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    The Importance of Business Skills

    Business analysis brainstorming
    • 16 Apr 2019
    Michele Reynolds Author Staff
    tag
    • Business Essentials
    • CORe
    • Career Development

    Have you ever wondered why most college business majors are required to complete certain humanities courses, yet liberal arts majors typically don't need to take a single business course?

    This is due to long-held beliefs that a humanities-focused education can teach students valuable skills in creative and critical thinking, which can translate to many different careers. One could argue that the same is true of business skills.


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

    Access your free e-book today.

    DOWNLOAD NOW

    What Are Business Skills?

    Business skills are essential to keeping an organization running smoothly. These skills help professionals understand the internal and external factors that impact an organization’s success and the processes involved in carrying out business goals.

    The skills needed to be successful in business include soft skills, such as leadership and communication, as well as hard or technical skills like financial accounting.

    Business skills are especially important for entrepreneurs, leaders, and managers, but a firm understanding of business essentials can benefit professionals in any industry.

    Why Are Business Skills Important?

    Having a foundation in business can help countless students—regardless of their field of study—become more marketable in their job search and more effective in whatever position they ultimately accept.

    Every organization—from a locally owned retail shop to a nonprofit to a Fortune 500—revolves around money: Making money, borrowing money, managing money. This means that no matter where an individual eventually works, business skills are likely to play an important role.

    Critical business skills affect every aspect of an organization. For example, leaders are expected to develop delegation skills to guide employees effectively. Leaders must also possess excellent communication skills and be adaptable enough to solve unexpected challenges. This means leaders should have adequate problem-solving and time management skills.

    If you’re sold on the value of business skills, you might be wondering: What business skills are the most important to learn? How can I go about learning these skills? Should I take a business course and, if so, which one?

    What Are the Most Important skills in Business?

    If you’ve ever looked at earning a business degree, whether as an undergraduate or an MBA student, you’ve probably noticed that most degrees require learners to take foundational courses in accounting, economics, and statistics.

    That’s because critical thinking, problem-solving, decision-making, and time management are essential skills for any job. As an added benefit, they’re also very difficult skills to code into various automation technologies, according to McKinsey research, which means that workers who exhibit these skills may be poised to command higher salaries and job stability.

    Some of the most important business skills everyone should learn include:

    • Data analysis skills: Identifying trends and making data-driven business decisions
    • Understanding of economics: Understanding pricing strategies and market demand to develop your decision-making abilities
    • Business management skills: Effectively managing organizational resources and implementing managerial processes
    • Leadership skills: Guiding teams toward success while carrying out the business’s mission and vision
    • Financial accounting skills: Understanding the company’s current performance and future potential
    • Financial management skills: Using financial tools to empower the decision-making process
    • Communication and negotiation skills: Effectively communicating internally and externally and working toward common goals
    • Project management, planning, and organizational skills: Maximizing productivity
    • Emotional intelligence: Better managing professional relationships
    • Networking: Making mutually beneficial connections throughout your company, industry, and beyond

    Related: 10 Business Skills Every Professional Needs

    How to Improve Your Business Skills

    Understanding what makes an organization tick can help all employees excel in their job, and be even more valuable for those who aspire to be a leader or run their own business. Fortunately, there are many options for learning the important business skills you need.

    One common method for developing business skills is to simply learn on the job. While this can be an incredibly effective way of picking up actionable and ready-to-use skills, it typically takes years to learn business fundamentals (and decades to become a business pro) this way.

    Another option is to complete a business degree, like an MBA. Those who complete a business degree will typically graduate with the business foundation they need to be effective in a range of professions and careers, and will have a credential they can bring with them if they were to transition to another company. Typically, earning an MBA will take between one and three years depending on the specific program you choose.

    A third option is to sign up for individual business courses, which can typically be completed much more quickly, and cost-effectively, compared to earning a full-time degree. Because they are completed in weeks, not years, they also give students the opportunity to immediately put their knowledge into action.

    Related: 6 Ways to Develop Business Skills for Any Profession

    Harvard Business School Online, for example, offers many options for online business education, which can be beneficial to students of all backgrounds. One such option is the Credential of Readiness (CORe), a three-course bundle of Financial Accounting, Business Analytics, and Economics for Managers. It was designed to help undergraduates or recent graduates prepare for an MBA, as well as professionals at any level and in any field learn vital business concepts.

