Entrepreneurial Process An entrepreneur is “the one who undertakes a venture, organise it, raises capital to finance it, and assumes all or a major portion of the risk.” He conceives of and provides a product or service that fills a need in the market place. An entrepreneur is either the originator of a new business …
Forms of Business Organisation Ownership is a legal concept that bestows certain rights and liabilities upon the owners. The rights and liabilities vary according to the form of ownership. Forms of business ownership are legal forms in which a business enterprise may be organized and operated. A private business firm may be owned by one …
Emerging Opportunities in Business Traditionally entrepreneurial opportunities have been exploited in manufacturing, trade and service sectors. In the contemporary business environment, entrepreneurial opportunities exist in several new areas such as franchising, network marketing, business process outsourcing and E-business. Franchising Concept of Franchising The term ‘franchise’ means an arrangement under which a manufacturer grants to an …
Social Responsibilities and Ethics Society has become increasingly aware of the interdependence between business and its environment. Business organizations are no longer viewed as totally private bodies free to pursue their own goals. Instead, they are increasingly expected to contribute to the betterment of society. Managers are no longer considered to have responsibility only to …
MNCs and Indian Transnational Companies Concept of Multinational Corporation The term ‘multinational’ consists of two different words, ‘multi’ and ‘national’. The prefix multi here means many while the word ‘national’ refers to nations or countries. Therefore, a multinational company may be defined as a company that owns and controls production, marketing, and service facilities in …
Make in India Movement Innovation refers to the process of doing new things or doing old things that are already being done in new ways. It involves the transformation of creative ideas into useful applications, e.g., products, services, processes, techniques, etc. Creativity is a prerequisite to innovation. But creative ideas have little value they are …
Liberalisation and Globalisation In order to overcome the foreign exchange crisis and speed up economic development, the Government of India announced a new industrial policy in July 1991. The Industrial Policy, of 1991 seeks to liberate the industry from the shackles of licensing, encourage foreign private participation in industrial development, and drastically reduce the role …
Manufacturing And Service Sectors Different Sectors of the Indian Economy The Indian economy can be divided into three broad sectors which are as follows: (Manufacturing And Service Sectors) Relative Significance of Three Sectors (Manufacturing and Service Sectors Of Business) In an underdeveloped country, the primary sector (agriculture and allied occupations) makes the largest contribution to …
Spectrum of Business Activities Business is all around us and it is the mainspring of modern life. But very few people understand its true nature and its role in society. The study of business is essential for training oneself for a carrier. The study of the principles and practices of business organizations helps in understanding …
Class 11th Important Questions for Business Studies Q: What are the components of economic activities? Ans: Economic Activities = Business, Profession, Employment. Q: What is the meaning of Economic activities? Ans: Those activities whose objective is to earn money are called economic activities. Q: Write the types of Economic Activities? Ans: There are three types …
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Delegation and Decentralisation of Authority In order to understand the concepts of delegation and decentralisation, it is necessary to know the concepts of authority, power, responsibility and accountability. Concept of Authority Authority may be defined as the right to give orders and to enforce them. “Applied to the managerial job authority to further enterprise …
Types of Organisation Structures The term ‘ organization format or organization structure refers to the formal pattern or network of vertical and horizontal authority relationships among different positions in an enterprise and among the personnel occupying these positions. It is the skeleton framework through which management coordinates the efforts of employees to attain the desired …
Departmentation Departmentation is an element of the organizing process. It is a means of dividing the large and complex organization into smaller and flexible administrative units. It involves horizontal differentiation of activities in an enterprise. A department is a distinct area, unit or sub-system of an organization over which a manager has authority for performance …
Organising – Basic Considerations Organisations are an essential part of human life. We are born and brought up in organisations, educated in organisations, and spend our lives working in organisations. It is, therefore, necessary to understand the nature and functioning of organisations. Concept of Organisation The term ‘organisation’ is used in management in two different …
Planning/ Decision-making & Strategy Formulation Meaning and Characteristics of Management “Management is the process by which managers create, direct, maintain and operate purposive organisations through systematic, coordinated, cooperative human effort.” -Dalton E. McFarland “Management is defined as the process by which a cooperative group directs action towards common goals. This process involves techniques by …
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