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Business

A business (also known as enterprise or firm) is an organization engaged in the trade of  goods, services, or both to consumers.[1]

 Businesses are predominant in capitalist economies, wheremost of them are privately owned and administered to earn profit to increase the wealth of their

owners. Businesses may also be not-for-profit or state-owned. A business owned by multiple

individuals may be referred to as a company, although that term also has a more precise

meaning.

The etymology of "business" relates to the state of being busy either as an individual or society

as a whole, doing commercially viable and profitable work. The term "business" has at leastthree usages, depending on the scope — the singular usage to mean a particular organization; the

generalized usage to refer to a particular market sector, "the music business" and compound

forms such as agribusiness; and the broadest meaning, which encompasses all activity by thecommunity of suppliers of goods and services. However, the exact definition of business, like

much else in the philosophy of business, is a matter of debate and complexity of meanings.

Basic forms of ownership

See also: Types of business entity 

Although forms of business ownership vary by  jurisdiction, there are several common forms:

  Sole proprietorship: A sole proprietorship is a for-profit business owned by one person.

The owner may operate on his or her own or may employ others. The owner of thebusiness has unlimited liability for the debts incurred by the business.

  Partnership: A partnership is a for-profit business owned by two or more people. Inmost forms of partnerships, each partner has unlimited liability for the debts incurred by

the business. The three typical classifications of partnerships are general partnerships, 

limited partnerships, and limited liability partnerships. 

  Corporation: A corporation is a limited liability business that has a separate legal

personality from its members. Corporations can be either government-owned or

privately-owned, and corporations can organize either for-profit or not-for-profit. A

privately-owned, for-profit corporation is owned by shareholders who elect a board of directors to direct the corporation and hire its managerial staff. A privately-owned, for-

profit corporation can be either privately held or publicly held.   Cooperative: Often referred to as a "co-op", a cooperative is a limited liability business

that can organize for-profit or not-for-profit. A cooperative differs from a for-profit

corporation in that it has members, as opposed to shareholders, who share decision-

making authority. Cooperatives are typically classified as either consumer cooperatives or worker cooperatives. Cooperatives are fundamental to the ideology of  economic

democracy 

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Management

The efficient and effective operation of a business, and study of this subject, is calledmanagement. The major branches of management are financial management, marketing

management, human resource management, strategic management, production management, 

operations management, service management and information technology management.[citationneeded ] 

Owners engage in business administration either directly or indirectly through the employment

of managers. Owner managers, or hired managers administer to three component resources that

constitute the business' value or worth: financial resources, capital or tangible resources, and

human resources. These resources are administered to in at least five functional areas: legalcontracting, manufacturing or service production, marketing, accounting, financing, and human

resourcing. 

ManagementFrom Wikipedia, the free encyclopedia

Management in all business and organizational activities is the act of getting people together to

accomplish desired goals and objectives using available resources efficiently and effectively.

Management comprises planning, organizing, staffing, leading or directing, and controlling an

organization (a group of one or more people or entities) or effort for the purpose of accomplishing a goal. Resourcing encompasses the deployment and manipulation of  human

resources, financial resources, technological resources and natural resources. 

Since organizations can be viewed as systems, management can also be defined as human action,including design, to facilitate the production of useful outcomes from a system. This view opens

the opportunity to 'manage' oneself, a pre-requisite to attempting to manage others.

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 Basic functions

Management operates through various functions, often classified as planning, organizing,

staffing, leading/directing, controlling/monitoring and motivation.

  Planning: Deciding what needs to happen in the future (today, next week, next month, next

year, over the next five years, etc.) and generating plans for action.

  Organizing: (Implementation)pattern of relationships among workers, making optimum use of 

the resources required to enable the successful carrying out of plans.

  Staffing: Job analysis, recruitment and hiring for appropriate jobs.

  Leading/directing: Determining what needs to be done in a situation and getting people to do it.

  Controlling/monitoring: Checking progress against plans.

  Motivation: Motivation is also a kind of basic function of management, because without

motivation, employees cannot work effectively. If motivation does not take place in an

organization, then employees may not contribute to the other functions (which are usually set

by top-level management).

Basic roles

  Interpersonal: roles that involve coordination and interaction with employees.

  Informational: roles that involve handling, sharing, and analyzing information.

  Decisional: roles that require decision-making.

Management skills

  Political: used to build a power base and establish connections.

  Conceptual: used to analyze complex situations.

  Interpersonal: used to communicate, motivate, mentor and delegate.

  Diagnostic: the ability to visualise most appropriate response to a situation .

