8 - Definitions

Task 1 Definitions 

Administration 

Provide a definition of administration: Administration is a science that looks for the best way to run an organization. It involves a range of activities related to supervise and perform task required to operate rightly based on their purposes, otherwise it would have no control and it would cause many problems leading to bankrupt/ close.

Concepts of administration

• Is the range of activities connected with organizing and supervising the way that an organization or institution functions. The process of organizing and supervising. (https://www.collinsdictionary.com/es/diccionario/ingles/administration)

• The management of any office, business or organization. (https://www.dictionary.com/browse/administration)

• The activities that are done in order to plan , organize, and run business or other institution. (https://www.oxfordlearnersdictionaries.com/definition/american_english/administration)

Universal functions in Administration 

• Planning: it is a systematic thinking about ways for accomplishment determined goals. It is a future course of actions.

• Organizing: it involves determining and providing every resource needed to achieve the goals planned. This process also involves identification of activities, classification of grouping them, assigning duties, delegating/ coordinating authority and creation of responsibility.

• Staffing: its main purpose is to put the right person on the right job. This involves manpower planning, training and development, remuneration, performance appraisal, and promotions and transfer.

• Directing: this aspect deals with organizational methods to work efficiently trough supervision, motivation, leadership, and communication.

• Controlling: is the process of checking progress and correct any deviation. It involves establishment of standard performance, measurement of actual performance, comparison of actual performance, and corrective action.

Business 

Define Business: A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities. Businesses can be for-profit entities or they can be non-profit organizations that operate to fulfill a charitable mission or further a social cause. It also efers to organizations that seek profits by providing goods or services in exchange for payment. However, businesses don't need to turn a profit to be considered a business. The pursuit of profit, in and of itself, makes an organization a business.

Concepts of Business. (Define them in detail) : That is, a business is an economic activity that seeks to obtain profits mainly through the sale or exchange of products or services that satisfy the needs of customers. It can be a service such as a restaurant, a clothing store, a pharmacy, etc. We do not understand by business the work activity of any person, but particularly those people who are dedicated to the trade of goods and services.

Objective of Business: The main objective of the business is profit, that is, to make a profit. also meet the needs of your market.

Types or classification of business. (Define each in detail) 

TYPES OF BUSINESSES ACCORDING TO THEIR ECONOMIC ACTIVITY

One of the most common classifications is to differentiate companies according to their sector or the economic activity they develop:

• Primary sector. Dedicated to obtaining raw materials. This sector is made up of economic activities such as agriculture, livestock, fishing or mining.

• Secondary sector. In which all industrial businesses such as construction are included. These types of companies are characterized by being in charge of either the extraction of raw materials, or the transformation of these materials into manufactured products, they are also very varied and can be subdivided into different types, such as industrial textile, wine, food or steel. .

• Third sector. In this category, companies dedicated to the services or commerce sector can be distinguished.

• Services. They are focused on providing clients with a service or intangible good. Within this category, companies that provide social, legal, computer or transport services can be differentiated.

• Commercial companies. They are those dedicated to the purchase and sale of material goods. There are very varied shops, depending on the type of product with which they trade, so we can talk about food stores, electrical appliances, clothing or even second-hand stores.

TYPES OF BUSINESSES ACCORDING TO THEIR LEGAL FORM

• Individual entrepreneur. That person who decides to undertake an economic activity on his behalf. He has the obligation to respond to his debts with his own assets.

• Limited society. This type of company is made up of one or more partners who contribute money or goods to the company. Their responsibility is limited and the capital of this type of company is divided into shares, according to the contributions made. 

• Anonymous society. It is divided into shares, which can be sold freely.

• Labor companies. The main characteristic of these companies is that most of the property of the company belongs to the workers. In this case, no worker can have more than 33% of the capital, and the set of non-worker partners cannot own more than 49% of the capital. The ownership of these companies belongs to the workers. Its purpose is to guarantee employment. They can hire permanent staff, but it cannot exceed 10% of the partners.

TYPES OF BUSINESS ACCORDING TO THEIR SIZE

• Big company. Big companies are all those companies that have a number of workers greater than 250.

