The advantage to getting a business degree is this type of degree can serve a universal higher education requirement for most employers. Most businesses have multitudes of opportunities for individuals to move up in the company into management. A business degree is the foundation to most entry-level positions, especially management roles, as well as a foundation for those who desire to go into entrepreneurship. I would recommend pursing a minor or specialty such as human resources, globalization or accounting to enhance your degree and increase marketability.
The disadvantage is this type of degree is common thus the job market is saturated with business degree graduates. I will say that in every degree program offered there is a flood gate of individuals so the competition for jobs (in my opinion) would not be any more difficult than it would be for someone with a different type of degree.
First, the advantages or disadvantages depend to a great degree on the school and the contents of the degree. A degree from a top-ranked school, with rigorous courses in finance, and a strong background in data management, mathematics, and statistics will be helpful if you want a job in certain specific industries such as finance. A degree in business from a lower-ranked school with easier courses will not be as useful.
Because business is such a popular major, just having a business degree does not make you stand out from other job applicants, nor does it qualify you in the way a harder degree in biology, computer science, or engineering might, for jobs requiring specific skills. If you intend to work in a certain industry, you are generally better off majoring in a topic relevant to that industry and taking a minor in business.