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What is business?
An organized effort
Complex field of commerce and industry Uses socially acceptable ways

Involves conversion of raw into finish

Forms of business activities Types of business activities

Business exists within an environment

Characteristics of todays business:

Change Single word New technologies replace old products It makes business more complex It makes it knowledge based Diversification orientation to move ahead with stability and endurance, have diversified product portfolios Information the recognition of and need of information. IT itself is a subject to revolutionary change. The advancement in IT is breathtaking. As business gets globalized, it will have to heavily rely on the means of IT.

Characteristics of todays business:

Globalization Going international: a quality of modern business. Political boundaries are no barriers Internationalization of business is a means of sustaining a strong domestic base in terms of technology, product, market and capital over a long period Science Science is also occupying a major role. massive contributions being made to business by science. Future scientific breakthroughs will offer attractive opportunities to alert businessmen. Current means of manufacturing and selling will be scraped in order to remain competitive, and new means of financing these tremendous changes will be developed.

Characteristics of todays business:

Competition Gone are the days of sheltered markets, Businessmen are asked to eliminate inefficiency, cut down costs and improve productivity. It is now the question of survival of the fittest Inefficient and marginal firms will be asked to wind up. Competition not only benefits the competing firms but is also beneficial to the consumers. Government Interference: The interference is necessary in order to enable the government to exercise control There is no country in the world where the government does not interfere in the business However, no economy is totally free from government interference. Characteristics of todays business:

What is business administration and management ?

It is a study of the process of controlling or overseeing

the business resources, both human and financial, to ensure that your business runs smoothly. It deals with management of human resources and financial control. Getting people together to accomplish desired goals and objectives using available resources efficiently and effectively. A program that generally prepares individuals to plan, organize, direct, and control the functions and processes of a firm or organization

What is an organization?
Organizations abound in today's society. Groups of individuals constantly join forces to accomplish common goals. Sometimes the goals of these organizations are for profit, such as franchise restaurant chains or clothing retailers. Other times, the goals are more altruistic, such as nonprofit churches or public schools.

Organisation as a Process
Organisation is as a dynamic process and a managerial activity which is essential for planning the utilization of company's resources (materials, money and people ) to accomplish the various objectives.

Organisation as a Framework of Relationship:

Organisation refers to the structure of relationships and among position jobs which is created to release certain objectives.
Organisation is the form of every human association for the attainment of a common purpose.

Organisation as a Group of persons

Organisation is a group of persons contributing their efforts towards certain goals.
Organisation begins when people combine their efforts

for some common purpose. Organisation is an identifiable group of people contributing their efforts towards the attainment of goals.

Organisation as a System:
A system is an organized collection of parts that are highly integrated in order to accomplish an overall goal. The system has various inputs which are processed to produce certain outputs, that together, accomplish the overall goal desired by the organization. There is ongoing feedback among these various parts to ensure they remain aligned to accomplish the overall goal of the organization. Organizations are, of course, social systems.

Board of Directors
A board of directors is a body of elected or appointed

members who jointly oversee the activities of a company or organization. The body sometimes has a different name, such as board of governors, board of managers, board of regents, board of trustees, board of visitors, or executive board. It is often simply referred to as "the board." The board of directors is the highest governing authority within the management structure at any publicly traded company

Major Duties of Board of Directors

Determine the Organization's Mission and Purpose Select the Executive Support the Executive and Review His or Her Performance Ensure Effective Organizational Planning Ensure Adequate Resources Manage Resources Effectively Determine and Monitor the Organization's Products,

Services and Programs Enhance the Organization's Public Image Serve as a Court of Appeal Assess Its Own Performance

Major Duties of Board of Directors

Direct the process of planning Approve long range goals Approve annual objectives Oversee evaluation of products, services and programs Finalize and approve budget Approve expenditures outside authorized budget Insure annual audit of organization accounts Interpret organization to community Appoint committee members Recruit new Board members Sign legal documents Settle clash between Committees