Management and business are the terms used and applied together in order to get a successful career. Management is basically managing and planning out some ways that would enable you to reach your goal. Management and business are the terms that work simultaneously. If you have a business, you would definitely need to manage it. The career you have and the products you produce is included in your business while, organizing all the methods in order to sell your product is called management. There is no business without management. Business and management includes the correct exploitation of human resources. For example, for both purposes, human brain needs to work hard and obtain what he desires. Not only the brain, physical strength and effort are also used to reach your goal. People work day in and day out to establish their business and then they appoint a manager to manage the business.
The word “management” was introduced in the world in the 15th century. The organization of all the activities that take place in a business firm following some policies is known as management. There have been different definitions given about management. A management guru by the name or Peter Drucker, management has two basic activities i.e. innovation and marketing. Business is described as an organization that takes place in order to trade goods and services to other firms to obtain all required satisfactions. The word “business” refers to a state when a person is busy. Whether he is working individually or in a group. This means that the basic motive is to get profit and satisfaction on the basis of trade. Business and management have always been described together as both the terms appear and work simultaneously.
Business and management have different important points or features. The features of business include the common exchange of goods and services. This is done in order to obtain the right amount of money. But the basic feature is obtaining the profit in your business activities. Profit maximization is the essential feature on a business firm. Buyers and sellers are also a very important feature in the business firm. As goods are produced only to be sold to the buyers. Other features may also include satisfaction of human wants. Now comes managing your business firm. That means there are some principles involved for this method. The basic principle is that management is universal. Management can be done in any business firm. Management is basically a guideline for a businessman to run his business smoothly.
Tips and comments
The tips for good business and management include the basic skills and experience that is essential. Another tip for good business and management is hiring the right people for the right job. You cannot risk hiring the people without experience in your business firm. Try hiring young and fresh people who have an experience of about a year or so. Donnot be lenient in hiring. Especially if you have friends available for the job. Never hire your relatives or friends even if they beg you because they are sure to take advantage of you. Plan out everything before taking decisions, instead of making instant decisions. Socialize with all the people around you in order to get more knowledge of your field. Be in touch with the fresh minds of the field to improve your business and management.