A true passion for the company you lead is very important to your success. But passion alone is not enough. You also need essential skills to get your business off to a good start and survive in the long run. You need to understand business planning, strategy, finance and marketing. As you hire people to help you accomplish your tasks, you need communication skills, leadership skills, and an understanding of how to motivate and reward your employees. You need a clear strategic vision for the business and the ability to make informed management decisions based on market analysis and analysis, competition, and other internal or external factors that can affect your business.

In short, starting and running a business requires a lot of knowledge and experience. The new MicroMasters Business Management program from IIMBx and edX enables entrepreneurs, students and professionals to gain in-depth knowledge of key management concepts in six functional areas. Get an overview of accounting, finance, operations, human resources, marketing and strategy. Consider real companies as you develop an understanding of each of these key disciplines. The courses are online and can be registered by anyone. Learn more about the MicroMasters program and register online today.

1. people
Human resources are the biggest asset of your company. Managing, motivating and inspiring your employees can have a big impact on the success of your business. Learn in People Management the leadership and communication skills you need to succeed and build a strong organization.

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2. Operations
Have you ever wondered what’s going on behind the scenes of a major product launch, such as a new iPhone or the latest version of a popular video game? Managing a supply chain and ensuring that production meets the requirements in the shortest possible time can be extremely complex and critical to the success of the business. In Operations Management, you review key aspects of the business, including capacity planning, productivity analysis and improvement, quality assurance and the lean management concept. Learn about quality management tools and techniques, calculate cycle times for operations, and organize and configure the various components of a supply chain.

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3. Accounting
Proper management of a company’s accounting and finances is essential to the operation of the company. In Accounting for Decision-Making you will learn more about the different divisions and the role of the accounting department. You will also learn to read, analyze and create financial reports, an essential skill if you plan to start or run a business.

Accounting for decision-making

4. Strategy
How does your company compete in the industry? How do you create a competitive advantage? Can you adapt to a changing business environment? The ability to have a high-level strategic vision of a company is necessary to identify opportunities and surpass external forces such as new competition and changing consumer demand. In strategic management, you will learn how to develop a business strategy that analyzes competition and identifies ways in which your business can gain a competitive advantage.

Strategic management

5. Finance
Growing and maintaining your business may require larger purchases, investments, mergers and acquisitions, and so forth. Smart financial planning and decision-making create value for your business and expand it for the future. Discover in corporate finance the tools and techniques that managers use to manage capital and maximize the value of a business.

Corporate Financing

6. Marketing
Marketing is much more than advertising a product or service. You need to identify and interact with your customers, learn more about their evolving needs and desires, and develop a strong value proposition. In marketing management, you’ll learn about the basic concepts of marketing, including segmentation, targeting, differentiation, product positioning, and more. Realistic business scenarios convey different strategies and marketing tools to analyze and discover opportunities.

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