Business

Business makes the world go 'round. It's a pervasive field that covers virtually any commercial enterprise or transaction designed to make a profit. More often than not, the term "business" implies the manufacture and sale of goods, but the word and the field are expanding to include the exchange of services, information or proficiency in some area for profit. Using this larger definition, even non-profit institutions do business—the business of fundraising.

There are thousands of varieties of businesses and hundreds of ways to sort them into similarities. Manufacture, for example, can cover everything from toys to cars to electronic devices to communications satellites. Retail sales, agriculture, finance, utilities, transportation and the service industry are all widely-recognized, major fields of business, for instance, and each contains thousands of specialties, services and companies. The abundance of businesses, and the necessity to keep them moving forward, presents a similar abundance of opportunities for employment.

Just as there are numerous types of business, there are also numerous routes to pursuing a career in the general field of business. The most proven and reliable path is to obtain a good education before entering into a business career, or before changing careers. Business schools are easy to find in metropolitan areas, and online courses are available to virtually anyone at any time in any location. Regardless of the career path, area of specialization or type of business, a strong education in the field will prove a major advantage to obtaining employment and advancement.

Business Degrees

Many entry-level jobs in the world of business require no degree. However, the farther one wishes to climb up the corporate ladder, the greater the necessity for a business degree at some level. Even a certificate, indicating competency in a specific function, can enhance the chances for an entry-level job. At the top of the ladder, an advanced degree at some level is almost mandatory for the majority of corporate management positions.

One of the most useful—and most universal—degrees in the business world is the Masters of Business Administration. MBA programs train business professionals in numerous indispensable and fundamental business procedures and practices, as well as techniques for transforming theory into practice in the business environment. An ever-increasing number of management positions desire or require that candidates possess an MBA, which makes this degree a necessity for career advancement. Not only do MBA degrees move careers forward, they also pay off literally, in better salaries and great earning potential.

Numerous colleges offer MBA programs, delivering anything from a general degree to an MBA with a concentration in a highly specialized discipline. If the specialty desired is not available through a conveniently located college, online degree programs offered by many schools are an excellent alternative. Online degree programs, which can be accessed from virtually anywhere, can also be more convenient for the working professional who is seeking a degree but who has little time to attend classes on a campus.

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Career Opportunities in Business

Business can be categorized into numerous concentrations, each with its own specific focus and further specializations. Among the most common divisions are:

Accounting and Finance
Accounting is an administrative function in which the costs, expenditures, and overall financial performance of a business are compiled and analyzed to ensure financial control and to help guide decisions regarding the management and direction of the company. Similarly, finance is the branch of economics that deals with managing money in all its forms, including planning, risk analysis and strategies for maximum profitability. Accounting and finance specialties can include bookkeeper, loan officer, underwriter, financial manager, financial planner, financial analyst, accountant (including Certified Public Accountant) and many more.

Marketing and Sales
Marketing, sales, and advertising all involve exposing consumers to a company's products or services to inspire purchases. Sales courses teach various techniques of a transaction, whether wholesale or retail, and marketing programs deal with the theoretical and applied techniques of creating a product image which will attract consumers.

Business Administration
Business Administration refers to the activities involved in the efficient management of a business's assets, including human resources, finances, and materials. At the highest levels, this includes management activities that establish a company's goals, then organize and strategize the organization's resources to reach those goals. Graduate and post-graduate training in business administration, human resources, international business, business law, organizational management, project management, risk management and general management exposes the student to theoretical and practical techniques and skills vital to effectively managing a business or organization of any size.

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Financial Outlook for Careers in Business

Business covers such a wide range of jobs, occupations and careers that there will always be opportunities at in numerous fields, at every level from entry-level to upper management, and for every level of education, at every conceivable salary, from minimum wage to the multi-million dollar salaries of corporate CEOs.

According to statistics compiled by BizStats.com, there are currently more than 25 million businesses in the U.S., and that figure grows by about two percent every year. Of these 25 million business entities, more than five million are corporations of various sizes. Collectively, U.S. businesses earned over $20 trillion in 2003, and in 2001 sold more than $10 trillion worth of goods and services.

Although business in general is a growth industry, some areas are currently outperforming others in growth and job opportunities. According to the U.S. Bureau of Labor Statistics, for instance, jobs in administrative and support services are predicted to grow by 31 percent during the next decade, which makes this area, particularly the area of employment services, one of the fastest growth employment areas today, as well as one of the areas in which the most jobs will be found. Retail jobs are predicted to grow by about 11 percent over the next decade, and managerial positions and financial positions by 14.4 percent. While sales positions are expected to grow slightly less, by about ten percent, the sheer size of the sales workforce indicates that the largest number of new jobs in any occupation will be found in this field. Employment opportunities in the hospitality industry, specifically food services, are expected to grow by as much as 16.5 percent between now and 2014.

For more detailed information on the financial and career forecasts for specific businesses and occupations, please visit the page for that specific topic.

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Accounting and Finance

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Business Administration