While studying Global Management at the London School of Economics (LSE), it struck me how certain elements of what I was being taught could also help IB DP Business Management students. Some of the tips I list in this blog will also be of use to IB DP students taking other subjects.
- Think like a business leader: Put yourself in the shoes of a businessman and think about the pros and cons of any decision while going through case studies. It is important to think out of the box. Try to imagine what your favourite business guru would do in the hypothetical situation. For real business stories, analyze which decisions were good and those that were negative. What could you have done differently?
- Different businesses have different models and solutions: You need to keep in mind that the case studies you will come across in IB DP Business Management will be different from one another. As such, you need to be aware which model is the most apt in your case. Challenge yourself in to thinking about the best strategy to adopt and adapt. Arguing against them is also a great exercise.
- Numbers count! Business is about making money and having the key figures of any business is essential. Make sure to have the major/key numbers at your fingertips, such as: what is the cost of a certain process/production, what are the profits that the enterprise has made or projected. This is sure to impress any IB DP Business Management examiner. A business leader is always a numbers savvy person.
- Observe the business around you: Business transactions are going on all around us constantly – from when you buy first cup of coffee in the morning to watching your favourite Netflix series before going to bed. You need to be aware of these different forms of trade and constantly ask yourself what model is being applied, how can it be improved, what are the shortcomings, etc. This will hone your skills and make you think more critically during your own coursework.
- Read business newspapers: and watch channels like CNBC. Read the Financial Times whenever you can and get your hands once a week on The Economist. These are great sources of current business information and you will most probably be able to relate what you learn to your coursework and impress your IB teachers and IB examiners.
Success in the IB Business Management course requires constant effort and nothing in the IB syllabus should be left to the last couple of months. You are lucky that the IB Business Management course gives you an excellent foundation and springboard to leading universities and higher academic institutions. Make the best use of it.
Read my other blog post on universities: University Brand Name Or Course Name — What’s More Important?