What is the definition of foundation of business?

Answer 1

"The Foundations of" doesn't mean "An Introduction to". It means going back to first principles, aiming to understand something more deeply. Many university courses require the student to discover the foundations of a subject familiar from school, or from real-life.

Whether you have taken previous courses in Business Studies, or read books by management gurus; worked in a family business or simply followed business stories in the media, you will already have some knowledge and awareness of business. Studying the foundations of business at university level should take your knowledge and awareness forwards in two ways:

• help you to pay closer attention to business phenomena, and give you additional insight
• help you engage purposefully and reflectively with the business environment

Business can be regarded as a social system that creates value. This indicates four founding disciples for business studies.

• Sociology - the study of social phenomena
• Systems theory - the general study of systems
• Economics - the science of value
• Ethics - the philosophy of value