    A Guide to Advancing Your Career with Essentials Business Skills | Access Your Free E-Book | Download Now

    The Importance of a Business Education

    Even just one course can help professionals learn the language of business, boost their confidence, improve their effectiveness at work, and position themselves for advancement.

    A City Square Associates study of past HBS Online participants demonstrated the value of a foundation in business. By taking just one HBS Online course, 90 percent of past participants saw improved confidence, 89 percent sharpened their business acumen, and 90 percent gained more clarity about their professional future.

    “I manage construction projects for the City of Boise that require frequent communication and interaction with the City's financial team to set budgets and track expenses,” said Kyle Rosenmeyer, who completed CORe. “My ability to understand and problem-solve with my accounting counterparts has increased, and I think they see that, too.”

    Related: Why Healthcare Professionals Need Business Skills

    Beyond work, basic business skills can be useful in managing essential aspects of life, including budgeting, buying a car or home, or investing in your future. If all that’s not enough, a basic business course can simply sharpen your Excel skills.

    Which Business Courses Should You Take?

    In the Forbes article, "The Six Classes That Will Make Any College Grad Employable," economist Bill Conerly said, “Even those who think they will live on the artistic side of life will end up on the board of directors of a church, youth soccer league, or food bank, where these [business] skills will come in handy.”

    Many experts agree that basic business skills all but guarantee post-grad employment. For those specifically pursuing a business career, the job market looks promising: The US Bureau of Labor Statistics predicts that jobs in business and financial operations will grow eight percent by 2030, creating 750,800 new roles.

    In a CNBC article, Eric Greenberg, founder and director of education consulting firm Greenberg Educational Group, said, "Specific econ classes could be relevant no matter what your interests.”

    Related: 7 Business Skills Every Engineer Needs

    Conerly added, “Everyone in a position of responsibility looks at data. Not only do business managers look at data, but so do political leaders and nonprofit executives. A good statistics class will help the student become comfortable pushing numbers around and avoiding false interpretations.”

    Do you want to take your career to the next level? Download our free Guide to Advancing Your Career with Essential Business Skills to learn how enhancing your business knowledge can help you make an impact on your organization and be competitive in the job market.

    This post was updated on July 19, 2022. It was originally published on April 16, 2019.

    About the Author

    Michele Reynolds handles brand marketing and PR for Harvard Business School Online. Prior to HBS Online, she led communications for TripAdvisor and Gazelle and has been widely quoted in national media outlets, including CBS News, Reuters, and The New York Times. Michele earned her bachelor’s degree from St. Bonaventure University. Outside work, she spends time with her teenage daughter, plays tennis, and visits her enormous extended family.
     
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    How are HBS Online courses delivered?

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    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.

    Are HBS Online programs available in languages other than English?

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    We expect to offer our courses in additional languages in the future but, at this time, HBS Online can only be provided in English.

    All course content is delivered in written English. Closed captioning in English is available for all videos. There are no live interactions during the course that requires the learner to speak English. Coursework must be completed in English.

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

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

    How do I enroll in a course?

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    Certificate Programs

    HBS Online welcomes committed learners wherever they are—in the world and their careers—irrespective of their professional experience or academic background. To extend the reach of HBS Online, we no longer require an application for our certificate programs. (Applications are still required for our credential programs: CORe and CLIMB.) You can now immediately enroll and start taking the next step in your career.

    All programs require the completion of a brief online enrollment form before payment. If you are new to HBS Online, you will be required to set up an account before enrolling in the program of your choice.

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

    Updates to your enrollment status will be shown on your account page. HBS Online does not use race, gender, ethnicity, or any protected class as criteria for enrollment for any HBS Online program.

    Credential Programs

    HBS Online's CORe and CLIMB programs require the completion of a brief application. The applications vary slightly, 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 participants must be at least 18 years of age, proficient in English, and committed to learning and engaging with fellow participants throughout the program.

    Updates to your application and enrollment status will be shown on your account page. We confirm enrollment eligibility within one week of your application for CORe and three weeks for CLIMB. HBS Online does not use race, gender, ethnicity, or any protected class as criteria for admissions for any HBS Online program.

    Does Harvard Business School Online offer an online MBA?

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    No, Harvard Business School Online offers business certificate programs.

    What are my payment options?

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    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?

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    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.

     

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