Definition: Business Plan is an outline of a business project in a written form, i.e., a summarized structure of a scheduled business which includes all the details of business relating to finance, marketing, etc. For running a smoother business, there is no alternative other than making an efficient business plan. However, in various sectors, it can be called with distinctive … [Read more...] about Business Plan
Business Management
Organizing
Definition: Organizing is one of the most prominent function of management that aims attention at assigning and organizing human as well as other financial resources efficiently to carry out the plans of the organization successfully. It also involved in constructing, establishing, and managing working relationships and requires the planning of tasks and an assorted way to … [Read more...] about Organizing
Leadership
Definition: Leadership is an individual’s competence to influence their teammates, i.e., it is the ability to frame effective plans and influence others to deal with all the difficulties efficiently with proper guidance. It requires a clear vision of the desired goals and an ability to explore the various paths. An individual who leads a position in a leadership process is … [Read more...] about Leadership
Sole Proprietorship Vs Partnership
Sole Proprietorship is the most accessible form of business that is solely or individually handled by one person called "proprietor," subject to minimal regulation. However, the Partnership is a type of business in which at least two persons are required to become a partner by signing a contract that explains all the partners' duties, responsibilities, and rights. In the … [Read more...] about Sole Proprietorship Vs Partnership
Partnership
Definition: Partnership is a type of business in which two or more individuals combines their hands to perform an activity and distribute its profits and losses. It constitutes an agreement known as a partnership deed. The Indian Partnership Act,1932 regulate evolution and administration of partnership firms. As the business extends, one requires more fund and more persons … [Read more...] about Partnership
Management Vs Administration
Management and Administration both are the significant functions of any business organization. However, there are certain arguments that arise amidst the two correlated terms. According to various management writers, both of them are identical and can be used conversely but the major difference exists in their use in relation to distinct areas of human activities. In the … [Read more...] about Management Vs Administration
Matrix Organizational Structure
Definition: A matrix organizational structure is the arrangement of the personnel, i.e., the matrix leader, managers and employees, across the grid, such that a hybrid hierarchy is maintained. Here, there is a vertical and horizontal flow of direction and information, such that each subordinate has dual bosses. Out of these, one is the functional manager; and the other is the … [Read more...] about Matrix Organizational Structure
Group Vs Team
When we use the terminologies, group and team, we mostly take these as synonyms of each other. Though both refers to the assemblage of two or more individuals, a team is a particular type of a group which is more focused towards the desired mutual goal with every member contributing in the best possible manner. A group is an assemblage of individuals with common traits or … [Read more...] about Group Vs Team
Offshoring
Definition: Offshoring is the process of relocating the business operations unit (production or services) to a different country (usually in developing nations) where cheap labour or resources are available. Here the company do not seek global retailing; instead, it looks forward to minimizing the cost of manufacturing and other supporting services. Setting up this new … [Read more...] about Offshoring
Intrapreneurship
Definition: An intrapreneurship is a phenomenon of empowering the employees within the organization, by valuing their ideas and converting them into a profit-making model for the business. The organization would bear the associated risk and loss if the intrapreneur's project failed. It is the combination of employee responsibilities with his/her entrepreneurship skills that … [Read more...] about Intrapreneurship