![]() There is, evidently, tremendous incentive for everyone to run the race ahead of rivals and make money. Businesses, essentially, exist for customers.īusinesses offer challenge, excitement and immense satisfaction if one is able to run them successfully. To survive and flourish in the economic jungle, businesses have to win the hearts of customers by putting resources to best use. It has to deliver value by offering good quality goods/services at an affordable price. The purpose of every business is to serve customers well. Once the business environment has been understood, all the activities taking place inside and outside it are also easily understood. Understanding an organization encompasses understanding its structures, behaviours, cultures, resources, and functions, and how it learns to manage the external environment. He/she should be able to develop an action plan that is essential to cope with the changes, involve employee representatives, gain their confidence, implement the changes, and finally measure the benefits of these changes. An HR manager must have the ability to understand the changes in an environment, and the direction and speed of those changes. The principal aim of any business is to make profit. The fundamental idea regarding business is that it is an economic activity and business decision-making is an economic process. In order to develop an understanding of business organizations, one should be able to identify the differences between the private and public sectors of the economy, state the traditional examples of business organizations in the private sector (sole trader, partnership, and private limited and public limited companies), understand the difference in terms of liability among these business types, and identify two non-traditional business types (co-operatives and franchises). Thus, the primers of an organization include vision, values, behaviours/competencies/standards, coaching, information sharing, networking, rewarding, and continuous learning. It should establish a process to learn, grow, and measure its successes. ![]() It should even undertake a practice of rewarding its employees when they perform well. In order to enhance the image, it should communicate the key messages, both internally and externally, and gain commitment to its principal goals.Ī reputed business house often prefers to share its best practices with its competitors as it believes in networking, partnering, and informal collaboration. ![]() A business house should work in partnership with its employees, customer, suppliers, community, and the media. ![]() Organizations need to create an environment where people want to work and concurrently develop themselves through coaching, feedback, and information sharing. Challenges that A Business Faces due to Government’s Policy Changes.Steps in the Processing and Selection of Business Ideas.What is Business: Meaning, Definition, Ideas, Ethics, Types, Functions, Features, Objectives, Strategy, Diversification and More… Challenges that A Business Faces due to Government’s Policy Changes(Impact of Government Policy Changes on Business). Steps in the Processing and Selection of Ideas 6. Hooper, “The whole complex field of commerce and industry, the basic industries, processing and manufacturing industries, the network of ancillary services, distribution, banking, insurance, transport and so on, which serve and interpenetrate the work of business as a whole, are business activities.” Business is a legally-recognized organization which provides goods, services, or both to the consumers.Īccording to F. It is important for a business organization to have a vision that implies what it intends to achieve in the future and values that represent the organization’s integrity.Ī business organization is a commercial, industrial, or mercantile enterprise, and comprises the people who constitute it. Business is an organization comprising people who strive together to achieve common objectives and goals.
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