6 essential skills a business graduate should have

The business world of today is very different from the business world from 10 or 20 years ago, and the difference gets bigger every year. Business skills are often called soft skills because they help you understand both consumer and company behaviour and use that knowledge to help your company reach its goals. A background in business will also give you more confidence at work and open the door to a wide range of job opportunities. However, not all to-be business graduates are wary of the skills they need to succeed in this competitive market. Here are the six essential skills you should have as a modern-day business graduate.

Communication

One of the most important parts of business management is communication. It holds the power to either make an organisation stronger or shake it up to its core. It helps managers do their jobs well and encourages the people in an organisation to work together. "I believe that the top soft skill essential for any business graduate would be communication," says Ifteker Mahmud, co-founder and managing director of Purplebot Digital. "Active participation in class presentations, debate or business competitions can help students build their confidence with interpersonal communication," he adds. Needless to say, for a small business to grow and stay stable, it needs to communicate well with customers, shareholders and partners. 

Problem-solving

The ability to solve problems quickly and efficiently is a skill valued everywhere, particularly in business. For example, management consultants are expected to help their clients solve complicated problems as soon as possible. If a consultant doesn't come up with a solution by the deadline, it will look bad in the client's eyes. This could hurt the relationship with the client and the reputation of the consultancy. But a consultant with great problem-solving skills will come up with good solutions to the client's problems and quickly answer any possible demands. "Regardless of the industry you work in, problem solving skill will always be one of the most important skills," says Mursalin Kabir, Analytics Engineer at Intelligent Machines. "Quickly understanding a particular problem - recognizing possible pitfalls and corner cases - and devising solutions accordingly have been really useful for me as well," he adds.

Analytical ability

As a business graduate, more often than not, you will find yourself in a situation where you must have the acumen to analyse a situation and reach a decision quickly and effectively in a way that positively impacts both you and your organisation. Analytical skills are needed in work that is moderately to very complex, especially in roles where employees' analyses are used to make important decisions. Prioritisation skills also help people keep up with their tasks, focus on the most important ones, and objectively weigh their options when making decisions in jobs where they have to work on multiple goals at once. "Knowing how to think analytically to solve problems is an important skill for any business graduate to have. No matter which industry you work in, learning how to derive data-driven insights allows you to make better business decisions," says Aateeyaa Saabeen, growth expert at Grameenphone. Analytical abilities are often used as a measure of job performance in positions that call for the evaluation of large amounts of complex data, whether numerical, qualitative, or otherwise.

Planning

Planning out your tasks is crucial when you are assigned to manage a project. You need to have a strong grasp of the tasks, their priorities and deadlines. The ability to plan ahead and organise one's time and resources effectively is a key talent that can be applied in many situations. Being able to critically think, pay attention to detail and properly express your thoughts all fall under one's planning skill. Business graduates should be able to make use of their planning skills to finish their assignments on time and at a high standard. Being able to organise your time and resources efficiently is a vital skill for any leader or team member who wants to see their duties through and inspire those around them to do the same. Tasmeet Iqbal, head of business operations from Selise Enterprise, says, "You need to be able to develop the sense to identify potential pitfalls and make necessary preparations. Whenever any risk arises, you need to intervene swiftly to mitigate the impact." He further adds that planning work ahead of time has ensured many successful project deliveries for him over the years.

Negotiation skills

The ability to negotiate is crucial in many walks of life, from casual conversations to high-stakes corporate deals. Negotiations are crucial to a company's development because they strengthen relationships and lead to long-lasting, mutually beneficial solutions. Problems and disagreements can be avoided in the future with the help of good negotiations, the method of settling differences peacefully and conclusively. Negotiation expertise, contrary to popular belief, does not consist of bullying the opposing party into submission. Successful negotiators are those who can make deals in which all parties feel like they've come out on top. The capacity to forcefully obtain one's goals may feel like a triumph at the moment, but the resulting lack of goodwill might eventually lead to difficulties.

Teamwork

Teamwork can help workers develop personally and professionally, as it frequently involves communication and coordination between workers who may come from different departments and may have contrasting personalities or levels of expertise. In the long run, cooperation can improve communication and flexibility among a company's staff members, particularly when they're working towards a single goal. Employees are more inclined to cooperate and develop a sense of collaboration with their coworkers when they work as a team. Employees may also feel more committed to the business and more willing to use their talents to help achieve company objectives if they feel valued. In response to a challenge, team members will be encouraged to think creatively and independently. A team can solve challenges more quickly and with more flexibility if its members can build on each others' ideas. As such, being able to work with others in a team is a trait any business graduate should absolutely possess. 

In conclusion, earning a degree in business can equip you with valuable abilities that may be applied in a variety of business settings, but your education shouldn't end there. If you want to advance in your career, you must keep up with the latest developments. Exposure to the market on a regular basis and maintaining familiarity with the prevailing trends will equip you to respond quickly to any shifts in the industry. With diligence and practice, you can open new doors for yourself in the corporate world.