Definition

Why Study Business?

People study business for many reasons. Some people are preparing to pursue careers in one of the major fields of business. Others want to become better-informed consumers, understand their rights, and avoid purchasing problems. The following are some of the reasons that people study business.

  • The Impact of Business: Business is a major force in American life. It affects us in our daily activities. It is always present – in newspaper stories or on television and radio broadcasts. Business provides most of the jobs that enable people to earn money, and it offers the goods and services that people spend that money on. As a result of the dominant role business plays in our lives people have a natural curiosity to learn more about it. Business makes an impact on our daily lives. It provides us jobs so we can buy goods and services.
  • Career Choice: Studying business can help in the selection of a career. Too often job selection is by accident and not well designed. By becoming Knowledgeable about the areas involved in business and business practices a better quality decision can be made. An aid in making a career choice can be found in the appendix titled “The Business of Getting Job.” This material outlines the steps to follow in choosing a career and in getting a job in a chosen field.
  • Business Ownership: Owing a business is the goal for many individuals. If a person wants to increase the chances for success, one approach is to study business operations. A knowledge of accounting, management, marketing, risk management, and finance is a necessity for a small business as well as for a large one. The difference is that as a small-business owner a person must be knowledgeable in all areas.
  • More Knowledgeable Consumer: One role everyone plays in relationship to business is that of consumer. When a company advertises a product, has just sold the last one when the consumer arrives but conveniently has a more expensive model available, what should the consumer do? When a contractor does not meet specifications on remodeling a room, what options are available? Each person has a need to improve his or her consumer skills. Studying business can provide some of the information to be a better-informed consumer.
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