Business Administration – definition and meaning
In most cases, the term, business administration, refers to the programs available in colleges. Specifically, programs that teach the basic principles and practices of a business.
The term also refers to the management of a business, i.e., management in all aspects. This includes finance, marketing, human resources, and accounting. It also includes business operations.
SmallBusiness.Chron.com says the following regarding the term on its website:
“Business administration is the process of organizing the business’s personnel and resources to meet business goals and objectives.”
“These processes include human resources, as well as operations management, financial management, and marketing management.”
MBA courses can be expensive
MBA stands for Master of Business Administration. It is a post-graduate program that provides people with the skills they need to manage a business.
Universities and colleges across the world earn significant incomes from their business administration courses.
An MBA course at the Wharton School of Business, for example, costs $141,740. MBA stands for Masters in Business Administration, i.e., it is a post-graduate degree. The Wharton School of Business is part of the University of Pennsylvania.
Business Administration – day-to-day operations
We call somebody who studies business administration a business administrator. This person is in charge of the day-to-day operations of a company. They are also in charge of the planning of long-term strategies and projects.
Common day-to-day operations may include:
– Working individually and as a team.
– Organizing and supervising staff members.
– Hiring new people.
– Motivating employees.
– Reporting and overseeing the main aspects of the business.
Business administration career prospects
As a business administrator, you can reach top positions. You can, for example, eventually become a company’s CEO, CFO, or General Manager. CEO stands for Chief Executive Officer. CFO stands for Chief Financial Officer.
When starting this career, people qualify for basic management positions and gradually make their way up the corporate ladder.
Apart from academic qualifications, a good business administrator must have certain skills. Adaptability, being able to multi-task successfully, and leadership skills, for example, are vital. You must also be a good leader who can motivate people.
If you are considering starting a degree in Business Administration, bear in mind that it comprises many areas of business.
Courses such as marketing, finance, accounting, human resources, and ethics are common. The course outline also includes project management and global business.
Video – Bachelor of Business Administration
In this Monash University video, people talk about the benefits of studying business administration. For example, you get a really good understanding of how a commercial enterprise operates. Your understanding goes right through from its operational to senior management levels.
It is a very broad business degree which helps get you job ready. The degree course allows students to specialize in various areas, i.e., it is very flexible.