Business Management Study: Challenges, SWOT, and Skills Plan

This essay explores the challenges faced by students studying business management, emphasizing the importance of academic skills such as active listening, critical thinking, statistical analysis, and technology proficiency, as well as professional skills like leadership, decision-making, flexibility, and reliability. A personal SWOT analysis identifies strengths in leadership and critical thinking, weaknesses in communication and decision-making, opportunities in IT and investment skills, and threats from competition. An action plan is proposed to improve communication and decision-making skills through interaction, feedback, and scholarly resources. The essay concludes that both academic and professional skills are crucial for overall development and success in business management, aiding in research, specialized knowledge, and career advancement. Desklib offers a platform to access similar solved assignments and resources for students.

4001 1

Table of content
 Introduction
 Challenges of studying business management
 Importance of academic skills development
 Importance of professional skills development
 Personal SWOT Analysis
 Action Plan
 Conclusion
 References

Business Management refers to the organization and monitoring
of operations and tasks of the business and development of
suitable measures to improve its performance. It is the
responsibility of administration to manage the activities of
business by organising the planned tasks and controlling them
as well. To become a proficient manager and take the
responsibility of management in business, individuals need to
study business management and have to face the challenges
that come across while studying it.
Introduction

Challenges of studying business management
Students who opt the study of business management as their carrier path after completing graduation have
to consider some challenges and develop measures to overcome them. Some of the challenges that students
face while studying business management are explained hereunder :
• Time Management
• Interaction
• Flexible
• Teamwork
• Funds Management

Importance of academic skills development
Academic skills refer to the research oriented skills that include the basic study skills such as learning,
reading and reasoning skills that contribute in the success of individuals by increasing their confidence
and self esteem while pursuing any professional course including business management.
• Active listening and reading
• Critical Thinking
• Statistical Analysis
• Technology

Importance of professional skills development
Professional skills refer to the advance and specialised skills that are developed while studying any professional
course such as law, medicine, business management etc. and includes leadership, decision making and other personal
skills. Some of the importance of professional skills development is mentioned below :
• Increased Expertise
• Boosts Confidence and credibility
• Networking opportunities
• Reliability
• Flexibility
• Leadership
• Promotion

Personal SWOT Analysis
Personal SWOT Analysis is done to measure self performance and develop corrective measures to
improve it.
Strengths Weaknesses
Leadership
Critical thinking
Communication
Decision making
Opportunities Threats
IT Skills
Investment skills
Competition

Action Plan
To improve the skills that the individual lacks, it is required to initiate a proper action plan to
improve and develop those skills. My action plan is as under :
Skills Target Required Improvement Judging Criteria Time required
Communication Skills High I can develop my
communication skills by
developing interaction
and connectivity network
with the team members
and teachers.
I will take feedback by my
teachers.
3 months
Decision making skills High I can improve my decision
making skills by referring
the books of scholars,
and authors on decision
making.
I will search the related
matter in the books of
the particular author to
draw suitable decisions
on.
2 months

CONCLUSION
From the above discussion, it has been concluded that both academic as well as professional skills
play a crucial role in the overall development of the individual. These skills help in research oriented
work and the work requiring specialised knowledge respectively. Students who pursue business
management get advantage of these skills in job career and in the organization as well.

REFERENCES
Clemens, T. and Viechtbauer-Gruber, M., 2020. Impact of digitalization on the way of working and
skills development in hydrocarbon production forecasting and project decision analysis. SPE
Reservoir Evaluation & Engineering, 23(04).pp.1358-1372.
Clyne, B., Barber Doucet, H., Brown, L., Musits, A., Jacobs, E., Merritt, C., Merritt, R., Allister, L.,
Petrone, G., Musisca, N. and Smith, J.L., 2021. Maintaining procedural skills for academic
emergency medicine faculty: A needs assessment. AEM Education and Training, 5(4).p.e10648.
DeWitt, D. and Koh, E.H., 2020. Promoting knowledge management processes through an
interactive virtual wall in a postgraduate business finance course. Journal of Education for
Business, 95(4). pp.255-262.