Formation of the business policy

  The mission of the business is the most obvious purpose—which may be, for example, to make

soap.

  The vision of the business reflects its aspirations and specifies its intended direction or future

destination.

  The objectives of the business refers to the ends or activity at which a certain task is aimed.

  The business's policy is a guide that stipulates rules, regulations and objectives, and may be used

in the managers' decision-making. It must be flexible and easily interpreted and understood byall employees.

  The business's strategy refers to the coordinated plan of action that it is going to take, as well as

the resources that it will use, to realize its vision and long-term objectives. It is a guideline to

managers, stipulating how they ought to allocate and utilize the factors of production to the

business's advantage. Initially, it could help the managers decide on what type of business they

want to form.

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Implementation of policies and strategies

  All policies and strategies must be discussed with all managerial personnel and staff.

  Managers must understand where and how they can implement their policies and strategies.

  A plan of action must be devised for each department.

  Policies and strategies must be reviewed regularly.  Contingency plans must be devised in case the environment changes.

  Assessments of progress ought to be carried out regularly by top-level managers.

  A good environment and team spirit is required within the business.

  The missions, objectives, strengths and weaknesses of each department must be analysed to

determine their roles in achieving the business's mission.

  The forecasting method develops a reliable picture of the business's future environment.

  A planning unit must be created to ensure that all plans are consistent and that policies and

strategies are aimed at achieving the same mission and objectives.

All policies must be discussed with all managerial personnel and staff that is required in the

execution of any departmental policy.

  Organizational change is strategically achieved through the implementation of the eight-step

plan of action established by John P. Kotter: Increase urgency, get the vision right, communicate

the buy-in, empower action, create short-term wins, don't let up, and make change stick.[9] 

Policies and strategies in the planning process

  They give mid- and lower-level managers a good idea of the future plans for each department in

an organization.

  A framework is created whereby plans and decisions are made.

  Mid- and lower-level management may add their own plans to the business's strategic ones.

Levels of management 

Most organizations have three management levels: first-level, middle-level, and top-levelmanagers.

[citation needed ] These managers are classified in a hierarchy of authority, and perform

different tasks. In many organizations, the number of managers in every level resembles apyramid. Each level is explained below in specifications of their different responsibilities and

likely job titles.[10]

 

Top-level managers

Consists of  board of directors, president, vice-president, CEOs, etc. They are responsible forcontrolling and overseeing the entire organization. They develop goals, strategic plans, company

policies, and make decisions on the direction of the business. In addition, top-level managers

play a significant role in the mobilization of outside resources and are accountable to theshareholders and general public.

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According to Lawrence S. Kleiman, the following skills are needed at the top managerial level. \  

  Broadened understanding of how: competition, world economies, politics, and social trends

effect organizational effectiveness .

Middle-level managers

Consist of general managers, branch managers and department managers. They are accountable

to the top management for their department's function. They devote more time to organizationaland directional functions. Their roles can be emphasized as executing organizational plans in

conformance with the company's policies and the objectives of the top management, they define

and discuss information and policies from top management to lower management, and mostimportantly they inspire and provide guidance to lower level managers towards better

performance. Some of their functions are as follows:

  Designing and implementing effective group and intergroup work and information systems.

  Defining and monitoring group-level performance indicators.  Diagnosing and resolving problems within and among work groups.

  Designing and implementing reward systems supporting cooperative behavior.

First-level managers

Consist of supervisors, section leads, foremen, etc. They focus on controlling and directing. Theyassigning employees tasks, guide and supervise employees on day-to-day activities, ensure

quality and quantity production, make recommendations, suggestions, and upchannel employee

problems, etc. First-level managers are role models for employees that provide:

  Basic supervision.  Motivation.

  Career planning.

  Performance feedback.

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What's the difference between management,

business administration and business

studies?

Normally, Management is a concentration of business administration.So if you attended college,

you would get a degree in business administration with a concentration in management.You can

also get a basic degree in business administration, without concentrating in anything, but I wouldnot suggest that because it is hard to find a job.Management, Marketing,Accounting, Finance,

and Information Systems are five of the top concentrations.

Management vs. Administration

Hello Everyone,

Business administration basically focuses on preparing students for the decision making roles

within an organization, and Business management focus is on management aspects:improving

communication, productivity, effectiveness and efficiency and aligning resources, basically,

implementing the decisions made by administrators.

Management in all business and human organization activity is simply the act of getting people togetherto accomplish desired goals. Management comprises planning, organizing, staffing, leading or directing,

and controlling an organization or effort for the purpose of accomplishing a goal.

