Not too long ago studying business meant learning from an already established practitioner of a given trade. The necessary prerequisite to running an economic enterprise was to master the skills of your mentor. In today’s world, business education demands more formal training than the old master/apprentice model could provide. Successful business owners must be able to navigate across cultural, linguistic, and legal divides. The continuous integration of technology into business creates a landscape that changes constantly.
The study of business and economics go hand and hand. The economic disciplines grow in complexity with each passing year. Complex and scientific models have replaced the philosophical musings that gave birth to the discipline. Despite the increasingly nuanced theory and modeling economists still often differ on the best application of their science to business practices.
Business programs endow their graduates with critical thinking skills that allow them to use data analysis to solve complex problems. These programs teach the means and value of in depth research into trends and markets while fostering creativity to allow their students to develop business plans that become lucrative realities. They also prepare you to communicate in a professional, clear, and effective manner.
Economics is inextricably tied to business. Much of the research and data analysis required to be a successful business owner hinges on both micro and macro-economic models and theories. The global business environment goes so much deeper than the invisible hand model proposed by Adam Smith. Successful businesses must understand intricacies that transcend supply and demand.
Those with degrees in economics can understand global trends to predict pricing, availability, and shortage. Their specialized education allows them to stay ahead of the curve and stay relevant in an ever-changing economic landscape.
Thinking you may want to study business and/or economics? TheBestSchools.org has compiled a list of The 100 Best Business & Economics Programs in the World Today. Find the school that is best for you and get started chasing your dream of running a successful business today!