Article -1

INTRODUCTION TO BUSINESS ANDMANAGEMENT

The term business and Management are often used in the same sense. But, both the terms are different. Business means carrying on an economic activity, whereas Management is an effective way to carry on the activity whether it Is economical or non-economical. So, it clearly says that the term Management is having more importance and impact than Business.

So, now we can define management as

“A process of creating an environment to get the work done”

Here, there is also a big confusion regarding the management as a subject of science or as a subject of art. This is because a manager should know the set of principles, Laws and objectives and he should also know how to apply them. So having the knowledge is said as a science and knowing how to implement it is known as an Art. So, Management is both an Art as well as Science.

As we defined earlier, management as a process, now let’s discuss about the components in that process. They can be named as follows

1)      Planning

2)      Organising

3)      Leading or Directing

4)      Controlling

Now, let’s get into brief about them as follows –

1)      Planning

Planning Is the basic or first step in the management process. In simple terms, planning means transforming the intangible idea of us into the tangible documented form. So that we can be clear of what to do and even others as well.

2)      Organizing

Once you are done with planning, the next stage in management process is to Organize. Organizing means Allocation of the resources in a structured way as it helps to run our plans more effectively.

3)      Leading or Directing

When the resources are properly allocated, the next step is that there should be proper directions for their utilization of resources. so that there will be no wastage of resources.

4)      Controlling

The process of using the resources in an effective and proper way to reach the target, as per planning. If at any cost the utilization of resources went wrong or as per the plan, we need to assess the reasons for change and should take necessary corrective steps.



by Chaitanya prasad.