The business administration is a study course introduces you to subjects such as economics , accounting 

and finance and comprises a third of the degree scheme.

Administration

The role of business administrators is primarily centered on carrying out the tasks and dutiesdefined by management. Business administrators direct the flow of work that allows your

company to operate effectively, according to the U.S. Bureau of Labor Statistics. Managers of administrative offices typically oversee billing and accounting departments, human resources,

contract development and oversight, and records management. They may direct the flow of 

communications within and outside the company. Secretarial workers and administrative

assistants provide support services for management as well.

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Management

Management encompasses decision-makers who often run the company. The duties of themanagement team often involve organizing the operations and overseeing its continuity.

Business management typically looks at the big picture to ensure the company remains profitable

and may adjust administrative duties to reflect market changes, handle an increase in business orreduce the workforce when income decreases. Management usually defines company goals and

prepares strategic plans for growth. They supervise department heads and often serve as the face

of the company in public.

Followers

Administrators are followers who take direction and oversee the flow of work. A business degreein business administration concentrates on the practical side of business and how to employ

various strategies to fulfill their mandates. Business administrators often study and gain

proficiencies in economics, finance and accounting. They are trained in organizational behavior,ethics and human resource allocation. Administrators may specialize in marketing, law or

information systems.

Leaders

A degree in business management prepares students to take leadership roles in business. Skills

required by a management professional include team-building and consensus-building amongemployees. They must be able to delegate effectively while directing workers to follow a

strategic plan. Management typically stays on top of external political and economic issues that

affect the business. They make decisions and goals and provide the drive and cultural

environment under which the company operates.

Generally speaking, business administration is usually the name of the degree or program (like BBA or

MBA) and not really a concentration. Every business discipline combined is pretty much "business

administration" as a whole. In fact, you can even take out the word "administration" and just leave it at

"business" as a field of study. So saying you study "business administration" is saying you study

"business."

Management is the actual concentration within business administration, and you cover organizational

behavior/structure, leadership in organizations, managing change, and things like human resources

(people) management. Some schools might have "business administration and management" to refer to

the management major.

Econ and finance is pretty clear. Econ is about the allocation of scarce resources among competing uses.

The main theme is supply and demand and price determination. At the micro level, you narrow in on

firm and consumer behavior. At the macro level, you learn about national and international issues like

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interest rates, GDP, inflation, etc. Finance is more about investing (in the general sense of the word, not

 just in the stock market). The main theme is risk and return. You learn about the time value of money

and apply it in many ways. Finance uses some econ, and econ uses some finance.

The Bachelor of Business Administration (BBA) is a bachelor's degree in Commerce and

business administration.The Bachelor of Business Administration (BBA) is a graduate level

program in the field of business administration. This degree is given to students who accomplishtheir 3 years of study in this field. Many educational institutions within our country offer

students with this course.Those who have finished their education in this field have the scope of 

getting good jobs in India as well as in foreign countries. More particulars about the careeropportunities available for BBA graduates in India and abroad is mentioned in detail below.

Aspirants can take up any of these fields as their specialization:

Accounting

EntrepreneurshipFinance

Human Resource Management

International Business

Legal ManagementManagement

Management information systems

MarketingOperations management

Real Estate

Supply chain management

Tourism management

Career in Private sector after Bachelor of Business Administration (BBA)

There are quite a lot of fields where BBA graduates can get good jobs. To get jthese jobs, it isrequired for aspirants to have a good English knowledge. Besides this, they also need to have a

passion towards their field of study.

BBA graduates can get jobs as executive trainee or management trainee with any of the sectors

mentioned below:Advertising Agencies

Banking

Finance

ConsultancyConsumer Durable Companies

FMCG

IT Companies

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Those who wish to work as well as study simultaneously can do part time jobs and take up

correspondence courses for their advanced studies. Before they apply for any of these jobs,aspirants can go for spoken English classes and improve their spoken English skills. This will

prove to be very beneficial for them in their future.

Government Career after Bachelor of Business Administration (BBA)

Students who have completed their course in BBA can get jobs with the state and Central

governments. For getting jobs in either of these sectors, students will need to appear for the

UPSC exams like Combined Graduate level exams and the PSC exams. They can also appear forthe Civil Service examinations. Many government banks also conduct entrance exams for the

recruitment of candidates. BBA graduates can apply for these tests as well. The notifications for

these examinations will be available in all leading Indian newspapers. Details about them can

also be got from the internet.

