Skip to Main Content
HBS Online
  • Courses
    Open Courses Mega Menu
    • Business Essentials
      • Credential of Readiness (CORe)
      • Business Analytics
      • Economics for Managers
      • Financial Accounting
    • Leadership & Management
      • Leadership Principles
      • Management Essentials
      • Negotiation Mastery
      • Organizational Leadership
      • Strategy Execution
      • Power and Influence for Positive Impact
    • Entrepreneurship & Innovation
      • Entrepreneurship Essentials
      • Disruptive Strategy
      • Negotiation Mastery
      • Design Thinking and Innovation
    • Strategy
      • Strategy Execution
      • Business Strategy
      • Economics for Managers
      • Disruptive Strategy
      • Global Business
      • Sustainable Business Strategy
    • Finance & Accounting
      • Financial Accounting
      • Leading with Finance
      • Alternative Investments
      • Sustainable Investing
    • Business in Society
      • Sustainable Business Strategy
      • Global Business
      • Sustainable Investing
      • Power and Influence for Positive Impact
    • All Courses
  • For Organizations
    Open For Organizations Mega Menu
    • Corporate Learning
      Help your employees master essential business concepts, improve effectiveness, and expand leadership capabilities.
    • Academic Solutions
      Integrate HBS Online courses into your curriculum to support programs and create unique educational opportunities.
    • Need Help?
      • Frequently Asked Questions
      • Contact Us
    • Black, Latinx, and underrepresented minority professionals
      Pathways to Business

      Stories designed to inspire future business leaders.

  • Insights
    Open Insights Mega Menu
    • Business Insights Blog
      • Career Development
      • Communication
      • Decision-Making
      • Earning Your MBA
      • Entrepreneurship & Innovation
      • Finance
      • Leadership
      • Management
      • Negotiation
      • Strategy
    • All Topics
    • Sample Business Lessons and E-Books

      Gain new insights and knowledge from leading faculty and industry experts.

    • Free Guide

      Learn how to formulate a successful business strategy.

  • More Info
    Open More Info Mega Menu
    • Learning Experience
      Master real-world business skills with our immersive platform and engaged community.
    • Certificates, Credentials, & Credits
      Learn how completing courses can boost your resume and move your career forward.
    • Learning Tracks
      Take your career to the next level with this specialization.
    • Financing & Policies
      • Employer Reimbursement
      • Payment & Financial Aid
      • Policies
    • Connect
      • Student Stories
      • Community
    • Need Help?
      • Frequently Asked Questions
      • Request Information
    • Apply Now
Login
My Courses
Access your courses and engage with your peers
My Account
Manage your account, applications, and payments.
HBS Home
  • About HBS
  • Academic Programs
  • Alumni
  • Faculty & Research
  • Baker Library
  • Giving
  • Harvard Business Review
  • Initiatives
  • News
  • Recruit
  • Map / Directions
HBS Online
  • Courses
  • Business Essentials
  • Leadership & Management
  • Entrepreneurship & Innovation
  • Strategy
  • Finance & Accounting
  • Business in Society
  • For Organizations
  • Insights
  • More Info
  • About
  • Media Coverage
  • Founding Donors
  • Leadership Team
  • Careers
  • My Courses
  • My Account
  • Apply Now
  • …→
  • Harvard Business School→
  • HBS Online→
  • Business Insights→

Business Insights

Harvard Business School Online's Business Insights Blog provides the career insights you need to achieve your goals and gain confidence in your business skills.

 
Filter Results Arrow Down Arrow Up

Topics

Topics

  • Accounting
  • Analytics
  • Business Essentials
  • Business in Society
  • Career Development
  • Communication
  • Community
  • ConneXt
  • Decision-Making
  • Earning Your MBA
  • Entrepreneurship & Innovation
  • Finance
  • Leadership
  • Management
  • Marketing
  • Negotiation
  • News & Events
  • Productivity
  • Staff Spotlight
  • Strategy
  • Student Profiles
  • Technology
  • Work-Life Balance

Courses

Courses

  • Alternative Investments
  • Business Analytics
  • Business Strategy
  • CORe
  • Design Thinking and Innovation
  • Disruptive Strategy
  • Economics for Managers
  • Entrepreneurship Essentials
  • Financial Accounting
  • Global Business
  • Leadership Principles
  • Leading with Finance
  • Management Essentials
  • Negotiation Mastery
  • Organizational Leadership
  • Power and Influence for Positive Impact
  • Strategy Execution
  • Sustainable Business Strategy
  • Sustainable Investing
Subscribe to the Blog
RSS feed

