One of the most important business fundamentals to understand is the relationship between money and growth. Most businesses go bust due to a lack of money. This is especially true for those in the scaling or rapid growth stages of their companies. In order to avoid this, entrepreneurs should understand the fundamentals of business and how to use them to grow their businesses.
Business fundamentals include generic business structures and functions, as well as the management of people and organizations. They also include micro and macro-economics and global trends. Architects who understand business fundamentals can design buildings and systems that are more efficient and effective. As a result, architects can provide better value to their clients.
The Business Fundamentals Certificate is a five-course program designed to help students learn the core concepts and skills of business. It includes topics such as marketing, management, finance, accounting, and business analytics. Some of the credits from the course are transferable to an MBA program through the University of Iowa. However, students must apply separately.
One of the most basic business fundamentals is that a business exists to fulfill the needs of its customers. It is important to have a product or service that people are willing to pay for in order to survive. In addition, a business needs to have a steady cash flow to make a profit. While this might sound simple, many companies fail for years without profit. Those companies that survive are not those that take advantage of their customers, employees, or suppliers.