Read more:

http://wiki.answers.com/Q/What_is_the_scope_of_a_Bachelor_of_Business_Administration#ixzz1ehFFXzyX 

Business Administration Skills for Success

February 13, 2009 •Brian Brooks •SBC-Hazelwood • 0 Comments

The world of business is highly competitive and not everyone has the proper skill set to be

successful in this fast-paced and challenging field. There are many different attributes that makea strong business man or business woman. Different business leaders have used various skills to

build brands and companies into giants. Interestingly enough many of these business moguls

have similar skills and personality traits that have contributed to their success. These skills can

be divided into two categories: Skills that can be taught and skills that cannot be taught in abusiness program. Let's take a look at some valuable traits of business leaders and see if a

business administration program is right for you.

Education 

The first and most important quality of a strong business person is education. Business men andwoman need to have an intimate knowledge of business practices, sales cycles, andentrepreneurial principles. Business administration classes and business administration courses 

are available throughout the country to supply emerging professionals with the knowledge they

need to help build a company and distinguish oneself in the business world. Modern business is

subject to fast changes, there are always new and emerging ideas in the world of business.Having a business administration course instructed by experienced professionals who understand

the fundamentals of business administration and stay current with new and progressive ideas, can

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give students the knowledge they need to pursue a career in businesses administration. Having a

business degree after completing a business program is attractive to employers looking to hireyoung business leaders. Business programs are often the first step towards a rewarding career in

business.

Leadership Leadership is a common attribute given to successful business professionals. Leadership can be

defined in various ways. A simple definition of leadership is that leadership is the art of motivating a group of people to act towards achieving a common goal. This can be a very

difficult task and requires inspiring and motivating those around you. Some experts say leaders

are born leaders and others believe the principles of business leadership can be honed, if nottaught. There are many books, classes and workshops that outline the keys to leadership.

Certainly leadership requires the ability to develop a vision and execute a plan to achieve that

vision. Leadership is best exercised in the working environment. After completing your business

program, employers will look for examples and signs of leadership when hiring. Your businessadministration course will provide you with opportunities to develop your leadership skills.

Communication Effective communication is a must for business leaders in companies of all sizes. Having the

ability to listen to and understand co-worker concerns and business issues and then effectively

address those issues is a vital part of any company that has more than one employee. Being ableto effectively communicate across cultural boundaries requires unique skills and tact. Learning

how to adjust a message for an audience to maximize retention has been a praised attribute for

business leaders since the beginning of business. Being an effective communicator means that

other people take you seriously, listen to what you have to say and engage in dialogue.Communication and leadership often go hand in hand. Most business classes and business

administration courses will help you hone your communication skills through presentations and

class discussions. This is another reason why business administration classes are so important foremerging business professionals.

Teamwork Being able to work well within a team is an extremely valuable skill for those interested in

succeeding in the world of business. Business administration classes and courses can help teach

students how to work with other students to achieve a common goal. Businesses will often investprofits to send teams to team building events and workshops. Fostering strong relationships

between coworkers can have a lasting positive effect on the products and work that they produce.

If you display these attributes perhaps a career in business administration is right for you. Topursue a career in this competitive field, a strong foundation in business administration principles

and a business degree is a must. Enroll in business administration courses today to begin your

 journey. To learn more about business administration classes in the Hazelwood area,

21 Business Skills Needed To Succeed

: 

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The greatest people in business have certain attributes in common. Several personal qualities areimportant, like a thirst for continuous education, personal drive and motivation, strong goals and

ambition, clear vision, and always a great deal of passion.

Beyond those personal qualities though, what makes a successful business person stand out from

the crowd? Here are 21 business skills you need if you want to get ahead:

Communication

1.  Written - Most people in business spend a lot of time

communicating in writing. While the inter-office

memo and the fax are old hat, you will spend a good

few hours a day fighting your inbox. Add to this

reports, white papers, proposals and resumes, it's

certain you will need to sharpen your word power tosucceed.

2.  Social Networking - We are not all social gadflys,

some of us struggle to make small talk. It is a key skill to learn though, it is true what they say,

sometimes it is more who you know than what!

3.  Speaking - Public speaking ranks high amongst the worlds most popular fears. You must

overcome it and the best way is to practice. It might feel more comfortable working from the

safety of your desk but at some point you are going to have to present. Better to have some

experience under your belt before being forced to perform unprepared when it really counts.

4.  Sales - You might think you do not need to sell but we all sell every day. From even before your

first day you will be selling, starting at your interview all the way to asking the boss for a raise. In

normal life we sell, persuading your partner that you really need that new purchase, getting out

of that parking ticket ... persuasion skills can come in very handy indeed.

