A business student need not necessarily be an MBA student. Actually, we are all business students, throughout our professional lives.

Here is a quick checklist of employable skills that employers seek, irrespective of a business degree:

Skill # 1: The ability to overcome difficulties and to solve problem.
IMHO, this is the most important skill. Related to being a problem solver are: tendency to work hard, to be practical, to be patient & tenacious, to be committed, to be self-disciplined and capability of forming individual thought.

Rest is just academic. Nevertheless, I will list them anyhow, in no particular order.

Communication skills: listening, speaking carefully and clearly, the ability to put across your arguments fluently in writing
Creativity: To be capable of original and creative thought.
Decisiveness: fact-finding skills, clarity, judgment, courage.
People skills: Teamwork, leadership, ability to motivate others, ability to argue and persuade, to negotiate, to speak publicly, to build ones' network
Cross-cultural awareness: Working with people from many different nationalities and backgrounds.
IT skills: Knowledge of information flow, statistical packages, spreadsheets, databases and programming languages. [This can be mastered through practice].
Analytics & Comprehension: Looking at the bigger picture; synthesizing knowledge from information in books, reports etc; distinguishing relevant from irrelevant information, identifying issues and problems.
Metacognition: To know why you are doing what you are doing; to understand your own motives and instincts. IMHO, this is very important and it keeps us sane too!

This is just a snapshot of a professional's skill set. I am sure it can be expanded. What do you think?

Read more on this topic
Do we need MBAs - The Presentation
The Manager's Bible: 100+ Things That Every Manager Should Know

Read The Success Manual, The Encyclopedia of Advice. A list of all the articles from the guide on one page can be accessed here.