Entrepreneurship as Career Option

An educated person has broadly two career options. One is called wages or salary employment, Wherein people are employed in government service, public and private sectotrs and get fixed wage or salary. The other career option is entrepreneurial employment under which people set up their new venture. Wage employment is self-saturating. Once a valid, it blocks the employment opportunity to other for another ten years. On the other hand, the latter contributes towards national wealth and has a unique characteristic of self-generation.  Their...

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Entrepreneurship as a Process!!

In the last decade and a half there has been a resurgence of entrepreneurship in higher education. This revival is not from the traditional discipline of economic but from the discipline of business management. The business schools have instituted new courses in entrepreneurship. While entrepreneur is a person who sets up a business, `Entrepreneurship` is considered as the process or action of setting up of the new venture and the venture so set-up is called the `enterprise`. Entrepreneurship has been considered as the propensity of mind to take...

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Concept of Entrepreneurship

    From the classical economists to the post-keynesian analysts, The topic of the entrepreneur has been surveyed, and observations, theories and pronouncements advanced. Not only were pure economists involved in the endeavors but also prominent social theorists such as Marx, Weber, Sombard and Veblen.   In general, contemporary economists agree that the entrepreneur is a business leader and that his role in forecasting economic growth and development is a pivotal one. At present, however, there is...

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Meaning and Definitions of Entrepreneurhip

Meaning: Entrepreneurship is the propensity to take calculated risks with confidence to achieve a pre-determined business or industrial objective. In substance, it is risk-taking ability of the individual, broadly coupled with correct decision-making. When one witnesses a community, who engage themselves in the industrial or commercial pursuits and appear to take risk and show enterprise, it is acknowledged to be a commercial class. The commercial class is a myth just like that of the so-called martial race. Definitions: Entrepreneurship...

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Limitations of Planning

Despite of many advantages of planning there may be some obstacles and limitations in this process. The follow are some of the planning. 1. Lack of Reliable data: Planning is based on various facts and figures supplied to the planners, which are difficult to procure absence of accurate data will upset the plan. 2. Expensive: Planning is an expensive process. The gathering of information and testing of various courses of action, setting up the planning machinery, require huge amount of money. Small companies can not afford to...

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Significance of Planning

1. Minimizes uncertainty: Planning certainly minimizes future uncertainties by basing its decisions on past experiences and present situations. 2. Better utilisation of resources: All the resources are first identified and then operations are planned. All resources are put to best possible uses. 3. Economy in operation: The operations selected being among possible alternatives, there is an economy in operations. 4. Better co-ordination: Planning will lead to better co-ordination in the organisation which will...

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Techniques of Planning

Planning will be useful only when it is effectively implemented. The following techniques makes the planning effective. 1. Consciousness for Planning: Planning will be effective only when there is proper climate for it. The superiors should try to set objectives, review various goals and redraft them as is required for their effective implantation. The hurdles in the ways of planning should be removed. Every body should extend willing and co-operation for making the plans successful. 2. Initiative at top level: The initiative...

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Planning Process

   Planning can be accomplished in a series of steps, it is called as planning process. It starts from perception of opportunities to realisation of opportunities. it determines the future course of action for utilizing resources in the best possible manner to get optimum possible results. The various steps in planning process are described below. Steps in Planning process: i) Awareness of opportunities: While planning basically managers are needed to know the availability of...

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Concept of planning

 Planning is not only the first function of management, it is an integral part of it.                   To plan is to look ahead and chart out the future course of operations. It is the determinant of a course of action to acheive a desired result. It is one of he corner stones upon which successful enterprise depends. Planning is meant for the following, 1) For the analysis of a problem. 2) Thinking out the forward solutions to that problem. 3) Outlining the steps that must be taken...

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Meaning of planning

                                     Every human activity undertaken with a view to achieve something must be proceed by planning. For instance, a student desirous of securing a good grade in the examination has to plan his study. A person intending to set up a business cannot do so unless he has done a lot of previous thinking considering various aspects and taken many decisions if not all. He has to plan within the available resources,...