5.  Negotiation - If you can't sell perhaps you can negotiate. A lot of the skills are the same but you

will find people who have been in business for a while can drive a hard bargain. If you do not

have the skills you will lose out each and every time.

Planning

1.  Strategic - A business that lurches from one crisis to another is not

going to stay around very long. Obviously if you are in charge then

you have to set the marching orders. Can you clearly see the road

ahead?

2.  Project - I know many people in business who see their role as thehot headed maverick that shoots from the hip and flies from the

seat of their pants. Unfortunately most of them eventually crash

and burn. Project management makes your life and that of your

team less stressful and gets things done on time and on budget. It

might not be the white knuckle ride that some enjoy but at least

you will be able to clock off at a reasonable hour!

3.  Financial - The top reason why businesses go out of business is bad

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financial planning. All the cash flows in the wrong direction. Having worked through the dotcom

boom and bust I have seen first hand what too big a budget in the wrong hands can do.

Someone needs a firm grip on the numbers and it had better be you otherwise someone might

 just take a trip to a tropical island at your expense.

4.  Risk - I'm a natural worrier which though it annoys my wife, does have the advantage in

business that I tend to see the potential potholes and bear traps in any plan. If you can imagine

a risk you can set about to mitigate it.

5.  Logistics - Money is just one resource you need. Any business has inputs and outputs. You need

to have the right people in the right jobs with what they need when they need it to get their

work done. Logistics might not put you on the cover of Time magazine but it could make you a

hero in your office.

Productivity

1.  Time management - I once had a boss who could never get to a

single meeting on time. He would always turn up ten minutes late,

red-faced, unprepared, looking like he had slept in a bush. He had a

growing collection of speeding tickets and a bigger collection of 

excuses and apologies. Time management reduces stress and

increases your respect.

2.  Meeting management - Most of us hate meeting but they are a

fact of business life. There are always the few who love them as a

way to avoid real work. There are many tricks from firmly sticking

to the agenda through to holding meetings standing up just before

lunch. Whatever works for you if you can get meetings to be

productive and under control you will get ahead.

3.  Leadership - In the Dilbert universe leadership might be something you step in, but in business it

really helps to be able to take the lead. Can you get people to follow you? Are you able to get

people to do things they don't want to do for the good of the team?4.  Systems - If you are repeatedly re-inventing the wheel there is something seriously wrong.

Effective systems bring consistency, efficiency and reduced costs. Learning how to create and

implement both human and automated systems can go a long way to being more competitive.

5.  Personal Productivity - What are your rhythms, when are you more sociable, detail-oriented,

creative or lacking energy? Where do you excel and which areas are a struggle? Before you can

lead anyone else you need to work out how to get the

best out of yourself.

Creativity

1.  Imagination - Many people neglect their creative sidefeeling that it is better to be all about the logic, but in

fact some of the most successful business people are

also the most imaginative.

2.  Inventiveness - If you can imagine it you can create it,

and if you create it then you can sell it! Look around

you, think of the things you buy and use, someone

had to have the idea before it was built and sold to

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you. You might be surprised how few mad inventors there are, more products are invented in a

marketing office than a garage.

3.  Problem Solving - A big part of surviving in business is about solving problems fast and

effectively. An employee who is good at keeping their head in a crisis while fighting fires is a

worthwhile asset to any business.

4.  Brainstorming - Some people think brainstorming is all about having stupid ideas while ridiculing

the contributions of everyone else while drinking coffee, eating cookies and flirting with the

secretary from floor 2. Perhaps this is why brainstorms get a bad name? If you can brainstorm

great ideas, fast then you will be one step ahead.

5.  Making connections - Some of the best ideas have simply been about connecting two otherwise

unconnected ideas together. Could you invent the next iPhone?

I am sure the sharp-eyed amongst you have noticed there are only 20 points in this list. What is

number 21? Perhaps the most important skill of all;  the ability to switch off ! It is so easy for the

stresses and strains of business life to burn people out so you must develop the ability to relax

and unwind.

Here are some suggestions for you to explore.

  Ask yourself "have I got the visionary and entrepreneurial skills to meet the needs of the

business? ".

Some people are great visionaries and can see into the future. They see what they want

and know how to get there, but in many cases business people can't, because they don?t

have the skills.

On the other hand, the entrepreneur will have the determination to make the vision come

true.

Seldom do you get both vision and entrepreneurial skills in one individual. So a problem

here? No, not at all, simply be honest with yourself and decide what you are.

