always paramount.
 
  7. Remuneration. Payment is an important motivator although by analyzing a number of possibilities, Fayol points out that there is no such thing as a perfect system.
 
   8. Centralization (or Decentralization). This is a matter of degree depending on the condition of the business and the quality of its personnel.
 
  9. Scalar chain (Line of Authority). A hierarchy is necessary for unity of direction. But lateral communication is also fundamental, as long as superiors know that such communication is taking place. Scalar chain refers to the number of levels in the hierarchy from the ultimate authority to the lowest level in the organization. It should not be over-stretched and consist of too-many levels.

  10. Order. Both material order and social order are necessary. The former minimizes lost time and useless handling of materials. The latter is achieved through organization and selection.

  11. Equity. In running a business a ‘combination of kindliness and justice’ is needed. Treating employees well is important to achieve equity.

  12. Stability of Tenure of Personnel. Employees work better if job security and career progress are assured to them. An insecure tenure and a high rate of employee turnover will affect the organization adversely.

  13. Initiative. Allowing all personnel to show their initiative in some way is a source of strength for the organization. Even though it may well involve a sacrifice of ‘personal vanity’ on the part of many managers.

  14. Esprit de Corps. Management must foster the morale of its employees. He further suggests that: “real talent is needed to coordinate effort, encourage keenness, use each person’s abilities, and reward each one’s merit without arousing possible jealousies and disturbing harmonious relations.”

[shibli]

1.  Planning and organizing
Ability to visualize, prioritize and translate goals to short term & long term work plans         
Ability to optimize time

2. Problem solving and decision making
Analytical Skills / Logical reasoning & maturity in information analysis & interpretation and makes clear, consistent, transparent decisions; acts with integrity in all decision making; Presentation of evaluated / well considered solutions /alternatives,  Status Reporting & Timely Escalation of issues

3.Innovation and creativity                                 
New & out -of the box thinking / Lateral thinking / Imagination, Generate ideas for new projects/ Initiating workable ideas, techniques, solutions, Willingness to change/try new approaches & Initiative to improve efficiency 

4.Process and results orientation 
Process adherence, Attitude of first –time right & Quality of deliverables,  Schedule -adherence and Quantity of completed assignments within deadlines, Customer Delight - internal & external

5. Personality                                   
Being self-motivated, keeping focused , positive and productive, Learning /Development orientation and Adaptability, Accountability, Leadership and Integrity 

6. Team and Interpersonal Skill
Contribution to team-work & team success, Building trust, empathy, mutual understanding and cooperation

7. Communication
Connects with peers, subordinates and customers, actively listens, clearly and effectively shares information,  demonstrates effective oral and written communication skills

8. Contribution to organizational goals and system   
Internalisation & projection of <Company Name> Vision, Culture & Business model, Adherence to , organizational systems and Processes, cost consciousness, Organisational Responsibility & Discipline ,Contribution to Knowledge Management and Organizational Learning, Initiative in company activities & Contribution to company morale and spirit 

9.  Quality improvement
Strives for efficient, effective, high quality performance; delivers timely and accurate results; resilient when responding to situations that are not going well; takes initiative to make improvements

10.   Leadership
Accepts responsibility for own work; develops trust and credibility; demonstrates honest and ethical behavior

11.   Service focus
Values the importance of delivering high quality service to internal and external clients; understands the needs of the client; customer service focus; shares accountability for results provided