Filters

Topics

Topics

  • Accounting
  • Analytics
  • Business Essentials
  • Business in Society
  • Career Development
  • Communication
  • Community
  • ConneXt
  • Decision-Making
  • Earning Your MBA
  • Entrepreneurship & Innovation
  • Finance
  • Leadership
  • Management
  • Marketing
  • Negotiation
  • News & Events
  • Productivity
  • Staff Spotlight
  • Strategy
  • Student Profiles
  • Technology
  • Work-Life Balance

Courses

Courses

  • Alternative Investments
  • Business Analytics
  • Business Strategy
  • CORe
  • Design Thinking and Innovation
  • Disruptive Strategy
  • Economics for Managers
  • Entrepreneurship Essentials
  • Financial Accounting
  • Global Business
  • Leadership Principles
  • Leading with Finance
  • Management Essentials
  • Negotiation Mastery
  • Organizational Leadership
  • Power and Influence for Positive Impact
  • Strategy Execution
  • Sustainable Business Strategy
  • Sustainable Investing
Subscribe to the Blog
RSS feed

7 Business Fundamentals Professionals in Every Industry Should Know

Business Team Meeting
  • 26 Sep 2019
Matt Gavin Author Staff
tag
  • Business Analytics
  • Business Essentials
  • CORe
  • Career Development
  • Economics for Managers
  • Financial Accounting
  • Leadership
  • Leadership Principles
  • Negotiation Mastery

The workforce is rapidly evolving. According to research by McKinsey, automation and artificial intelligence will transform the workplace over the next 10 to 15 years, impacting the skills professionals need to stay competitive in their fields.

Beyond an increasing demand for those with technological know-how, the changing job market is driving a need for workers who are adept at decision-making, complex information processing, critical thinking, communication, and leadership.

For employees seeking to advance their careers, learning business fundamentals can be a way to acquire those skills and achieve professional growth.

What Are Business Fundamentals?

The basic skills and concepts needed to run an organization are referred to as business fundamentals.

By fully comprehending how a business operates, you’ll have a better idea of how different business functions relate and how your decisions impact the organization as a whole.

If you want to equip yourself with the skills needed to thrive in your present role—and future ones—here are seven business fundamentals you should know.


Free E-Book: A Guide to Advancing Your Career with Essential Business Skills

Access your free e-book today.


Business Fundamentals Every Professional Should Know

1. Analytics

The demand for professionals with a keen understanding of business analytics and data science is on the rise. A recent report by the Business-Higher Education Forum and PwC found that 69 percent of US executives will prefer job candidates with data skills by 2021.

In addition, top companies, such as Uber, Microsoft, and Blue Apron, leverage data and analytics in their organizational processes to improve operations and drive performance.

Knowing how to develop and test hypotheses, perform a cost-benefit analysis, and visualize data can not only bolster your resume but also lead to more informed decision-making that benefits your organization.

2. Financial Accounting

The value of accounting knowledge isn’t limited to just numbers-focused roles. No matter your profession, understanding the meaning behind the numbers on financial statements can be a boon to your career.

For instance, learning how to prepare a balance sheet can help you unlock critical insights into your organization’s performance and become an indispensable member of your team.

For Isha Khambra, an engineer and former participant in Harvard Business School Online’s Credential of Readiness (CORe) program, gaining fundamental accounting skills enabled her to add value to her company and make better decisions in the workplace.

“Learning financial accounting helped me decipher the balance sheet and quarterly profit and loss statements of my assigned project and make more informed decisions that reduced its overall operational cost,” Khambra says.

3. Economics

Beyond an in-depth knowledge of your industry’s market demands, studying economics can equip you with the necessary skills to craft a successful business strategy and help your firm succeed against competitors.

In the case of Pankaj Prashant, an engineer who took CORe to learn business fundamentals, the lessons he learned in Economics for Managers led to a deeper understanding of how pricing works in his field.

“The mining industry experiences cyclical price fluctuation every few years, and now I understand the reasons and factors that dictate these changes and how supply and demand affect commodity pricing,” Prashant says.

4. Leadership

The ability to lead and mobilize others is vital for all professionals. According to a recent report by the World Economic Forum, leadership is projected to be among the top 10 most in-demand skills through 2022.

Taking the time to develop your personal leadership style can cultivate greater emotional intelligence, enabling you to be a more effective collaborator and improve how you communicate and share feedback with colleagues.

Research shows emotional intelligence can be more important than IQ and previous experience when it comes to workplace success, underscoring why it’s important for you to sharpen your ability to understand and manage your emotions while recognizing and influencing the feelings of those around you.

5. Negotiation

Developing negotiation skills can have a significant payoff in any field. Knowledge of effective bargaining tactics can help you resolve conflicts that are otherwise deadlocked and equip you with the skills needed to maximize value in agreements.

In addition to benefiting your company, being a strong deal-maker can lead to greater success when negotiating a starting salary or asking for a raise.

