BUSINESS MANAGEMENT

Business Management

Business Management

Introduction

In economics, a business (also called firm or enterprise) is a legally recognized organizational entity existing within an economically free country designed to provide goods and/or services to consumers. Businesses are predominant in capitalist economies, where most are privately owned and typically formed to earn profit to increase the wealth of their owners. The owners and operators of a business have as one of their main objectives the receipt or generation of a financial returns in exchange for their work and their acceptance of risk. Notable exceptions to this rule include cooperative businesses and government institutions. This model of business functioning is contrasted with socialistic systems, which involve government, public, or worker ownership of most sizable businesses. The study of the efficient and effective operation of a business is called management. The main branches of management are financial management, marketing management, human resource management, strategic management, production management, service management, information technology management. Business is looking through people (such as institutional directors, managers, producers, consultants and experts) to improve productivity and overall competitiveness of companies or businesses. Optimal management is not looking only to make things better; the most important thing is to make good things better and in this sense is necessary to identify the factors that influence the success or better management performance.

Business management system comprises of the management of the various processes within an organization and it is individualistic to each organization. Different organizations may adopt different management style to manage the systems. The entry into the new century and the changing landscape of the market, coupled with the emergence and development of information and communication technologies (ICTs) has made the companies have to cope in an increasingly more complex.

The role involves taking managerial ability to lead people, a special gift to be recognized and followed by subordinates; certainly this requires professional technical and other aspects spontaneous managers to as indicated below:

Ability to make decisions

Imagination honesty, initiative and intelligence

Ability to supervise, control and lead

Ability to view activity ahead

Ability to arouse enthusiasm

Ability to develop new ideas

Willingness to take responsibility and run risks

Ability to work

Ability to identify opportunities and generate new business

Ability to understand others and manage conflicts

Fairness and firmness

Ability to adapt to change

Desire to excel

Ability marketing technique to promote the company products

Capacity for analysis and troubleshooting

Patience to listen

Ability to relate

Discussion

Business management is a term that encompasses a set of techniques that apply to the administration of a company and depending on the size of the company will determine the difficulty of managing the employer or producer. The main objective of the management of the employer is to improve productivity, sustainability and competitiveness, ensuring viability in the long term. Business management is a term that encompasses a set of techniques that apply to the administration of a company and depending on the size of the company will determine the difficulty of managing the employer or ...