• Medium company. Medium-sized companies must meet three requirements: on the one hand, the number of workers cannot be less than 51 or more than 250.

• Small company. These types of companies are characterized by having between 11 and 50 workers.

• Micro-business. Provided that the number of permanent workers in the company is less than 10

What does “form of business ownership” refer to? Provide definitions. 

Business ownership refers to the control over an enterprise, providing the power to dictate the operations and functions.

Corporations are owned by shareholders who invest money in the business by buying shares of stock. The portion of the corporation they own depends on the percentage of stock they hold.

Other Types of Business Ownership. In addition to the three commonly adopted forms of business organization—sole proprietorship, partnership, and regular corporations—some business owners select other forms of organization to meet their particular needs. 

• Limited liability companies

• Cooperatives

• Not-for-profit corporation

Management 

Define management: Management is the coordination and administration of tasks to achieve a goal. Such administration activities include setting the organization’s strategy and coordinating the efforts of staff to accomplish these objectives through the application of available resources. Management can also refer to the seniority structure of staff members within an organization.

Functions of management. (Describe them in detail) 

• Planning: When you think of planning in a management role, think about it as the process of choosing appropriate goals and actions to pursue and then determining what strategies to use, what actions to take, and deciding what resources are needed to achieve the goals.

• Organizing: This process of establishing worker relationships allows workers to work together to achieve their organizational goals.

• Leading: This function involves articulating a vision, energizing employees, inspiring and motivating people using vision, influence, persuasion, and effective communication skills.

• Staffing: Recruiting and selecting employees for positions within the company (within teams and departments).

• Controlling: Evaluate how well you are achieving your goals, improving performance, taking actions. Put processes in place to help you establish standards, so you can measure, compare, and make decisions.

Important areas of knowledge for a business manager. 

• Financial management. Being able to effectively manage your finances is critical.

• Marketing, sales and customer service. 

• Communication and negotiation. 

• Leadership. 

• Project management and planning. 

• Delegation and time management. 

• Problem solving. 

• Networking.

Mentions as many as you know or find.

1. Pursue education

There are many learning opportunities available that can help improve your business management skills, such as pursuing a certificate, degree or master’s program. Today, higher education learning institutions offer online and offline courses in business management skills. You can study these courses on a short- or long-term basis depending on which business management skills you want to improve and how much time you have. 

2.  Attend workshops or training sessions

Online and offline workshops and training sessions offer you opportunities to grow your business management skills in a short period of time. Such programs can last from a few hours to a week. These workshops and training sessions are tailored to tackle specific topics on business management skills due to time constraints.

3.  Mentorship

When you are applying for jobs, it’s helpful to seek individuals from within your field who are experienced and adept in the business management skills you want to improve. Such mentors can offer you insights on business management based on the experience they have accumulated over the years while working in competitive business environments.  

4. Practice

Find opportunities in your life to practice the business management skills that you have learned. For example, you can practice communicating more productively on your friends, family or coworkers. It’s helpful to ask for constructive feedback to ensure you are successfully improving your skills. Also, it may be beneficial to take on unfamiliar roles and responsibilities in your workplace to practice some business management skills you want to strengthen.

Organization

Provide a definition of organization. Be extensive: Organization refers to a collection of people, who are involved in pursuing defined objectives. It can be understood as a social system which comprises all formal human relationships. The organization encompasses division of work among employees and alignment of tasks towards the ultimate goal of the company.

It can also be referred as the second most important managerial function, that coordinates the work of employees, procures resources and combines the two, in pursuance of company’s goals.

Process of Organization

Step 1: Determination and classification of firm’s activities.

Step 2: Grouping of the activities into workable departments.

Step 3: Assignment of authority and responsibility on the departmental executives for undertaking the delegated tasks.

Step 4: Developing relationship amidst superior and subordinate, within the unit or department.

Step 5: Framing policies for proper coordination between the superior and subordinate and creating specific lines of supervision.

Organization is a goal-oriented process, which aims at achieving them, through proper planning and coordination between activities. It relies on the principle of division of work and set up authority-responsibility relationship among the members of the organization.