In this digital age, starting a business is easier than ever. However, as the number of entrepreneurs grow, the market is also becoming more competitive. Thus, if you want your start-up to flourish, you need to be an expert at handling a business—the same goes if you want to pursue a career in entrepreneurship.
One way to level up your knowledge and skills in business is by having a firm foundation: quality education. Having one allows you to understand the basics, such as “What is business management?” and “How to succeed in this technology-driven world?” Furthermore, it’s no secret that technology plays a key role in today’s market. Hence, a balance of business and technological expertise is important to achieve your goals.
With that, you should have what it takes to thrive in this area. You can achieve it with the right preparation—studying Accounting, Business, and Management (ABM) in senior high and pursuing a business-related course in college. But wait! Make sure to get these preparatory classes from a school that can prepare you to become an excellent business owner.
If you’re looking for an avenue that will mold you to be proficient both in business and technology, you’re on the right track. In this article, we’ll discuss business management: what it is, how it is different from business administration, its types, and why you have to take the ABM track. Ready? Let’s get into it!
What is Business Management?
First off: What is business management? Business management revolves around planning, organizing, recruiting, leading people, monitoring functions, motivating staff, and managing enterprises. Its main goal is to ensure that all business processes are met and effectively handled.
As a business manager, you’ll be responsible for securing profits, improving production, and providing better employment opportunities.
What is Business Management: Its Difference with Business Administration
People sometimes confuse (or even conflate) business management with business administration. However, whereas both have the same aim of successfully running a business, managers and administrators have different roles.
Business management, as mentioned earlier, concentrates on planning and organizing resources with an emphasis on communication and management principles to effectively achieve business goals. Business administration, on the other hand, involves overseeing processes and functions to make operations more efficient.
To put it simply, business managers focus on people and overall leadership. Business administrators deal with the day-to-day operations as well as the technical and specialized aspects such as finance, production, and sales.
What is Business Management: The Facets of Business Management
Another factor to answer the question “what is business management” involves knowing its aspects. While there are several of them, here are the top 5 most common types of business management.
1. IT Management
As previously stated, technology plays a vital role in business success. Because of that, it’s essential to be experts in information and technology (IT) alongside business skills. This type of management aims to effectively manage the tech aspects of the business. Also, IT managers ensure that the company’s IT infrastructures are aligned with its strategies and goals.
2. Human Resource Management
This type of business management zeroes in on recruitment, training, and employee engagement. Moreover, human resource management deals with the compensation, wellness, and safety of the employees.
3. Strategic Management
One of the critical roles of business managers is to make sure that the business goals are achieved. Therefore, it’s crucial to always think ahead to get what matters most at hand. Strategic management focuses on this—planning and implementing strategies on how to lead the company for the better.
4. Sales Management
The goal of this type of business management is to convert more leads and increase sales. As a sales manager, you are expected to lead the sales department and work closely with the staff. This is so they’ll be motivated to double the effort to boost successful transactions.
5. Marketing Management
Marketing management is an integral function to improve brand awareness and loyalty, create demand for product and services, and generate more leads and customers. Promotion, advertising and marketing efforts, and management of marketing resources all fall under this type. As a marketing manager, it’s your duty to analyze the 4 Cs of business—the company, collaborator, competitor, and customers.
What SHS Strand Can You Study for Business Management?
To forge your path in the business world, you need to arm yourself with the necessary competence. And to ensure that you’re ready to face your journey toward higher education, you need to also start preparing as early as senior high. That being said, it’s imperative to choose a track that can best help you in your future business endeavors.
That’s why the Accountancy, Business and Management (ABM) strand is the way to go. This program enables you to learn the core subjects of business, such as fundamentals of ABM, finance, business math, marketing, economics, ethics, research, and other relevant subjects. With this track, you’re at an advantage when you pursue a business-related degree or want to start your own enterprise.
Not just that; ABM also paves the way for more job opportunities. You don’t have to box yourself in business management because you can explore other career paths. You can apply for a wide range of positions which include but aren’t limited to sales manager, HR staff, marketing specialist, finance officer, and economist.
Kick-Start Your Business Management Journey with CIIT’s ABM Strand
There’s a growing number of GenZers who want to take a chance on starting a business or being part of the industry. In fact, according to a survey conducted by CNBC, 60% of young people prefer to start their own business rather than work in corporations.
Because of this, it’s essential to hone your entrepreneurial skills and be equipped with industry know-how. This is so you can triumph over the competitive global market. But don’t worry; you don’t have to do it on your own. CIIT is home to expert educators and thought leaders who are passionate about helping students reach their potential.
Be part of our supportive community of leaders, creators, and innovators. Then, get ready to be an expert CIITzen—rooted in integrity, globally competitive, and driven by excellence. What are you waiting for? Check out our ABM strand, other senior high programs, and business courses.
Together, let us weave your future!