What Is Business Management?

If you’re looking for an impactful, dynamic, and lucrative career, business management is a great option to consider. Maybe you’ve considered becoming a manager, but you’re still wondering: What is business management all about? Let’s take a moment to explore this career path and discuss the educational credentials needed to pursue it.

What is business management?

Business management involves overseeing and coordinating the activities of a business, department, or team of employees. Businesses rely on managers to help them achieve their goals through effective leadership and strategic decision-making.

Business management is a broad category that encompasses many types of leadership roles within an organization. For example, business process management focuses on optimizing processes to help with overall business efficiency, whereas project management focuses on planning and tracking the progress of individual projects.

Why should you consider a career as a business manager?

Business management can be a fulfilling and lucrative career choice. Consider these reasons you may want to consider becoming a business manager:

Capitalize on your leadership skills.

Leadership is a valuable quality in the business world. Great leaders have exceptional people skills, making each employee they manage feel like a valued team member with a clear purpose. Business managers can also influence employees’ attitudes and actions by creating a dynamic of mutual respect and helping everyone rally around a shared vision.

Have you ever succeeded in a leadership role? For example, maybe you’re the one who takes charge when planning a family outing, or you enjoy leading a small group or a committee at your church. If so, a business management role will allow you to draw on your natural abilities and let your leadership potential shine.

Join an in-demand career.

There’s no shortage of business management roles for those with the skills and passion needed to take them on. According to the Bureau of Labor Statistics (BLS), management occupations are projected to grow more rapidly than the average for all occupations, at 8 percent from 2021-2031. When you factor in replacement needs, as some managers permanently leave their positions, there will likely be more than a million open positions for managers over the decade.

Businesses today face unique challenges that call for creative and competent leaders. As the director of research analysis and communications at the Graduate Management Admission Council (GMAC) points out, “With the volatile economic conditions and organizational challenges brought on by the pandemic, well-rounded and prepared business leaders and managers are especially in demand in the current job market.”

Earn a high salary.

Business management and administration careers are typically reserved for professionals with more advanced credentials, whether through education, experience, or both. And with these credentials comes a more influential role in the organization and a higher salary. The median annual wage for management occupations is $102,450 as of May 2021, according to the BLS. This is the highest median salary of any major occupational group!

Enjoy fulfilling and varied work.

Every cog in the system is essential to help a business run successfully, but managers play an especially influential role in driving business success. If you want to feel like you’re making a real difference with the work you do, a management role allows you to directly influence the practices within your team, department, or the entire organization.

If you prefer consistent and straightforward work, management may not be the best choice for you. On the other hand, if you get bored with monotony and prefer each day to be different, then business management is a great choice. You’ll have ongoing opportunities to exercise your creativity and critical thinking as you tackle new challenges and find ways to improve processes or enhance the employee experience.

What degree do you need to become a business manager?

Business management jobs generally require at least a bachelor’s degree, but some may call for a master’s degree. An advanced degree can also help you qualify for higher leadership positions or increase your earning potential. So what is a business management degree? They come in a few different varieties. Here are some of the best ones to consider.

A Bachelor of Business Administration in Management

A business degree program can provide the background knowledge needed to succeed as a manager. You’ll find various undergraduate business degree programs out there, but if you want to pursue a management position, look for a program with a specific management focus beyond the core business curriculum.

For example, MVNU Online offers a Bachelor of Business Administration (BBA) in Management. This is the ideal program for anyone interested in pursuing a business management career because it covers:

• Ethical and empathetic leadership
• Interpersonal skills
• Organizational efficiency
• New venture creation
• Project management
• Advanced business law
• Operations management

Even with a four-year degree, you may need to gain some experience in an entry- or associate-level position to learn the ropes of an industry or particular business before being entrusted with a leadership role. As you work in your starting role, use the expertise gained through your degree program to evaluate the business’s operational efficiency, employee experience, and more, and consider the ways you could contribute to the organization’s success as a manager.

Learn more in our e-book, “Why a BBA Degree? Paths to Success and Careers in Business.”

A Graduate Business Management Degree

If you have some experience under your belt and want to qualify for a more advanced leadership role, a master’s degree can be an excellent stepping stone. Your best bet here is typically a Master of Business Administration or a Master of Science in Management.

Earning your graduate business degree offers a great return on investment because it can help you qualify for more advanced leadership positions and secure a higher salary. Plus, if you choose to do an online or in-person program designed for working professionals, you can continue to work while preparing for the next stage of your career.

Even after you’ve obtained a degree, you can continue to sharpen your skills through various means. Consider attending conferences, meeting with a more experienced professional mentor, or reading books about business management and leadership principles.