If you are a visionary, full of good ideas, but find it difficult to put them into practice,

you probably need an entrepreneurial partner or at least hire a manager with good basicmanagement skills to help put them into practice.

On the other hand, if you are full of energy and love a challenge, full of enthusiasm andget on well with all and sundry, but find it difficult to formulate good business ideas,

team up with the visionary.

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  Often during the beginning phase of any business, the owners technical skills are important  

but become less so as the business grows and more people are employed who can provide

those same skills. 

Some technical skills are generally available to all people who go into business forthemselves, if only because, what they know is what they want to do for themselves.

However, in my opinion, the technical skills of a business are not the most important.These skills can always be learned, picked up on the Internet or hired.

Some of the other basic management skills needed are more important. A business owner

who runs the business solely on technical skills or technical ability will never grow the

business, simply because of a lack of time. Time management skills can be learned 

however.

  One of the most important skills to acquire is the skill of being able to put your business

systems in place. 

Good business systems that accomplish the necessary tasks in your business are essentialif you are to grow the business into profitability.

How you do things and how well you do them will lead to fast and efficient work output?

Look at the way everything is done or needs to be done in your business and make itefficient. Don't neglect your systems, watch them and modify them to suit any changes in

throughput or output.

People and Supervising

Using Your Business Management Skills

People skills are the skills needed to be able to communicate productively with employees,

suppliers and customers. Most businesses rely on having good communications with allthree groups and so should you. 

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  You must be able to show your employees that they count, by talking with them, asking them

what they think is good or bad about your business, listening to them and in general treating

them well.

If you can easily do the same with your customers and your suppliers, you will be knownas a business person able to keep your employees, customers and suppliers happy. A

good reputation to have.

If you can't stand interpersonal communications then you should maybe look to a

business that does not need these basic management skills.

  As soon as you employ staff you will need to develop supervisory skills. Efficiency in any

business depends on your ability to supervise your employees. 

You supervise your people by treating them well, having the patience to teach and coach

them so that they can and will do what you want. If done well many of your own jobs canbe delegated, leaving you time to build your business.

You supervise your people by observation, coaching, allowing them to fail, allowingthem to think through their failures and to improve.

You supervise efficiently by rewarding those that deserve to be recognized.

Supervision is often the most difficult of jobs for the manager so you have to practice.You cannot have good employees who are supervised poorly, so get this skill right.

Finally remember that you can always manage things but to succeed with people you

must coach them.

  All basic management skills are vital to a greater or lesser extent, but one business

management skill is really vital and that is the skill to administer the business.

Many businesses have failed, not because they lack customers or business, but because of 

poor office skills, which lead to poor financial management.

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Your paperwork, and having quick access to it, can make the difference between

retaining a customer and losing one.

Poorly written or spoken communication, bookkeeping, filing and the other hundred jobs

or systems necessary to run an efficient business can sink a business just as surely as a

poor product or late delivery.

Someone, you probably, must understand and know how to use a computer. If you cannot

keep your business information at your fingertips, you cannot expect to make

knowledgeable and meaningful decisions.

Don't neglect to put in place a good administration system. It need not be complicated but

it must be relevant to your business and it must be efficient.

Supplement Your Business Management Skills ...

If you can manage to acquire a few additional skills, as well as the basic management skillswe have gone through, it will also be of help. Here are some things to think about. 

  Be practical. Business is about doing, so not too much thinking, if it stops you doing.

  Plan your business from the start and put your plans together in your business plan. 

  Don't ignore the basics. It's putting the business basics in place that will lead to business success.

  If you are both visionary and entrepreneurial, so much the better, but if not then remember that

you need both in a business that is to succeed. So partner up or hire that missing link.

  Never give up on your ideas too soon. Perseverance not perfection is what drives successful

business owners.

  When you need time to look at the big picture, hand some of your workload to others that you

have coached. The sooner you do this the better.

  Develop the skill to know what others need and take care of your customers.

  You don't have to have any formal education to be successful in business, but you do need

persistence, energy, common sense, patience, to always be willing to learn new business

management skills and to have the courage to see it through.

Finally with a little luck and lots of hard work, coupled with good use of your instincts, you will

learn all the basic management skills you need to ensure your business succeeds.

There are around thousands of business born, still if we see then we will find out that most of thebusiness go under few short years. The business field gets more and more competitive and

business manager or owner has to be very skillful to keep the business process and their

enterprise afloat.

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For getting the success in Business there are many such cardinal areas that as a manager, one

should overlook. There are many such skills that are required in the company has of survivingand progressing. These skills form the core of what business managers should know. To utilize

these key management skills will go a long way to determine the successful career in business.

