Starting your adventure in the world of business administration can be a mix of feeling excited and a little unsure, especially on that very first day of class. But don’t worry! Knowing some important business terms can make you feel more confident and ready to learn. In this article, we’re going to introduce you to 10 common business administration words that will help you understand better and get off to a great start in your business studies.
Here are 10 common terms that you may encounter on your first day of class:
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- Business Administration: The study of how businesses are managed and operated, including topics such as finance, marketing, human resources, and operations.
- Entrepreneurship: The process of starting and managing a new business venture, including identifying opportunities, securing funding, and developing a business plan.
- Financial Statements: Reports that summarize a company’s financial performance, including the balance sheet, income statement, and cash flow statement.
- Budget: A financial plan that estimates a company’s income and expenses over a specific period of time, typically a year.
- Organizational Structure: The way in which a company is organized, including the hierarchy of authority, roles and responsibilities, and reporting relationships.
- Human Resources Management: The process of recruiting, training, and managing employees to support a company’s goals and objectives.
- Marketing Strategy: The plan for promoting a company’s products or services to target customers, including tactics such as advertising, public relations, and social media.
- Operations Management: The process of designing, producing, and delivering products or services to meet customer needs while maximizing efficiency and productivity.
- Supply Chain Management: The process of managing the flow of goods and services from suppliers to customers, including procurement, logistics, and inventory management.
- Leadership: The ability to inspire and motivate others to achieve a common goal or vision, including skills such as communication, decision-making, and delegation.
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Curious about how you can contribute to various industries through a career that blends analytical skills and strategic decision-making? Explore our AAS in Business Administration and see how you can become a part of this impactful profession, or click here to Request Information.