Whether you’re someone who jumps at the chance to engage in deals or shies away from the bargaining table, honing your negotiation skills can greatly benefit both your organization and career.

6. Strategy

According to a survey by Bridges Business Consultancy, only two-thirds of business leaders believe their organization is good at crafting strategy. While half believe their firm is good at strategy implementation, just seven percent of business leaders believe their organization is excellent at it.

An understanding of strategy formulation and execution can help professionals across all industries, making it easier for their organizations to meet business goals and adapt to new challenges and opportunities.

By developing your strategic thinking skills, you can learn how to use available information to solve complex problems and make more informed, strategic decisions.

7. Global Business

Global business impacts every organization, regardless of whether you conduct business internationally. Because of this, it’s important to understand how your organization affects the global market, and vice versa.

Many of today’s largest and most successful organizations, such as Apple and Walmart, are multinational corporations conducting business worldwide. In an age of globalization, it’s highly beneficial for today’s professionals to broaden their knowledge of international business.

Whether you’re employed by a small firm or a multinational corporation, becoming familiar with the global market and challenges of international business can help you better understand how your business decisions affect the global economy, community, and environment.

Master business essentials | Explore Our Certificate Courses

Learning Business Fundamentals

Furthering your knowledge of business fundamentals can help you achieve career success, no matter your industry.

Developing business skills through an online course, like CORe, can help you grow in your current role and prepare for the next step in your professional journey.

Do you want to take your career to the next level? Explore our online business essentials courses to gain fluency in the language of business and gain a competitive edge in the job market.

This post was updated on May 14, 2021. It was originally published on September 26, 2019.

About the Author

Matt Gavin is a member of the marketing team at Harvard Business School Online. Prior to returning to his home state of Massachusetts and joining HBS Online, he lived in North Carolina, where he held roles in news and content marketing. He has a background in video production and previously worked on several documentary films for Boston’s PBS station, WGBH. In his spare time, he enjoys running, exploring New England, and spending time with his family.
 
All FAQs

Top FAQs

How are HBS Online courses delivered?

+–

We offer self-paced programs (with weekly deadlines) on the HBS Online course platform.

Our platform features short, highly produced videos of HBS faculty and guest business experts, interactive graphs and exercises, cold calls to keep you engaged, and opportunities to contribute to a vibrant online community.

Do I need to come to campus to participate in HBS Online programs?

+–

No, all of our programs are 100 percent online, and available to participants regardless of their location.

How do I enroll in a course?

+–

All programs require the completion of a brief application. The applications vary slightly from program to program, but all ask for some personal background information. You can apply for and enroll in programs here. If you are new to HBS Online, you will be required to set up an account before starting an application for the program of your choice.

Our easy online application is free, and no special documentation is required. All applicants must be at least 18 years of age, proficient in English, and committed to learning and engaging with fellow participants throughout the program.

After submitting your application, you should receive an email confirmation from HBS Online. If you do not receive this email, please check your junk email folders and double-check your account to make sure the application was successfully submitted.

Updates to your application and enrollment status will be shown on your Dashboard. We confirm enrollment eligibility within one week of your application.

Does Harvard Business School Online offer an online MBA?

+–

No, Harvard Business School Online offers business certificate programs.

What are my payment options?

+–

We accept payments via credit card, wire transfer, Western Union, and (when available) bank loan. Some candidates may qualify for scholarships or financial aid, which will be credited against the Program Fee once eligibility is determined. Please refer to the Payment & Financial Aid page for further information.

We also allow you to split your payment across 2 separate credit card transactions or send a payment link email to another person on your behalf. If splitting your payment into 2 transactions, a minimum payment of $350 is required for the first transaction.

In all cases, net Program Fees must be paid in full (in US Dollars) to complete registration.

What are the policies for refunds and deferrals?

+–

After enrolling in a program, you may request a withdrawal with refund (minus a $100 nonrefundable enrollment fee) up until 24 hours after the start of your program. Please review the Program Policies page for more details on refunds and deferrals. If your employer has contracted with HBS Online for participation in a program, or if you elect to enroll in the undergraduate credit option of the Credential of Readiness (CORe) program, note that policies for these options may differ.

 

Sign up for News & Announcements

Subject Areas

  • Business Essentials
  • Leadership & Management
  • Entrepreneurship & Innovation
  • Strategy
  • Finance & Accounting
  • Business & Society

Quick Links

  • FAQs
  • Contact Us
  • Request Info
  • Apply Now

About

  • About Us
  • Media Coverage
  • Founding Donors
  • Leadership Team
  • Careers @ HBS Online

Legal

  • Legal
  • Policies
Harvard Business School
Copyright © President & Fellows of Harvard College
  • Site Map
  • Trademark Notice
  • Digital Accessibility