Entrepreneurship is the act of being an entrepreneur, which is a French word meaning “one who undertakes an endeavor”. Entrepreneurs assemble resources including innovations, finance and business acumen in an effort to transform innovations into economic goods. The most obvious form of entrepreneurship is that of starting new businesses; however, in recent years, the term has been extended to include social and political forms of entrepreneurial activity. The concept of entrepreneurship has a wide range of meanings. On the one extreme an entrepreneur is a person of very high aptitude who pioneers change, possessing characteristics found in only a very small fraction of the population. According to A.H. Cole, “Entrepreneurship is the purposeful activity of an individual or group of associated individuals, undertaken to initiate, maintain or aggrandize profit by production or distribution of economic goods or services”. Entrepreneurship promotes small business in the society. Government has accepted the fact Continue reading
General Business Articles
Major Challenges Faced by Today’s Managers
Business environment is changing drastically in today’s corporate world. In early years of current management era manager were suppose to work exclusively with equipment’s, data and systems; performing traditional tasks. But scenario of management responsibilities has been changed significantly and today’s manger faces issues like cross training, personnel management, interdepartmental communication and widening job scope. Globalization is shaping and re-shaping business environment, resulting in increase of competitors, demand of new sourcing strategies and facing new markets with new demands. Irregular flow of information often subject to quantitatively strong fluctuations, controlling the flow of information is necessary otherwise these fluctuations can become detrimental. Information controlling is the analysis, evaluation and importance attached to the data that collected and provided with the data under various criteria. Because day by day managerial job is becoming more and more hectic manager needs to continuously look for new ways to improve speed and quality along Continue reading
Entrepreneur – Definition, Functions and Characteristics
Entrepreneur is an individual who, operate, takes risks of a business. Which means the process of running a business by their own. Due to economic crisis through out the world these days, most of the countries are encouraging people to be and entrepreneurial which leads to increase in the jobs for the people and increase the economy of the country. People become entrepreneurs by them-self to start a business when they are controlled by many factors around them. Some people want to leave their jobs and start own business and few people want to earn money sitting at home. May be some people look for the needs for a market and to meet those needs they start their own business by supplying products for the market. If they succeed in this process this makes them successful entrepreneur. Entrepreneur is an individual or group of individuals who identify the business opportunity Continue reading
Globalization and Business Ethics
Business ethics is a well-institutionalized academic field, which deals with the moral dimension of business activity. In the context of international business, it means the treating of moral questions of international cultures and countries. International business should be sensitive to the environment and not just selfish for its own profits. Ethically, safety comes first and the profit comes last. The various issues that ethics target are diverse environmental concerns, animal welfare issues, labor practices, fair trade, health concerns, genetic modification, patenting of genes, cloning etc. International business is both more exposed to a variety of ethical conditions as well as in a position to exploit business ethics due to the sheer size an international company has. The end result of an ethical judgment entails its authenticity from being morally correct. But moral correction itself is a relative concept and is based upon the cultural perceptions as well as traditions. The Continue reading
5 Ways to Improve Employee Retention and Foster a Thriving Workforce
The success of every firm depends on its ability to find and keep exceptional individuals in today’s competitive job market. Workflow is disrupted by high personnel turnover, resulting in high costs for recruiting, training, and lost productivity. To address this challenge, businesses must implement smart strategies to improve employee retention. This article will explore five effective approaches that can help create a loyal and engaged workforce. Hire the Right People The foundation of a strong employee retention strategy lies in hiring the right people. Taking a proactive approach to recruitment ensures that you bring on board individuals who align with your company culture, possess the necessary skills, and exhibit the potential for long-term success. By carefully evaluating candidates through comprehensive assessments, interviews, and reference checks, you can significantly reduce the risk of turnover. Selecting employees who are the right fit enhances job satisfaction and promotes a harmonious work environment. Optimize Continue reading
Female or Women Entrepreneurship – Definition, Advantages and Disadvantages
Women constitute around half of the total world population. They are therefore regarded as the better half of the society. In traditional societies, they were confined to the four walls of houses performing household activities. In modern societies they have come out of the four walls to participate in all sorts of activities. The global evidences prove that women have been performing exceedingly well in different spheres of activities like academics, politics, administration, social work and so on. Now they have started plunging into industry also and running their enterprises successfully. Although small businesses owned by women have traditionally focused on fashion, food and other services sector, but recently women entrepreneurs have been moving rapidly into manufacturing, construction and other industrial filed. Women owned business are lightly increasing in the economics of almost all countries. The hidden entrepreneurial potential of women have gradually been changing with the growing sensitivity to Continue reading