10 Essential Skills Every IBC Student Develops: A Must-Read List
As an Integrated Business Core (IBC) student, you have the unique opportunity to acquire a diverse set of skills that will set you apart in the business world. In this post, we will explore ten essential skills that every IBC student should develop. These skills will not only contribute to your success within the program but also prepare you for a thriving career in the dynamic business environment. Let’s dive in!
1. Creativity
Creativity is the ability to generate novel and useful ideas that solve problems or create value. In IBC, you will have the chance to unleash your creativity by coming up with a business idea, developing a business plan, and designing a product or service that meets the needs of your target market¹. Creativity will help you stand out from the competition and attract customers.
2. Teamwork
Teamwork is the ability to work effectively with others towards a common goal. In IBC, you will be part of a company of 12 to 16 students with different backgrounds, skills, and personalities⁴. You will have to collaborate, communicate, and coordinate with your teammates to launch and operate your business. Teamwork will help you build trust, resolve conflicts, and benefit from diversity.
3. Marketing
Marketing is the ability to understand and influence the behavior of your customers. In IBC, you will conduct market research, position your product or service, and develop a marketing mix that includes product, price, place, and promotion¹. Marketing will help you create and define value for your customers and generate revenue for your business.
4. Finance
Finance is the ability to manage the money and resources of your business. In IBC, you will acquire funding, budget your expenses, track your income and costs according to professional accounting practices, and analyze your financial performance¹ with an income statement and balance sheet. Finance skills will help you make sound decisions and optimize profitability.
5. Leadership
Leadership is the ability to work with others to achieve a shared vision. In IBC, you will have the opportunity to take on different leadership roles within your company, such as CEO, CFO, CMO, or COO⁴. You will have to set goals, delegate tasks, provide feedback, and empower your team members. Leadership will help you foster a positive culture, drive change, and overcome challenges.
6. Entrepreneurship
Entrepreneurship is the ability to identify and pursue opportunities in the face of uncertainty and risk. In IBC, you will experience what it takes to be an entrepreneur by starting and running your own business in a single semester¹. You will have to deal with ambiguity, adapt to changing conditions, and cope with failure. Entrepreneurship is developing a growth mindset, a passion for learning, and a resilience for adversity.
7. Communication
Communication is the ability to express yourself clearly and persuasively in various situations. In IBC, you will have to communicate effectively with different audiences, such as your teammates, customers, senseis (faculty advisors), and bankers²⁴. You will have to use oral, written, and visual communication skills to pitch your idea, sell your product or service, write reports, create presentations, and more. Communication will be key to help you build relationships, convey information, and influence outcomes.
8. Ethics
Ethics is the ability to act with integrity and responsibility in accordance with moral principles and standards. In IBC, you will have to uphold ethical values in all aspects of your business operations¹. You will have to respect your peers and customers, honor your responsibility towards company funds, and comply with BYU-Idaho and government regulations. Ethics is essential to earn trust, reputation, and respect.
9. Critical Thinking
Critical thinking is the ability to analyze, evaluate, and synthesize information from various sources and perspectives. In IBC,
you will have to use critical thinking skills to solve problems, make decisions, and improve processes in your business¹. You will have to gather data, identify assumptions, weigh evidence, and draw conclusions. Critical thinking will help you avoid biases, errors, and fallacies.
10. Experiential Learning
Learning is the ability to acquire new knowledge and skills through experience, study, or feedback. In IBC, you will have a rich learning opportunity by engaging in experiential learning, where you learn by doing¹. You will also have access to various resources and support from your senseis, bankers, and peers²⁴. Experiential learning will help you enhance your competence, confidence, and curiosity.
Conclusion
These are the ten essential skills that every IBC student should develop. By mastering these skills, you will not only succeed in the program but also in your future career. We hope you enjoyed this list post and found it useful. If you have any questions or comments, please feel free to share them below. Thank you for reading! 😊
For a brief overview of a semester in IBC, check out the infographic below.
Sources
(1) Integrated Business Core (IBC) – Brigham Young University. https://www.byui.edu/business-management/integrated-business-core-ibc Accessed 6/15/2023.
(2) Lessons Learned in IBC: Replicating the IBC Experience in my … – Idaho. https://www.byui.edu/documents/instructional_development/Perspective/2019%20Fall/03_Michael%20Hales_Lessons%20Learned%20in%20IBC-Replicating%20the%20IBC%20Experience%20in%20my%20Normal%20Class.pdf Accessed 6/15/2023.
(3) BYU-Idaho’s IBC Program. – Brigham Young University – Idaho. https://www.byui.edu/radio/byu-idahos-ibc-program Accessed 6/15/2023.
(4) BYU-Idaho’s IBC Program Helps Students Experience Running a Business. https://www.byui.edu/radio/byu-idahos-ibc-program-helps-students-experience-running-a-business Accessed 6/15/2023.