The Management of Cash Flow: There is the great percentage of business that has failed asthey do not generate cash or they do not manage their funds wisely. It is the easy way to see cash

as an integral part of business especially for starters. To discuss on cash flow, firstly, we shouldknow what exactly cash flow is. In layman language, cash flow is the movement, availability or

otherwise of physical currency in out or within the company or business enterprise for various

business purpose. The importance of cash flow can be illustrated with the example of small firmthat forms reasonable revenue. After the salary payments and expenses of company owners

decide to invest the greater part of the cash in the company profits in purchasing any equipments

or anything that is relevant to the infrastructure of the company.

Management of Personnel: Getting the workforce to perform the maximum is the most

daunting task. As the manager comes to discover how varied and irregular the work of is ourworkers are. The work will be determine the personalities of people and will work closely withall the available emotional buttons on them. Emotions can also affect the people that include

fear, geed, love, sex and anger. There are the things that are required to trigger your people the

most and also to act accordingly. Managing persons means to take a lifelong commitment and tostudy personalities and thus gently prodding people in their strong areas.

Management of Time: There are so many things that are written and have been said on thisissue. In our modern sophisticated world, technology and fast living it becomes more difficult to

manage our time effectively. There are many experts who bid to showcase their superior

knowledge to proceed and elaborate and are also having complicated solutions on time

management problems.

Implementing on time management advice there leads one deeper into time management

difficulties. For an entrepreneur, business manager is the best approach of business

management. Effective time management can only be done with the matter of common sense.

Common Sense and time management just needs the following practical suggestion.

Daily Planning: One of the basic lesson that we have to learn is the setting of young,

professionals and inexperienced entrepreneurs is to plan each day and night before early hours of that particular day. Day planning should be done with the daily planner and also by drawing a

line down the middle.

Business Management Skills

Submitted by Administrator on Thu, 2006-07-06 13:58.

Among the most important business management skills you can possess is ‗rare sense‘ – in otherwords, the ability to think straight and develop the fact-based insight which produces business

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breakthroughs. Another attribute which all business managers should strive to develop and

deploy is ‗effectiveness‘. 

The famous management guru Peter Drucker made the vital distinction between ‗efficient‘ and

‗effective‘ business skills. Performing an activity swiftly and economically is efficient, while

doing the right thing well is effective. The wrong thing, however, is ineffective by definition.And if you‘re doing the wrong thing, your apparent efficiency will be in vain.

How can you improve your business management? Use a rigorous and disciplined process for

setting an agenda that concentrates on the important, rather than the urgent. Also make sure you

structure the meetings to produce real decisions, and concentrate on your business managementstrategy.

How to Become a Manager —  13 Skills You’ll

Needby Harwell on June 24, 2009 ·  3 comments 

in Careers,Leadership,Management,Projects 

In a recent article I wrote about why you might want to be a manager. If that‘s what you want,here‘s my list of the 13 skills you‘ll need: 

1. CommunicationThere‘s a lot of communication when you‘re a manager. You have to communicate with each of 

your employees. You have to communicate ―sideways‖ with your co-workers and customers.And you have to communicate upwards with your own manager or executive. You need somesubstance in the communication, of course — you need to have something worthy of being

communicated. But substance isn‘t enough —  if you know what you‘re doing and can‘t properly

communicate it to anyone else, then you‘ll never be a good manager. 

2. Listening SkillsThis is a part of communication, but I want to single it out because it‘s so important. Somemanagers get so impressed with themselves that they spend much more of their time telling

people things than they spend listening. But no matter how high you go in the management

hierarchy, you need to be able to listen. It‘s the only way you‘re really going to find out what‘s

going on in your organization, and it‘s the only way that you‘ll ever learn to be a better manager. 

3. A Commitment to the Truth

You‘ll find that the higher you are in the management hierarchy, the less likely you are to be in

touch with reality. Managers get a lot of brown-nosing, and people tend to sugar-coat the news

and tell managers what they want to hear. The only way you‘ll get the truth is if you insist on it.Listen to what people tell you, and ask questions to probe for the truth. Develop information

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sources outside of the chain of command and regularly listen to those sources as well. Make sure

you know the truth —  even if it‘s not good news. 

4. Empathy

This is the softer side of listening and truth. You should be able to understand how people feel,

why they feel that way, and what you can do to make them feel differently. Empathy is especiallyimportant when you‘re dealing with your customers. And whether you think so or not, you‘ll

always have customers. Customers are the people who derive benefit from the work you do. If 

no one derives benefit from your work, then what‘s the point of keeping your organizationaround?

