Business administration covers a variety of occupational requirements. Basic job elements include financial management, human resources, communications, and technology management. An expert in business administration must understand the phases of business management from start to finish. These include planning and starting a business, management of an existing business, and strategy to exit or close a business.
Business Planning
The basics of business administration begin with planning a new business venture. This involves understanding the products and services you will deliver, the industry vertical, and your competition. Business administration often begins with writing a formal business plan. In this document, outline the goals for the business and the resources you will require to achieve those goals.
Business Management
Business administration usually involves the management of one or more key areas of the business. This may include financial management as well as analyzing and setting prices. Tax and legal considerations are a basic element of business administration. How you apply your decision making and leadership skills in dealing with employees and customers is a major aspect of being successful in business administration.
Skill Sets
There are certain skill sets that are a foundation for success in business administration. Being adept at numerical and legal analysis helps cover a range of requirements in business administration. Information technology plays a considerable role in many businesses, so strong computer and network technology skills is an asset. An understanding of business ethics and an ability to project and image of honesty and authority are basic elements of business administration.
Insurance, Taxes, and Legal
At the most basic level of running a business are the fundamental requirements that deal with insurance, taxes, and business law. A thorough understanding of the requirements and necessities of these three areas are needed in almost any business administration job.
Education
Most people who have serious career aspirations in business administration obtain a Masters in Business Administration (MBA) degree. This educational background covers the basic requirements of the field and help in laying the groundwork to get a job.
Exit Strategy
The Small Business Administration notes a sometimes overlooked basic of business administration: knowledge of how to get out. Business administration basics include skills and expertise on bankruptcy, selling a business, and liquidating assets.