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Role and Responsibility of Lower level Management

                          Supervisory management (lower level management) consists of senior supervisor. Supervisor management is above the operatives but below the middle level management in the organisation. The executives at this level are in direct touch with the rank and file of workers and have to see that the work is properly carried out. The personnel employed at this level play an important role in the organisation. The effective implementation of the plans and polices,...

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Role and Responsibility of Middle Level Management

                     Middle management consists of departmental, divisional or sectional heads and other executive officers attached to the different departments. This level of management is responsible for implementing the polices and plans decided by the top management. Middle management comes between the top management and the supervisory management. According to Mary C.Niles, middle managers have pressures from the corners, viz., (a) from above by his chief in...

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Role and Responsibilities of Top Level Management

                                           Top management is at the head of the organisation. It consists of the Board of Directors and its Chairman, the Chief Executive (Ex., Managing Director or General Manager) and the Senior Executive (viz, Deputy General manager). In the operation of the enterprise, top management is the ultimate level of authority. Further, these top level managers are primarily involved in board organisational...

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Goals and Objectives of Management

1) Planning for future: Every management thinks and plans about future. The current as well as future planning go together. The activities to be undertaken in future will be planned at present. No concern can survive if it does not plan for future. The likely business trends, future global trends, likely business laws, changing consumer preference, impact of social changes are the factors which wil be taken into account while planing for future. 2) Better Quality Goods: The consumer has become quality conscious now. He will go to for...

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Essential Characters of business Organisation

1) Social Responsibility: The only and one aim of business undertaking is not to increase profits. They own some responsibilities to the society also. The society expects business undertaking to provide cheap and better quality goods of consumers.They are also expected to contribute towards social amenities by opening schools, hospitals, parks etc, not only for the employees but also for people lining in those facilities. 2) Profit Motives: All business undertakings are run to earn profits. An undertaking started for social service will not be...

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Concept of Business Organisation

                                     A business undertaking is an institutional arrangement to conduct any type old business activity. The undertaking may be run by one person or association of person. It may be based on formal or informal agreement among persons who undertake to run the concern. According to Wheeler, a business undertaking is a concern, company or enterprise...

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Prerequisites for installing MBO programme

Some of the prerequisites for installing of MBO programme are: 1. Purpose of MBO shoould be clearly defined. 2. Top management support for using objectives to plan and control is essential. 3. Systematic traing is required in the organisation for disseminating the concepts and philosophy underlying MBO. 4. Success with MBO requires a commitment on the past of each individual involved in this type of system. 5. Feedback is an essential ingredient in sustained learning and improvement in situations. 6. It must be carried...

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Problems and Limitations of MBO

Some of the common problems of MBO are as follow: 1) Time and Cost:                      It is a process which requires large amount of the most scarce resource in the organisation and time of the senior managers. Sometimes managers get frustrated and feel overburdened. 2) Failure to teach MBO Philosophy:                      Management often fail to understand and appreciate this new approach. MBO demand rigorous analysis...

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Benifits or merits of MBO

1) Better Managing:                                  MBO helps in better managing the organisational resources and activities. Resources and activities are put in such a way that they result into better performance in the five ways,     a) The relationship between clarity of objectives and improvement of performance is the cornerstone of MBO philosophy.    b) Clarity of roles, including the areas of authority and responsibility,...

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What are the goals of a business finance?

The initial goal of business finance is to manage a firm's monetary books while maximizing the value of the business and monitoring financial risks. A business' finance team have many responsibilities and goals and although the main goal is to maximize the value of the company, many things have to be taken into account and put into place, these include: Monitor Financial Activity: All businesses set out to make money, and by monitoring financial activity, you will be able to keep track of the losses and profits made. In order to stick...

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Types of Debentures

Types of debentures: 1. Simple naked or unsecured debentures: -                                These debentures are not given any security on assets. They have no priority as compared to other creditors.2.  Secured or mortgage debentures: -                                ...

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Features of MBO

Based on the definitions of MBO its features can listed out as follows: MBO is an approach and philosophy to management and not merely a technique. It is likely to affect every management practice in the organisation. It employs several techniques but it is not merely the sum total of all these techniques. Thus it is a particular way of thinking about management. MBO provides the stimulus for the introductions of new techniques of management and enhances the relevance and utility of the existing ones. MBO is the joint application of a number...