5. PersuasionPut all four of the preceding skills together, because you‘ll need them when you try to persuade

someone to do something you want done. You could describe this as ―selling‖ but it‘s more

general. Whether you‘re trying to convince your employees to give you a better effort, your bossto give you a bigger budget, or your customers to agree to something you want to do for them,

your persuasion skills will be strained to their limits.

6. Leadership

Leadership is a specialized form of persuasion focused on getting other people to follow you in

the direction you want to go. It‘s assumed that the leader will march into battle at the head of the

army, so be prepared to make the same sacrifices you‘re asking your employees to make.  

7. FocusThe key to successful leadership is focus. You can‘ t lead in a hundred different directions at

once, so setting an effective leadership direction depends on your decision not to lead in the

other directions. Focusing light rays means concentrating the light energy on one spot. Focusing

effort means picking the most important thing to do and then concentrating your team‘s effort ondoing it.

8. Division of WorkThis is the ability to break down large tasks into sub-tasks that can be assigned to individual

employees. It‘s a tricky skill — maybe more an art than a science, almost like cutting a diamond.Ideally you want to figure out how to accomplish a large objective by dividing the work up into

manageable chunks. The people working on each chunk should be as autonomous as possible so

that the tasks don‘t get bogged down in endless discussion and debate. You have to pay carefulattention to the interdependencies among the chunks. And you have to carefully assess each

employee‘s strengths, weaknesses and interests so that you can assign the best set of sub-tasks to

each employee.

9. Obstacle RemovalInevitably, problems will occur. Your ability to solve them is critical to the ongoing success of 

your organization. Part of your job is to remove the obstacles that are preventing youremployees from doing their best.

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10. Heat Absorption

Not all problems can be solved. When upper management complains about certain things that

can‘t be avoided (e.g., an unavoidable delay in a project deliverable), it‘s your job to take theheat. But what‘s more important, it‘s your job to absorb the heat to keep it from reaching your

employees. It‘s the manager‘s responsibility to meet objectives. If the objectives aren‘t being

met, then it‘s the manager‘s responsibility to: 

  Make sure that upper management knows about the problem as early as possible.

  Take all possible steps to solve the problem with the resources you‘ve been given. 

  Suggest alternatives to management that will either solve the problem or minimize it.

These other alternatives may propose the use of additional resources beyond the

current budget, or they may propose a change in the objective that‘s more achievable. 

  Keep the problem from affecting the performance or morale of your employees.

11. Uncertainty Removal When higher management can‘t give you consistent direction in a certain area, it‘s up to you to

shield your employees from the confusion, remove the apparent uncertainty, and lead youremployees in a consistent direction until there‘s a good reason to change that direction.  

12. Project Management

This is a more advanced skill that formalizes some of attributes 7  – 11. Although both

―Management‖ and ―Project Management‖ contain the word ―management,‖ they aren‘t thesame thing. Management implies a focus on people, while Project Management implies a focus

on the project objective. You can be a Manager and a Project Manager, or you can be a Manager

without being a Project Manager. You can also be a Project Manager without being a Manager

(in which case you don‘t have people reporting to you — you just deal with overseeing the

project-specific tasks).

13. Administrative and Financial Skills

Most managers have a budget, and you‘ll have to be able to set the budget and then manage to it.

You‘ll also have to deal with hiring, firing, rewarding good employee performance, dealing withunacceptable performance from some employees, and generally making sure that your

employees have the environment and tools they need to do their work. It‘s ironic that this is skill

number 13 (an unlucky number in some cultures), because a lot of managers hate this part of the job the most. But if you‘re good at budgeting, you‘ll find it much easier to do the things youwant to do. And hiring and dealing with employees on a day-to-day basis is one of the key skills

to give you the best, happiest and most productive employees.

Conclusion

This article explains some of the things you‘ll need to learn before you become a successfulmanager. You can probably become a manager without having all of these skills, but you‘ll needall of them to be really successful and to get promoted to higher levels of management.

For every one of these skills, there are various levels of performance. No one expects a new

manager to be superior at every one of these skills, but you should be aware of all of them, and

you should do everything you can to learn more about each skill. Some of that learning will

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come through education (like reading the articles on this web site — you might want to

subscribe). But much of the learning will come through experience — trial and error.

Just learn as much as you can about each skill, take nothing for granted, and focus on doing the

very best that you can do. Learn from your mistakes and try not to repeat them. And ask for

feedback  —  in many cases you won‘t know what you could do better unless someone tells you.