November 2nd, 2022
What Business Principles Do You Learn in College Classes?
A business administration program will teach you the guiding principles of finance, accounting, marketing, ethical decision making and more. Whether you plan to become an entrepreneur, an accountant, or a manager, these principles will help you think conceptually and practically. Here are just a few of the business concepts you learn in college:
Financial Management
Finances are the heart of every organization. When cash steadily flows in, the company is likely healthy and prosperous. But when cash bleeds out, the company may be forced to make drastic cuts and changes or shut down altogether. As a business major, you’ll learn the principles of financial management including how a company stays profitable and maintains positive cash flow. You also learn about financial planning and investments, including how to borrow on returns and the process of mergers and acquisitions.
Budgeting and Accounting Concepts
Two key components of financial management are budgeting and accounting. As you cover these topics, you learn about budget preparation and the basics of financial statements. You also gain awareness of accounting principles such as the accrual concept, which allows businesses to consider revenue before it is actually received, or revenue recognition, which stipulates how and when revenue will be recognized.
Economics and Statistics
It’s important to understand how the overall economy works and how what happens in the broader world might affect your company. In business school, you take macroeconomics and microeconomics, which examine the economy from wider and narrower viewpoints. You learn about market behaviors, like supply and demand, and develop an understanding of fiscal and monetary policies. Statistics is a complementary subject that will teach you how to analyze data and present it visually through graphs and charts.
Law and Compliance
When you follow the law, you keep your company in compliance. In a business program, you learn about the laws that govern businesses including their financial transactions, the hiring process, and labor standards. You also learn basic legal theory and how the law is applied in everyday business.
Ethical Decision Making
Ethical decision making is critical to business reputation and success in the marketplace. When you think and act ethically, you build trust among your employees and your customers. In college, you learn about honesty, integrity, compliance, fairness, and respect. These principles should guide your decision making and behavior in the workplace. For example, if a prospective vendor offered you a bribe in exchange for a contract, your integrity and honesty would drive you to say no and report the situation to HR or upper management.
Marketing Strategy
Marketing helps customers learn about your brand and tells them the benefits of your products or services. Your business program will introduce you to the four principles of marketing: Price, Product, Place, and Promotion. Following these principles, you can evaluate the vitality of your business and establish a marketing strategy that will sell your products. Marketing helps you view your business through the eyes of your customers and make adjustments based on their needs.
Global Trade and International Business
When a business operates at a global level, there are a new set of principles that come into play. As you learn the fundamentals of international trade and banking, foreign investments, and international technology transfer, you also gain an understanding of global compliance, which is enforced by governments. You learn about global laws and regulations that govern foreign and domestic markets, international labor and trade standards, and custom requirements, including tariffs and export licenses.
Your undergraduate program provides a solid foundation for entry level work or a steppingstone to a Master of Business Administration degree. An MBA will enhance your education with the principles of leadership, human resources management, strategic planning, supply chain management, and organizational behavior.
Are you thinking of a career in business? Start with a Bachelor of Science in Business Administration degree from Limestone University. We also offer an MBA program with concentrations in leadership and management, healthcare administration, and sport management. Click the button to learn more.
Business Accreditation
Limestone University's Bachelor of Science in Business Administration and Master of Business Administration programs were accredited by the Accreditation Council for Business Schools and Programs (ACBSP) in 2017. ACBSP (https://acbsp.site-ym.com) is a specialized global business accreditation body following the Baldrige model focused on teaching excellence and continuous improvement. ACBSP evaluates business programs in areas of leadership, strategic planning, stakeholder relationships, quality of academic programs, faculty credentials, and quality improvement.
