INTRODUCTION TO BUSINESS MANAGEMENT

INTRODUCTION TO BUSINESS MANAGEMENT

MEANING OF BUSINESS: This is defined as the sum total of all economic activities which people engage in to create or provide desired goods and services to the consumer in proper quantities at suitable time and price in order to make profit.

OR

It can also be defined as any activities that people engage in directly or indirectly in order to make profit.

BUSINESS RESOURCES:

          This is said to be all the inputs which are required for effective and efficient running of a business concern. These resources must be organized by the manager to achieve the set objectives of an organisation.

There are Human, finance, time/opportunities resources.

  1. HUMAN RESOURCES: This is the most important resource because of plans, controls, organizes and co-ordinates other resources to achieve maximum efficiency. This is referred to the personnel required to run the business to achieve the organizations objective this maybe skilled or unskilled labour.
  2. MONEY OR FINANCIAL RESOURCES: Financial resources include the money to float or start a business and the purchase of other resources. Money is very important because it is used to finance all aspect of a business such as purchase of machinery, materials and payment of labour.
  3. MATERIAL RESOURCES: These resources include input-raw and semi-finished raw materials, equipment, tools, plant and machinery which are needed for product. This resources must be taking into consideration in business in order to have efficiently, quality and quantity materials.
  4. OPPORTUNITY/GOODWILL/TIME RESOURCES: These are the facilities within the environment which the business uses. These include:

Pipe borne water, roads, electricity and telephone services. The reputation of a business name is known or referred to as goodwill. It is also good for business operation.

OBJECTIVES OF BUSINESSES

  1. To derive maximum profit.
  2. To provide goods and services that will meet the needs of the consumers.
  3. To provide job opportunities for the jobless ones.
  4. To help solve some of the country’s social problems such as pollution.
  5. To provide quality and cheap goods to consumers.
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