The components of business is a question that is frequently asked in business studies exams. And in this article we will discuss some of the components of business studies.
The study of business studies equips us with the information, comprehension, and abilities required for effective employment or activity.
Using corporate resources to create goods and services that meet people’s needs and desires is known as productive activity.
An alternative definition of business studies is the study of how to launch and successfully operate a business.
Making money is the primary goal of starting a business.
In this article, we will discuss what is business studies, the components of business studies, and the importance of business studies. So let’s get started.
What is business studies?
Business studies is the study of the component part of the business environment, such as office practice, bookkeeping, commerce, computer education, etc.
Components Of Business Studies
At this level, the phrase “business studies” refers to a variety of business topics that are amenable to analysis, study, and explanation. You can focus on studying a particular aspect of business as your academic career progresses.
The following are the main elements or business divisions:
1. OFFICE PRACTICE:
Office practice is the study of office management practices and principles. It addresses daily operations that take place within an organization.
2. COMMERCE:
The area of commercial activity that deals with and facilitates trade is called commerce. It includes the purchasing and selling of products and services as well as the operations that make this exchange possible.
Trade aids are the facilities that facilitate the interchange of goods and services. These include communication, advertising, warehousing, banking, insurance, and transportation. The mnemonic BICWAT stands for these. Later on in our Business Studies coursework, these will be covered in more detail.
3. BOOK-KEEPING:
The systematic and relevant documentation of business transactions is the focus of bookkeeping.
Business transactions include purchasing items, selling them, paying suppliers, and collecting money from clients.
For all of these transactions, the trader cannot rely solely on his memory. They must be noted in the books of accounts by him or her. All of this is referred to as bookkeeping.
4. SHORT HANDS:
Short hand is the practice of representing spoken words or sounds with symbols.
Information can be precisely and quickly recorded using short hand. PITMAN SHORT-HAND is one of the short hand systems utilized throughout the world, and it will be employed during our study.
5. KEYBOARD:
Keyboarding is the process of creating printed information in a hard copy or soft copy using a computer or typewriter keyboard. Information on paper is referred to as hardcopy, but information on a computer storage device, like a flash drive or compact disc, is referred to as softcopy.
Importance of Business Studies
1. It teaches you how to establish and run businesses (Private or Public)
efficiently.
2. It develops and prepares you for office occupations in future
3. It equips you with the basic skills with which to begin an occupation,
if you do not have an opportunity for further training.
4. It allows students to understand the necessity for the existence of
various businesses. Furthermore, students are able to differentiate
between types of businesses.
5. Business studies enable students to develop keen interest in various
forms of business which they can engage in (set up) after leaving
school.
Career Opportunities In Business Studies
People who have received business studies training can work as:
1. Clerical staff who maintain general office documentation.
2. Office typers; 3. Computer operators who generate office data using computers; and 4. Bookkeepers and accounts clerks who maintain track of corporate dealings.
5. Salespeople who work in stores and supermarkets
6. Receptionists who answer phones at an office and greet and assist guests.
7. Office stenographers who take shorthand dictations.
Additional career options include self-employment.
Following a successful senior secondary education, students can enroll in the following courses at the university: accounting, business administration, marketing, personnel management, insurance, etc.
Resource materials / Text Book
1. Business Studies 1. For Junior Secondary Schools Bk 1 by O A Lawal
et al. UBE Edition.
2. Classic Business Studies for Junior Secondary School Bk 1 by A. A
Adeyemi et al. UBE Edition.
