Knowledge is power—especially in business. It drives economic activity, enables companies to sell products and services effectively, and helps individuals improve their decision-making. The benefits of learning business are endless, but many don’t know where to start when trying to acquire knowledge in the field.
If you want to learn or hone your business skills but aren’t sure where to start, here are five methods you should consider to learn about business.
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1. Pursue a Degree
Pursuing advanced education is one of the most common pathways to enhancing your business knowledge. For most individuals, this means earning a bachelor’s degree in areas such as business, finance, or accounting. According to the United States Census, almost 40 percent of Americans 25 and older currently hold a four-year bachelor’s degree.
If you’re looking for more specialized business education, you might consider a Master of Business Administration (MBA). You can develop soft skills, such as communication, leadership, and problem-solving, to highly specialized skills, including accounting, finance, strategy, entrepreneurship, and marketing. Perhaps the most valuable aspect of this degree is the strong professional network, access to job opportunities, and bigger potential paycheck.
Earning an MBA is a time and financial commitment. A full-time MBA typically takes one to two years to complete, while a part-time MBA could take up to four. With an average cost of $66,300, it’s important to consider your budget and the degree’s ROI based on your desired job post-graduation.
Thousands of business professionals enroll in MBA programs annually to increase their business knowledge and learn how to make a difference in their industry or transition to a new one. Many also take advantage of employer education programs that pay for some, or all, of their MBA tuition.
2. Get Inspired
If a classroom doesn’t seem like the right setting, consider learning from current business leaders. Some of the most successful companies today face similar challenges and obstacles you’re likely to encounter, such as climate change. Staying up-to-date on business news can help you better understand how to combat these challenges and pioneer new ways to operate, communicate, and lead in today’s global economy.
Many aspiring business leaders turn to additional mediums, such as podcasts. According to the Podcast Consumer Report, nearly 75 percent of podcast listeners tune in to learn something new. As a result, several industry leaders, college professors, and innovative thinkers are creating podcast content to educate today’s business professionals.
3. Gain Industry Experience
Not every business professional takes an academic approach to learning. Many find value in training and developing business skills through real-world experience. Several companies offer extensive training programs and onboarding for new employees that touch on industry-specific knowledge.
But, you might need to be proactive: According to a report by the Society for Human Resource Management, employers are more likely to train new or newly promoted employees rather than upskill current ones. As a result, 59 percent of employees focus on investing in their own upskilling. Professionals can search for various opportunities in the workplace, such as volunteering to work on cross-departmental projects to meet colleagues with a desired skill set or absorb knowledge from different business perspectives.
4. Collaborate with Others
Despite the abrupt shift to hybrid and remote work due to the COVID-19 pandemic, companies continue to focus on collaboration. The overwhelming number of collaborative tools in the workplace, like internal messaging platforms, email, and video conferencing, have contributed to what author Rob Cross calls “collaboration overload.”
Collaboration is essential to business success. In an interview with McKinsey Global Publishing, Cross argues that “more successful people tend to spend about 20 to 25 percent more time exploring possibilities with others, saying ‘How could we work together, from different functions, different capabilities, and different geographies?’” These collaborative relationships open up new facets of business knowledge and produce positive professional results.
5. Enroll in an Online Course or Certificate Program
If you’re looking for a more structured method of learning business, an online course or certificate program could be the best option. Online business courses are becoming increasingly common as institutions transition to remote and hybrid learning for those wanting more flexibility.
Online courses can be just as rigorous as in-person instruction. For example, Harvard Business School Online’s certificate programs are taught by renowned Harvard Business School faculty in a flexible format that allows individuals to learn at their own pace.
Benefits of an Online Business Course
While each method is an effective way to learn business, taking an online business course or certificate program is one of the most convenient. The flexibility of online learning allows individuals to take agency over their professional development without sacrificing too much time or money.
If you’re considering enrolling in an online business program, like HBS Online’s Credential of Readiness (CORe), here are the top benefits you can expect.
Teaches the Language of Business
Accounting is a core competency business leaders need to succeed in all industries. “It’s a tool that opens doors to key information,” says Harvard Business School Professor V.G. Narayanan in the online course Financial Accounting. This information can provide useful business insights and aid in high-level decision-making.
The most effective online business programs focus on developing your financial accounting skills, one of the most important skill sets for individuals seeking career advancement. The top financial accounting skills that every business professional should consider developing include:
- Creating and executing an organizational budget
- Preparing a cash flow statement and income statement
- Understanding financial forecasting methods
Encourages Data-Driven Decision-Making
Business leaders must have sound judgment to foster company growth. The top online business courses explore multiple tools that can aid decision-making. Perhaps the most important is business analytics. “It can help you develop the basic analytical skills you'll need to effectively collect, analyze, and interpret data,” says Harvard Business School Professor Jan Hammond in the online course Business Analytics.
In today’s world of big data, basic data literacy is an increasingly valuable skill. Every business professional can benefit from an in-depth understanding of data. Some essential skills a business analytics course promotes are:
- Understanding various data collection methods
- Using data storytelling to effectively communicate findings
- Leveraging analytics for decision-making
Develops Economic Logic
Economics is a pivotal part of business. Defined as knowledge concerning the production, consumption, and transfer of wealth, economics deals with the logistics of industry markets and high-level business decisions.
Since economics touches all aspects of business, it’s important to understand “the range of business settings where simple economic thinking can take you, and your company, a very long way,” says Harvard Business School Professor Bharat Anand in the online course Economics for Managers. A foundational knowledge of economics is essential to all aspects of business.
Some of the economics skills you can expect to obtain in an online business course include:
- Leveraging conjoint analysis for your business
- Learning about pricing strategies
- Using competitive advantage principles
Start Your Journey to Business Development
Professional development doesn’t need to be daunting. Several methods are available to help you learn about business and apply its principles. Enrolling in an online business course is the best way to increase your business knowledge by learning from industry leaders, collaborating with a global network of professionals, and solving some of the most challenging obstacles facing organizations today.
Do you want to achieve fluency in the language of business? Explore our CORe program and business essentials courses, and download our free guide on how to advance your career with essential business skills.
