Managing Business

Shyam, S Salim and Rahman, M Ramees (2016) Managing Business. In: Training Manual on Theeranaipunya - Equipping Fisherwomen Youth for Future. ICAR-Central Marine Fisheries Research Institute, Kochi, pp. 241-243.

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Abstract

Management can be defined as planning, organizing, leading, and controlling of human and other resources to achieve organizational goals effectively and efficiently. Managing a business requires knowledge, dedication, organizational skills and ingenuity. The overall vision for the business may be to address a need, provide a service or create something new. Generating revenue is a given goal for businesses, so the vision statement should be broader than a statement about profits. The process of managing a business comprises several intertwined elements by which the goals and objectives of the organisation are achieved. These elements or functions include, promoting and marketing the product produced by the firm; making the product available to prospective consumers through proper distribution channels; managing the accounts and finances of the firm; protecting its intellectual property, etc. It also involves creating harmony among the working of various departments and divisions of the firm. Managing human resources and managing relationship with the customers are the most important elements in the whole process of business management. An entrepreneur with good managerial skills can convert the disorganised resources of men, money, material and machinery into a productive business enterprise.

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