The Different Fields in the Business World
There are many different fields in the business world. Business Management is the largest field in the corporate world. It takes responsibility, skill and determination to form a successful business of any type. There are numerous areas within a business that need the skills of management. Control of expenses, payroll, time management, and to initially raise capital to start a business all are areas in which management has to play an important role. Any businesses main objective is to gain a profit. A profit is the amount of money a business earns after all of it debts are paid. The field of management is essential to organize the business in such a way that a profit is made.
The business start up is the most important piece of a long puzzle to establish a successful business. An entrepreneur is an individual or group of individuals who desire to open their own business. An entrepreneur needs to gain "smart" money to start his business. "Smart" money is simply capital, and a business needs a lot of it to survive. Today one in ten businesses survive for more than a year. It is hard to start up a successful business today and even harder to maintain a successful business status. An entrepreneur will raise capital through numerous ways. He can look for investors that wish to gain a small silent partnership in the business, loans can be taken from a bank and one of the most common types of capital comes from the stock market. A business owner will take his company public on the stock exchange in order to raise money. While money is being raised, the owner has to determine a ballpark figure on how much he will need to run this business. Today it is said you should have sufficient capital to be able to support your business for two years without returning a profit. After the initial start up is complete then skill and determination is needed to keep the business going.
Cost is the area within a business where profit is made. Cost is the amount of money, which is spent to produce the tangible and or intangible goods or services of your business. These costs affect the price of the product and or service that you are selling. One type of cost is called fixed cost. This type of cost is the expense of a business that does not change and are always constant in a business. When money is made, debts are the firs...
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...he business. Time is equal to money because there are only a certain amount of hours in each business day for a business to produce all of its revenue. When time is wasted, the amount of gross income can be greatly reduced. One way this can be explained is through the employee waste of time. An example of this would be ten employees taking an additional ten minutes each at lunch, which equals one hour and forty minutes per day. Based on a five-day week of work, this equals to a total loss of eight hours and twenty minutes. If the average employee was estimated to produce a hundred and twenty dollars per hour, that would equal to a total loss of more than fifty thousand dollars for the year. This proves that what employees believe is just a few extra minutes can in turn dramatically change a businesses net profit from one extreme to the other.
Business Management is a very dedicated and appreciated job position. The manager needs to have all eyes open and make sure that the business is running smoothly so that there are no defects in the way the business is being run which could eventually lead to a decrease in the amount of profit in which that business is making each year.
Management is the basis of how any given organization operates and how each activity preformed is organized that makes each day possible and profitable for the overall good of the company. Power and responsibility levels are ranked amongst each individuals own skill set, education, and experience level in an organization. Management has many levels depending on each individual company and its size. This can consist of several people answering to one main head of operations, or thousands upon thousands answering to several different tiers of management (Bauer & Erdogan, 2012).
It is evident that people have different and unique desires when it comes to career interests. Therefore, this desire is the driving motive for people in their career growth and development. Perhaps, the first step towards selecting a satisfying career is to find out the things that are exciting and a source of joy. I have always found business management an interesting career option because my ultimate objective is to become among the leading businesspersons. Business management involves dealing with various kinds of people and a lot of strategic decision-making, which are the two major important attributes of a business person (O'Grady, 2009). Business management career is an interesting career, because it is one of the ways that an individual can become their own boss through establishing a business and seeing it through to success. In this particular research, my focus was based on Apple Inc (Hitt, Hoskisson & Ireland, 2013). It is one of the leading companies in the mobile phones and computer industry. Its success is accredited to the manner in which management has been handled within the company.
Total cost is all of the expenses incurred in the production of a product, to include fixed and variable costs. Fixed costs, are expenses that are constant and do not change from month to month regardless of the amount of products sold. For instance, the rent of the factory is considered a fixed cost, for the reason that, the rent must be paid whether products are produced and sold or not. Variable costs,
Today in the business world there are many successful business men and women that succeed in their own areas of business. The main reasons of their success are of their aspects on managing their company from taking risks to motivation and commitment. A successful manager is also a leader to the other co-workers and employees of the company; he/she must guide and lead them to success and happiness.
in the similar manner, Hill, & McShane, (2008), argued that managers remain the most important asset of the business that drives the business towards path of development and growth. Additionally, the importance of managers, their roles and functions cannot be neglected. As the business environment has become highly competitive with market segments highly fragmented forcing business entities to adopt and integrate effective business practices that can ensure that the business is heading towards the path of competitive advantage. In this regard, it is realized that the role and function of manager has become highly indispensable. The early theory of management, as per stated by Need, (2006), argues that the core functions of manager are to Plan, Organize, Staffing, Leading, and Controlling. Augier, & Teece, (2009), within this regard stated that effective and efficient managers do not just go and perform haphazardly, in fact, good and effective managers discover their strengths, ensure they are making the most out of the existing resources and mastering the above mentioned five basic functions. The overall role of manager is highly significant, mainly because of the fact that manager while performing these five functions guide the entire business and
Cost can be divided into fixed and variable and by considering into fact that fixed and variable cost can be unarguably split into two, even though they behave differently based on the level of sales of volumes. Since, cost is used in every field to determine the price of an item and the unit sold. Two of the main components of cost are fixed and variable cost and is used to differentiate between the costs that have no direct correlation to business and those that do.
-Management is responsible for organizing the elements of productive enterprise which are material, money, and people interested in economic.
In business, management can be defined as (1) the pursuit of organizational goals efficiently and effectively by (2) integrating the work of people through (3) planning, organizing, leading and controlling the organization's resources. Management is a theory and a way of doing business. It is a process that is exercised in order for an organization to be successful. This process is generally broken down into four established functions: planning, organizing, leading, and controlling. Management is the function that determines how the organizations human, financi...
Starting and building a prosperous business is an ambition of many entrepreneurial minds and has for
"Entrepreneurs who start and build new businesses are more celebrated than studied. They embody, in the popular imagination and in the eyes of some scholars, the virtues of "boldness, ingenuity, leadership, persistence and determination." Policymakers see them as a crucial source of employment and productivity growth. Yet our systematic knowledge of how entrepreneurs start and grow their businesses is limited. The activity does not occupy a prominent place in the study of business and economics.
Any organization needs to be managed, even a one-person company has to be managed. A manager has four key responsibilities: 1) planning, 2) organizing, 3) leading, and 4) controlling. Management can also be defined as the function that determines how the organization?s human, financial, physical, informational, and technical resources are arranged and coordinated to perform tasks towards achievement of strategic goals.
Starting a small business is often one of the hardest things a person can do. Some people start a business out of pure fascination, or even as a hobby. Whether starting a business for personal reasons or simply the grandeur to make loads of money, everybody needs to have a plan. Starting a small business is no easy task and can take days if not months to prepare. The most important aspect to have is the tempura and heart to start a small business, as without passion, no business can succeed. One has to be his or her own boss, make dream, reality and be willing to market and sell a product. It takes a lot of discipline, long hours and hard work, something many do not have. However with the right willingness, passion and dedication a business can be the start of something big.
Management is vital for any organisations regardless of the size and the types of the organisations. In general, management is defined as “the application of planning, organizing, staffing, directing, and controlling functions in the most efficient manner possible to accomplish meaningful organizational objectives.” (John M. Ivancevish and Thomas N. Duening, 2007)
As all the countries are on the way to globalize with each other, business is not the exception. Globalization in business definitely brings a lot of great opportunities for many countries. However, in order to make the best of the globalization in business, management is the golden key to that success.
A “Fixed cost” can be defined as “a cost that does not change with an increase or decrease in the amount of goods or services produced or sold”. It is time related.