All business organization have resources andgoals.These and many more can be possible throughgood and just MANAGEMENTA business organization cannot survive withoutefficient and effective Management
It is survival of the fittest ,andthe fittest is one that has bestmanagement.
It is a process by which a cooperative group directsaction toward common goals.(by: JosephMassie,author of Essentials of mgt). By Joseph Hughes,author of Business, It is the process of coordinating the resources of theorganization in order to achieve common goal. Management is both an art and Science.Art becausemgt.requires skills and techniques in dealing withpeople to achieve organizational goals.
Peter Drucker,A world Management ConsultantThe first function of a business enterprise is economicperformance.This measured in terms of profit.it is the developmentand growth of the enterprise.Without profit a businessorganization cannot sustain its existence.
Management as Science, is systematic and usesscientific methods of solving business problems. This is also the job of the ENTREPRENEUR
Determine the materials that are indigenous to thearea and abundant quantities. Study the possibilitiesof making money out these abundant resources, eitherthrough gatheringtrading or partial processing, manufacturing products.But do not just copy or imitate, Innovate.Innovating is improving on someone elsesidea to make it work for you.
People who plan and implement businessactivities, some have specialized skills that can beused or developed for commercial purposes.
. With sufficient funds business can implement theirprojects
Good and exact information it is possible toformulate good plans and in decision making,facts are very important .The entrepreneur must know the needs of hisBusiness rivals technological developments andbusiness policies of the government.
In the Philippines there is abundance of humanResources, Such abundant human resourceshave remained idle and the opportunities to exploitour cheap human and natural resources. Theirmoney technology have provided them a naturaladvantage.
Such very precious human resources constitutean enormous economic waste if they are not usein the production of goods and services. It is thesocial responsibility of the management toemploy such resources for the good of theeconomy and society.
1.Establish goals of the enterprise anddevelop plans to attain goals.Common to all business organizations is the pursuitof profit. They may vary in strategies of achievingor maximizing profits.
2.Organize people and other resources to achievegoals.Resources and activities of the enterprise must begrouped in such a way as to ensure efficiency andeconomy.
3.Lead and motivate people towards the goals ofthe enterprise The entrepreneur must be a good leader andeffective motivator. He must be able to stimulatehis employees to give their peak performance forthe best interest of the enterprise.
4.Maintain sufficient control system to ensure thatthe enterprise is moving well towards its goals. The entrepreneur must evaluate and regulatecurrent activities to make sure that goals arerealized. In cased activities are not on scheduleor out of line, then corrective actions can bedone.
. Set Goals- Manager should be wellorganized allocate priorities, establish their shortterm and long term goals, then ensure all effortto achieve them
It is important for a manager to understand theneeds of costumers, Active listening helpsmanagers gather relevant information.
3.A manager is talented in net working,socializing ,and contacting and interacting without others are source of in structuredmanagerial information and a tooldeveloping a good reputation.
4.Manager should bea good negotiator-One of the requirement is to negotiatewith superiors, subordinates, costumers and suppliers,-should be able to discuss interest and not positions.-Can find ideas of others and they understand theirbehavior/situation and find the best solution for bothsides.
Risk is a part of business it can be both within thecontrol of the entrepreneur. HOW TO ELIMINATE OR MINIMIZE RISK? IT MUST HAVE A RISK AND INSURASNCEPROGRAM.
1.Fire-this is the first fear of business owner,So they eliminate their risk through fire insurance.How ever there are things which a fire insurancecannot protect like lost of costumers, records andother valuable assets.A much better risk protection program is fireprevention measures
2. Natural Calamities-floods ,typhoon andearthquake are in most cases not included inthe insurance coverage. Entrepreneurs can onlyminimize risk from natural calamities by properchoice of locations which are free from suchdisasters.
3.Personal liabilities-ex. A costumer is injuredinside the store or costumer got sick in eating theproduct of the entrepreneur. Such incidents mayresult to law suits. Such risk can be prevented orminimized by proper facilities or quality controlprogram.
4.Economic Problems-These have direct effectson the profitability of the enterprise. Recession,depressons Inflation and massive unemploymentcan reduce sales of good and services. Adequatefinancial resources during bad times for businesscan be good protection from business losses.
5.Business Interruptions-Strikes of employees andsuppliers pose a great business risk .Theentrepreneur must have stockpiling strategy,However, a strong financial position greatly helpsthe enterprise survive during such businessinterruptions.
6.Loss of key personnel-The resignation ofimportant employees is a big blow to businessenterprise. Resignation of an expert or technical specialistcan cause work stoppage. It is not easy to getreplacement immediately
Which are criminal in nature, Such riskare personally planned or intended:1.Burglary-There is a need to protectinventories,supplies,equipment,by providing safetyfacilities.
2.Robbery-Installation of proper alarmdevices, lighting facilities and other preventivemeasures can eliminate robbery 3.Shoplifting-.Children pick goods withoutknowing they are committing a crime. Mirrorsand store layout can detect shoplifting.
5.Employee theft-Avoid temptations foremployees, such as open storage rooms ,desks,cash registers .There should be strict hiringpolicy for personnel involved ,in the handling ofmoney and products.