Business can be defined as an organization that provide goods and services to others, who want to do or need them, when people think of business careers, they have to think of job in large wealthy corporation, there are wide verity of career areas in business line. Business Entity is an organization that possesses a separate existence for tax purposes. Some types of business entities include corporations and foreign corporations, business trusts, limited liability companies, and limited partnerships The two basic types of business entities are sole proprietorship and partnerships. Sole Proprietorship Sole proprietorship type of business entity which legally has no separate existence from its owner. Limitations of liability enjoyed by a corporation and limited liability partnerships do not apply to sole proprietors. Also debts of the business are debts of the owner in the case of sole proprietorship type of business. A sole proprietorship essentially refers to a Continue reading
Management Concepts
Differences Between Profit and Non-Profit Organization
An organization is a social arrangement which pursues collective goals, controls its own performance, and has a boundary separating it from its environment. It is a business which has a primary goal of making profit and a proposed goal such as helping the environment. A non-profit organization is an organization which does not distribute its surplus funds to owners or shareholders, but instead uses them to help pursue its goals. Examples of NPOs include charities (i.e. charitable organizations), trade unions, and public arts organizations. Most governments and government agencies meet this definition, but in most countries they are considered a separate type of organization and not counted as NPOs. They are in most countries exempt from income and property taxation. Differences between Profit and Non-profit Organization Ownership is the quantitative difference between for- and not-for-profit organizations. For-profit organizations can be privately owned and may re-distribute taxable wealth to employees and Continue reading
Major Schools of Management Thought
Business in today’s world has become an extremely competitive force changing continuously at a rapid rate. Working in the 21st century requires dealing with a dynamic environment with people that have diverse needs. Every business organisation needs to be managed, and hence there is a need for managers. Even years back there was a diverse need for management of organisations. There have been people who have tried to study management so as to make the most efficient and effective use of their resources. There have been scientific methods, and similarly there have been methods based on people’s behavior. Organisations nowadays use these methods in their business management. Harold Koontz and Heinz Weihrich refer to management as the process of designing and maintaining an environment in which individuals, working together in groups, efficiently accomplish selected aims. Management has been referred to as an art and a science, some people even call Continue reading
Concept of Flattening Organization Structures
Organizational structures refer to the way in which an organization is designed, including how tasks are divided, how authority is distributed, and how information flows. Traditional hierarchical structures have long been the norm in many organizations, but in recent years there has been a growing trend towards “flattening” organizational structures. Flattening refers to the process of reducing the number of hierarchical levels in an organization and distributing decision-making power more widely. In this article, we will explore the benefits and challenges of flattening organizational structures and provide some guidance on how to implement this approach effectively. Benefits of Flattening Organizational Structures Increased agility and responsiveness – Flattening an organization can make it more agile and better able to respond to changes in the marketplace. In a traditional hierarchical structure, decision-making is often slow and cumbersome, as decisions need to be passed up the chain of command for approval. Flattening the Continue reading
Crisis in Organizations: Stages and Types
Companies face problems all the time, and solve them one way or another. Sometimes one of these problems is difficult-at least at the time it occurs-and it becomes public interest with the help of the press. This problem is then known as a Crisis, where the company is faced with legal, political, financial and governmental impact on its business. The most serious property of crises is the element of surprise. The worst part in their handling is being unprepared. Crisis can come from nowhere at any time; natural disasters, human error, and industrial accidents can all cause crisis. Sometimes the cause of a crisis is management itself; managers may insist that they face no crisis, and they fall into the brink of lying and rejection of its existence. Then, when the time of the deadline comes their answer to why the job is not finished will be: “We faced trouble Continue reading
Guidance in Management
The Concept of Guidance Guidance in management can be defined as: – “The act or process of guiding” or “The one who shows the way by leading, directing, or advising. “ or “The one who serves as a model for others, as in a course of conduct.” Good manager guide their employees to continually learn new skills and work toward organizational goals, while being sensitive to their needs. This kind of guidance gives employees a vested interest in their organization, which will affect the quality of their work. The good manager is a leader, not an order giver. When a manager tells an employee what he want done, instead of giving an order, the manager give their employees the freedom to come up with their best way of getting that task done. It may not always be the best way, and the manager may have to do some monitoring and Continue reading