Business refers to the way in which people procure services and goods for their own consumption or sale. Business operates via the exchange of goods, money, and information. Two general types of business: private firms and professional corporations. Private firms are firms that do not belong to any political jurisdiction, such as partnerships, limited liability companies (LLCs), and sole proprietorships. Professional corporations are firms that are owned and operated by private shareholders.
The study of business is an empirical process that attempt to describe the process by which firms achieve economic growth, generate new jobs, and create new consumers. Entrepreneurship refers to those who engage in business activities. There are three broad theories on entrepreneurship: Individualism, Collectivism, and Cosmopolitanism. Individualist entrepreneurs seek to satisfy their needs with the assistance of other people; collectivists entrepreneurs provide services and goods to help other people, and cosmopolitan entrepreneurs contribute to a common pool of wealth.
Economics considers how individuals, firms, and institutions organize to meet their goals and objectives. The scope of economics is much larger than most people realize, covering nearly every aspect of public policy. In fact, economics influences virtually every aspect of personal and business life. Economists attempt to provide a general framework of how people allocate resources, why they act in certain ways, and how they affect each other.
As part of their study of business, students may also be expected to take courses in finance. Financial economics studies the interactions between people, firms, and governments that affect the production and distribution of resources. Students will examine different forms of trading such as stock ownership, lending, banking, budgeting, and financial markets. International business also comes under the scope of economics. International business deals with trade, regulation, price comparisons, and technology.
A good understanding of business is important before entering the business world. Most online business opportunities require a high level of computer literacy and computer proficiency. In order to become a successful online business owner, online business students need to choose their fields of interest carefully. For example, if aspiring entrepreneurs want to sell products or services from their own homes, they should select services related to health care, home cleaning, food preparation, or travel. Online business owners who are interested in starting a brick-and-mortar business should study marketing, business management, or sales.
In terms of formal business education, students can pursue two major paths: business administration and law. Business administration trains students to run a company through a systematic process. Students learn about budgeting, financial planning, sales, marketing, and legal issues. Graduates with this degree earn the skills and knowledge required for entrepreneurship.
Law school is designed to train students to become professional legal advocates. It covers more than just court cases. Students learn legal research, negotiation, government laws, and the intricacies of business law. Some of the areas that business schools will cover include taxation, corporate law, labor law, business contracts, intellectual property, landlord and tenant law, and anti-money laundering laws.
A few business schools even offer online business degrees. An online business degree typically requires a certain number of credit hours and usually takes about two years. Some schools offer an online business MBA program. Online business schools generally have accreditation either by the Northwest Commission on Colleges and Universities or by the Council for Higher Education. However, it is important to check to make sure that business schools are accredited and that they are a part of the Northwest Commission on Colleges and Universities. These business schools may also be able to send out transcripts upon request upon graduation.