Administration
Provide a definition of administration.
It is a systematic process of administering the management of an organization.
Concepts of Administration
“It is and activity mainly concerned with the means for carrying out prescribed ends.”
“Overall determination of policies, setting major objectives, identification of general purposes”
Universal functions in Administration
Planning
Organization
Direction
Control
Business
Define Business
Production, distribution, and sale of goods and services for a profit.
Concepts of Business. (Define them in detail)
Every business has to have 3 concepts very well determined in order for the objectives to be clear
Mission- Its main goal.
Vision-How they see the organization in the future.
Values-The values of the organization is going to implement while working its way to their goal.
Objective of Business.
Its main objective is to earn a profit from providing products or services to its clients.
Types or classification of business. (Define each in detail)
Sole Proprietorship: The simplest type of business. Sole proprietorships are owned and operated by a single person and are very easy to set up.
Partnership: A business owned by two or more people who share responsibilities and profits.
Limited Partnership: A business partnership, often between business operators and investors.
Corporation: A type of fully-independent business with shareholders. One of the most complex business types.
Limited Liability Company (LLC): A mixture of a partnership and a corporation, designed to make it easier to start small businesses. One of the most popular business types for startups.
Nonprofit Organization: A type of business that uses its profits for charitable purposes. Tax-exempt, but must follow special rules.
Cooperative (Co-op): A business owned and operated for the benefit of the members of the organization that use its services.
What does “form of business ownership” refer to? Provide definitions.
It refers to the form of business an organization has. It is very important for every business to define the correct form of business their organization is going to have.
Management
Define management.
It is the process of planning, decision making, organizing, leading, motivation and controlling human resources.
Functions of management. (Describe them in detail)
Planning is concerned with the determination of the objectives to be achieved and the course of action to be followed to achieve them.
Organising involves bringing together the manpower and material resources for the achievement of goals.
Staffing is concerned with management, making a proper and effective selection of an organization's personnel.
Controlling is concerned with the activities performed in conformity of the plans of an organization.
Important areas of knowledge for a business manager. Mentions as many as you know or find.
The main skills needed for a business manager are related to communication because communication is the main source of liability into a business perspective. Also it is important for a business manager to have financial skills in order for this person to administer its resources efficiently. It is also important for this person to have critical thinking, this will help the organization to solve problems faster and more efficiently. Most importantly, this person has to be a leader.
Organization
Provide a definition of organization. Be extensive.
An organization is a group of people who work together. All of these people have one main goal in common and they all work together in order for the main objective to be achieved. There are different types of organization that are called organizational structures, these structures define the way an organization would be formed.
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