Importance of business management-
To understand the importance of business management we have to first realize that there are several organizations existing around us that produce goods or services, hospitals, religious, social institution like charities, schools, colleges and universities. All though all these organizations are different from each other they all strive to achieve certain pre-determined objectives, these objectives are achieved through systematic efforts. In this case the function of the management is to facilitate the performance activities such that the accomplishment of the objectives becomes possible.
In order to understand the business management we have to understand the meaning of the word "business" and "management", the term business means a commercial enterprise or establishment that trades in goods or services. The word trading does not have to stand for making profit, therefore the argument can be made that non-profit organizations can also be regarded as businesses, at least a certain type of business. And, the term "management" means a process which exists to get results by making the best use of the human, financial, and material resources available to the organization and to the manager. Businesses whether it is a profit making organization or a non-profit making organization such as NGOs and charitable trusts the all have the certain objectives to be achieved. For example, for a profit making organization it can be about reducing the cost of production and for a NGO it can be educating and empowering women in a village both these objectives needs a management to guide to achieve these objectives. Hence business management is managing the activities of businesses in such a way that it can achieve its objectives and it easily explains the importance of management in business.
Difficulties faced by a student while solving business management problem-
The most problem faced by the students in business management is to get confuse in the concepts of administration and management, the main different between management and administration is that management has a wider application while administration has a narrowing application. Therefore, it is important not to confuse administration with management. To manage an undertaking is to conduct it towards its objective by trying to make the best use of all the resources at its disposal; in fact it is to ensure the smooth working of the six essential functions so they can help the businesses to achieve its objectives, these functions are as follows-
It can be seen that administration is only a part of the management, but sometimes the managers of big concerns spend so much time of their time on administration that their jobs sometimes seem to consist solely of administration. Therefore students get confused and think administration and management as same which is not the case because business management is complete process towards the objectives of the business on the other hand administration is looking after the activities being going on the business.
Few important tips to solve problems of business management-
The student facing problems in business management needs to understand the concept of business and management and why the management plays a crucial role in business that without the management the businesses can not even operate. When understanding a concept in general it is important for the student to remember there is no single definition of a concept and the strategy of the student should be to evaluate a range of meanings and from those to pull out some core elements.
Another tip for the students that can be helpful is when using a concept yourself, it is very important to be clear about how you are defining it and always make your own meaning clear, it can be very helpful in understanding the concepts of the subject.
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