Business is a discipline that deals with the entire process of obtaining profits by providing services or selling products. A business can range from a small vegetable vendor to huge organizations that trade in different areas to generate profits. Entrepreneurship and trading are two closely related disciplines that are a part of business strategies. Apart from the small-scale businesses, the ones which are setup with a goal to generate huge revenues will need to follow certain strategies, rules and are required to have enough working personnel with various departments driving towards an effective business. There are different functionalities that are performed as part of a business which are interdisciplinary and whose coordination is required to perform tasks in the organization efficiently. Some of the important disciplines that come under the umbrella of business are:
- Finance is a major part in business, it can also be defined as an art of money management. All activities that include investments and borrowing of money fall under this category. Managing the rate of interest efficiently between borrowing and lending money adds to the revenue of the business.
- Accounting deals with estimating, processing and recording financial information in order to analyse to trends in the company and contribute to business intelligence. Accountants are people who deal with all the financial matters of a business. They also contribute in increasing the revenue by decreasing the costs effectively which comes under auditing part of the business.
- Manufacturing is the main process if the business is product based. Designing and developing the products in a large-scale to be sold is the heart of the entire system. It requires man power, machines and many other resources to be managed efficiently in order to build products with precision.
- Human Resource is a discipline that deals with the relations with work force and stakeholders. It includes activities like hiring employees, ensuring their wellness at work and their compensations. It is basically managing people.
- Marketing is required for the business or product to reach people in order to make impact to people. It is important to tell people about your company to grow as a business. It can be done in many ways like digital marketing, event marketing, traditional marketing, etc.
- Sales deal with the percentage of products sold with respect to the cost that is put in to manufacture the products. It is very important for a business to do well in their sales and also care has to be taken in the other disciplines that impact the sales.
- Research and Development is centred around the experiments and innovations carried out in small scale, which when successful can add to the revenue of the business in a large scale. It mainly deals with the research about new areas that will add to the advantages of the company.
Each of these disciplines consist of various strategies and require a training to perform well with respect to the business criteria. Business Management degrees help in overall development of business knowledge. Bachelor’s degree in Business Management teaches about all the disciplines mentioned above but with certain curriculum constraints, but the Master’s degree in Business Management (MBA) helps in developing skills in a particular discipline by providing specializations in the above-mentioned fields. Delhi being the hub for business in the northern part of India, many colleges across Delhi and surrounding regions offer quality education in business management providing courses that are necessary for the changing trends of business needs. Especially, the count of MBA Colleges in Gurgaon has increased with respect to the past years and leading colleges like IILM, Amity University provide quality education with an aim to build a strong business foundation. Business as a whole is not just selling and buying, it includes many protocols and also contribute to the economy of the country. A good business with talented work force will definitely add to growth of the organization or the business.