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In my view business administration basics could include:- business planning: this involves articulating how a product or service will solve a problem, how big the problem is (market size), who the competition is and what they're not doing that you are, what complimentary industries are there and how you intend to market or sell your product/service to the market you've identified. You can find templates online or software to help you think through these areas.- financial management: this is a broad area and includes balancing your cheque book so there is sufficient cash coming in to meet ongoing business needs. Unlike in a project action occurs in a continuous look. Financial management also involves budgeting, as well as costing the product's input (labour, manufacturing materials etc) and pricing the product/service so the business is profitable. The thing you need to remember is many get this wrong so don't beat yourself up on it. Have a stop loss position and stick to it ie. at what point will you invest no more in the venture and move on to doing something else.- Legal and compliance: you'd want to check that whatever activity you decide to undertake is legal. If you've researched what your competitors do sufficiently, point 1 above, you should be in the clear. Once you're trading (ie. there is revenue to offset your spent costs), the business will need to be registered. The structural form the business takes can be decided on once you've checked with your local authorities about the advantages and disadvantages of each structure type. Again you can always use the competition to assess industry norm.Work at a company similar to the one you want to start and find a mentor. It's true you can teach yourself business skills through classes and online resources, but real-life experience is the best teacher. If your finances will allow it, I would even recommend doing an internship.
Best resources to learn business administration will be split in to parts as well what level of experience the learners have..to narrow down for a teenager business administration starts from a formal B-school education,on job training or observations.
For a professional,learning begins at work with regular workshops and peer expertise sharing.
As a middle or higher management a revisit to a b-school often helps and provides newer perspectives the way business is run globally with changing times.
Business administration as a broader field is always improving with advent of new age entrepreneurs the field has evolved from just thinking about Year on Year growth to higher valuations,like airbnb or linkedin or facebook.
Creating wealth is the goal of business,so every day, every decision adds to the learning curve.
Thank you for the invitation.
I agree with Mr. Ahmed Mohamed answer
We must joint reputed institution or keep studying the professional journals. As well as ask your immediate supervisors to arrange to allow you to attend the professional training sessions.
Thanks Vijay to invite me.
There are many resources you can use to learn as
Best books.
Online libraries.
Working with successful Managers.
Following steps of Leading Enterprenuers.
MOOC (Massive open online course)
There a lot of Sites, such as Lynda.com and many more if you want to go online.