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Concept of MBO

                   MBO is both a philosophy and approach of management. It is a process where by superiors and subordinates jointly identify the common objectives, set the resuts that should be achieved by the subordinate assess the contribution of each individual, and integrate individuals with the organisation so as to make best use of organisational resources.                   ...

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What is MBO?

Management By Objectives(MBO) has gained immense popularity during the past decades. "Peter.F.Drucker" has pioneered the concept of MBO. According to him, objectives are the ends and means of an enterprise, all the activities must be framed and directed to perform objectives and no deviations from the achievement of objectives is permitted. There should be a great concern and commitment towards objectives throughout the organisations at any level, then only organisations can survive. It means organisations are to be managed in such a way to achive...

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Management as a Profession

                   A profession is an "occupation backed by organized knowledge and training and to which entry is regulated by a representative body"                    Thus, all professions are occupation in the sense that they provide means of livelihood.                    However, all occupations are not professions because some of them lack certain features of a profession Features of profession: Organized...

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Management as a science

The word science literally means knowledge. It is a systematised body of knowledge acquired by mankind through observation and experimentation and which is capable of verification. The basic difference between Art and science is that Art implies knowing, how the application, where as science is concerned with knowing why?In the words of Keynes "Science is a systematised body of knowledge which establishes relationship between cause and effect". The essential features of science: It is a systematised body of knowledge that uses scientific methods...

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Management as an Art

An art is often regarded as the systematic application of skill or knowledge in effecting accomplishment of results. It represents the methods or ways of doing specific things and indicates how an objective is to be achieved. The function of art is to effect change and accomplish results through  deliberate efforts. Art is a personalised process and every artist has his own style. It is Practice - based and perfection and is requires continuous practice over a long period of time. The main elements of Art are: Personal skill Practical...

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Management Roles

The more complex the organization, the more crucial his role. The more crucial his role. The success of an organization will depend upon the caliber of a manager to achieve its objectives. HENRY MINTZBERG`S opines every manager, plays roles in three areas: 1) Inter personal relatonships: As a figure head. Leadership role Liason officer  2) Informantion processing: Monitoring information Disseminating Information Organisations Spokesman 3) Decision Mnking: As an Entrepreneur As a conflict handler As a Resource Allocate As a ne...

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Management skills

A skill is an acquired and learned ability to translate knowledge into performance. it is the competency of a person that allows his performance to be superior. All managers need to possess various skills which are necessary to carry at their jobs successfully. Technical Skills:  Technical skills are necessary to accomplish or understand the specific kind of working done in an organisation. The perrsons who are working with tools and techniques are needed such skill. Ex: Engineers, Scientists, computer programmers etc. Technical skills...

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Distinction between Administration and management

Administration: It is concerned with the formation of objectives, plans and policies. It is a thinking function. It is a top-management function. It makes major policy decisions. Decisions are influenced by external factors such as social, political, legal etc. Administration is often associated with government policies. Management: It means getting things done through and people. It is a doing function. It is a lower-level management functions. It makes decisions with the frame work of administration. Decisions are influenced by internal...

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Importance of management

Management is overall the most important factor because no business runs itself, even no momentum. every business needs repeated stimulus which can only be provided by management. Thus management is dynamic, life giving element without which the "factors of production" will remain as were factors not become "production". The following points bring out the importance of management: Accomplishment of group goals, Efficient operations of business, Sound organization structure. Accomplishment of group goals: Success of a business enterprise depends...

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Characteristics of Management

  Management is a group activity:  Nobody can satisfy all his desires himself. Therefore he unities which his fellow beings and works in an organized group to achieve what he cannot achieve individually. Massie has rightly called management as a “Co-operative group”.    Management is goal – oriented: According to THEO HAIMAN “Effective management is always management by objectives”. Group efforts are directed towards the achievements of some predetermined goals. Management is concerned with establishment and accomplishment...

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What is Management?

Management is universal in the modern industrial world and there is no substitute for good management. It makes human effects more productive and brings better technology, products and services to our society. Management is a must to accomplish desired goals through group action. It is essential to convert the disorganised resources of men, machines, materials and methods into a useful and effective enterprise. Management is the art of maximising efficiency, as a social process, a method of getting things done through others, a plan of...

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