What do you do when you manage a business? What capabilities do we need? Well, think of it as running a shop. You need to know how to get products from suppliers, how to market it to the consumers and at what price and ultimately, how to make sure that your business keeps growing. This involves strong mathematical capabilities to analyze your revenues and costs, strategic thinking to come up with ideas to grow your business as well as negotiating capabilities to strike the right partnership deal. The good part is that you can pick one of these aspects rather than handling all of it since a business employs many people. To make it simple , let's take an example - say you are managing a chocolate business. The company has to make the chocolate, market it , and then sell it. Various roles you could play in this chocolate’s business management is ensuring smooth operations of making and transporting the chocolate to shops, building a plan for the company's growth in next 5 years, or striking big marketing deals with TV channels to ensure its ads run at high demand times.
A graduate degree followed by an MBA is preferred by most companies. Managing a business requires willingness to dig deep into numbers, patience to build plans for the long-term, and conviction in the plans to deliver results. You should be comfortable with high pressure situations and enjoy working in a collaborative culture with others in teams.
In order to have a fruitful career in business management, one needs to have certain skills: