The purpose of communication is to effect change and to influence action towards the welfare of the enterprise. Communication is essential because it integrates the managerial function. Every aspect of a manager’s job is planning, organizing, staffing, directing, or controlling involves communication. Business persons share their business information with employees, suppliers, customers, distributors, Government, banks,
Behavioral Theories of Leadership Effective leaders exhibit certain behaviors discussed below: Create a Set of Values and Beliefs For their employees, entrepreneurs should create a set of values and beliefs on which they founded their companies, and its vision is based on such values, and ensure that employees follow the same. Reinforce Vision Entrepreneurs not
Functions of Office Management Management is the planning, organizing, and controlling of the total business activities and the directing or motivating (leading) of the people working in the organization so that the use of 6 “M’s” such as men, money, materials, machinery, methods and minutes, i.e., time, which results in the efficient achievement of planned
What is Profit Planning? Profit planning refers to the process by which a business sets specific financial goals and strategies to achieve a targeted level of profit. It involves analyzing costs, sales projections, and market trends to develop a plan that maximizes revenue and minimizes expenses. Profit planning helps businesses make informed decisions, allocate resources
Functions of Modern Office Entrepreneurs must understand that information is the product of the office of the organization and therefore, major services and functions of modern offices: Continuous Collection of Information The office is not only in charge of the continuous collection of relevant information from all available sources such as reports, letters, orders, invoices,
Responsibilities of Office Management Since records are made by human beings, office management also includes the function of personnel, that is, determining what abilities are needed for doing the office work effectively, providing those abilities in the form of competent individuals, and directing and supervising their efforts. The following are the responsibilities of office management:
What is Franchising? Franchising is the transfer of rights to sell a trademarked product or service through a system prescribed by a franchisor (seller of right) who owns the trademark. Franchising is a business arrangement in which the owner of a trademark, trade name, or copyright has licensed others to use it in selling goods
What is a Joint Stock Company? A Joint Stock Company form of business organization is given a legal status; is subject to certain legal regulations; is a voluntary association of persons to carry on business. A Joint Stock Company is an association of persons who generally contribute money for some common purpose and such contribution
What is Partnership? Where two or more persons are associated with running a business with a view to earning a profit is called a partnership form of organization. Persons from similar backgrounds or persons of different aptitudes and skills may join together to carry on a business known as a partnership firm. Each member of
What is Sole Proprietorship? When the ownership and management of a business are in the control of one individual, it is known as a sole proprietorship or sole trader-ship. In every country, every state, every locality Sole Proprietorship is seen everywhere. For example, the shops or stores that one sees in his/her locality i.e. the
