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Business Management is the act of handling, overseeing, leading and controlling the efforts and resources of an organization or enterprise. An organization consists of a large number of people who work together to achieve shared goals. These goals are generally devised and set by an enterprise. Every company sets different visions, goals and objectives. To ensure that these objectives are followed through, it is important to manage resources, both financial resources and human manpower. These resources can also include managing production of goods, keeping inventory of machinery, managing money, promotion and marketing of products. It organizes manpower in a company to accomplish objectives setup by an organization. It also includes coordinating work between the different levels typically present in a company.
Business Management includes processes and roles that are needed to effectively manage an organization. It adds power hierarchies to ensure structure and order are maintained. It focuses on maximizing productivity and results with limited resources available to an organisation. It includes different types of leaderships to cater to organizations of different size and structure. Business management facilitates deployment of information, both to people working inside the organisation and outside people. It provides guidance to ground level employees through skill development and motivation. It adds responsibility and accountability by making sure every managerial level answers or reports to someone. Business Management plays a key factor in the success of a company.
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Business Management includes activities like planning, organizing, recruiting, motivating and monitoring. A brief description of each activity is listed below:
Business Management plays a vital role in shaping up an organization and its work environment. Some of these roles include:
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Leadership refers to the task of providing direction and guidance to a group of individuals to achieve a shared goal. Leaders exert their influence on a lot of people surrounding them. Leadership is often associated with possessing specific qualities. These include:
A team leader or a manager’s role varies depending on the size and complexity of an organization. However, at a fundamental level, their objective is to fulfill targets using available resources. Some of the roles undertaken by a leader are:
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