Depending on who you ask, taking business studies in secondary school was the best or worst part of being a JSS1 student. But what is business studies? 

Business studies (or business) is a branch of social science that explores knowledge, skills, methods and techniques required to start and run a profitable venture. It encapsulates sub-fields like business administration and economics and includes key elements like finance, marketing and operations.

In this article, we’ll explore the components of business studies and explain the subject’s importance. We’ll also share a step-by-step guide to studying business studies and list some lucrative jobs the field offers. Let’s get started!

What are the components of business studies?

Business studies is a broad field of study. This extensiveness is because of the nature of the subject. After all, running a business, especially a lucrative one, is no small feat — even if you’re a student or a budding entrepreneur exploring a low-cost venture.

The following are the components of business studies:

• Office practice. This component focuses on essential workplace skills like effective communication, time management, record-keeping, and organisational skills. All of these are necessary for smooth business operations.
• Commerce. This area of business covers the study of trade — including elements like buying and selling of goods and services, product distribution and marketing. It also includes an understanding of economic systems and their impact on business.
• Bookkeeping. This component deals with the recording and tracking of all financial transactions within a business. It ensures accurate financial records and aids in decision-making.
• Typewriting or keyboarding. The popularity of personal computers has erased typewriters in today’s business scene. Keyboarding involves the skill of fast and accurate data entry and word processing. 
• Computer studies. This component of business studies encompasses the use of computer technology in business operations. It includes software applications like Microsoft Office, data analysis and a thorough understanding of the role of information technology in business strategy.
• Shorthand. Shorthand is a skill for rapid writing or transcription of spoken language, typically used for note-taking in situations where quick and accurate documentation is essential in business settings (like during meetings and interviews).

Seem familiar? They should! These components are the same elements you learned in secondary school.

And while they might seem basic, these components serve as the foundation of more complicated fields like Business Administration and Accounting.

What is the importance of business studies?

But what exactly is the point of business studies? A subject with outdated concepts like shorthand can’t be necessary, right? You’d be surprised!

Here’s why you should study business studies:

• It can teach you how to create and run a business in the private and public sectors.
• It will equip you with basic career skills to succeed in the corporate world, even if you aren’t sure about your career path.
• A knowledge of business studies can help you become a better leader since it covers sub-fields like public finance.
• Learning business studies as a student prepares you for a real career since it explores key career elements like commerce.
• Business studies can also equip you with essential personal finance skills like budgeting.

That’s right! Learning the inner workings of business studies can lead you to profitability — just like Ore Akinde’s thriving crochet business and Chef Amaka’s successful hospitality venture.

But it’s so much more than being an entrepreneur. As we mentioned, it can be an excellent foundation for more profound finance knowledge and life lessons.

How to study business studies

Alright, we’ve gone through a lot so far. Let’s explore how you can discover and harness the power of business studies.

Here’s how you can study business studies in Nigeria:

1. Set clear learning goals. Define your objectives and exactly what you want to achieve. For example, you could focus on bookkeeping to learn how to keep accurate records for your business.
2. Find and organise your learning resources. The internet is a great place to find free and paid learning aids — even if you’re interested in more complicated sub-fields. For example, you can check out our article on online business administration courses if you’re in the mood for an MBA.
3. Start learning. You can create a schedule, join online study forums and engage actively. We also recommend practising problem-solving and following business professionals like Kalu Aja.
4. Stay updated. Business studies might seem straightforward, but it’s a constantly evolving field. A course (or two) might give you basic skills and rudimentary knowledge, but you’ll need to keep studying to stay current.

Yep. It’s that easy!

Of course, you can also attend a formal institution like the Lagos Business School — or any university, really — to learn.

What are the career opportunities in business studies?

We’ve already established that business studies can be a great way to turn your fledgling business into an empire. But what if you’re not an entrepreneur? 

Here are some career opportunities in business studies:

• Advertising
• Accounting
• Business administration
• Insurance
• Marketing
• Personnel management
• Sales

This list isn’t exhaustive, and several other “non-business” jobs in and outside Nigeria might still require you to have at least some knowledge of the study of business.

Conclusion

Hearing “business studies” might conjure up sweet memories of your Nigerian childhood, but it’s so much more than a fun subject. It’s a field of study that can help you run a successful business and start a career.