Small Business Management

                       

     The term business denotes activities related to trade,commerce,profession,occupation, and industry carried out to make profit.A business is an organization.It engaged in the production and marketing of products to make profit through customer satisfaction.Products are the focus of all business activities. A product is anything that satisfies the needs of customers.

      A business represents organized efforts of enterprises  produce and market products to make profits through customer need satisfaction.Small business is an organization it engaged in production and marketing.The various activities are manufacturing,services,construction,transport and trade.The small business owners establishes and manages the business to attain personal objectives.The business is an extension of the owner's needs,objectives and personality.The business growth is not a primary objective.The aim is to continue operations over a long period of time.

Importance of small business:-

• Encourage innovation and enterpreneurship- Small business are an important source of innovation.They convert invention into innovation.They generates new ideas.It innovates product,service and processes.They provides new products to customers.
• Complementary to Large Business- Small business are complementary to large businesses.They have backward linkage with large business to supply inputs.
• Flexibility- Small business provides flexibility.They have independence and freedom to do things their own way.They can easily adapt to changing environmental forces.
• Job creation and satisfaction- Small business create more new jobs compared to large businesses.It create job opportunities for self and others.Family members can be employed.
• Close relations- Small business maintain close relationship with customers and their community.They can do individualized jobs.
• Competition- Small firms keep the big firms on their toes by stimulating competition.They introduce new products and services to keep large firms competitive.
• Higher financial rewards- They are efficient in production.Earning per rupee of assests tend to be high in small business.Small business owners make more money by running their own business than working as salaried employees.

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How Can Business Be Succeed

                      

        As business is one of the important parts of socio-economic activities of human life whereas from the word business management too become an important sector for us.In earlier stage when the economic activities were limited in size and area ,a single proprietor or limited persons handled business.After development of economy both large and small organization came into existence in these organization people work together to accomplish goals that are too complex or large in number to be achieved by a single individual.

          So to make an successful business we should make effective  managerial work and it simply says that the most significant in determining the quality of performance and success of such organization is the success of its management.It also can be said as successful managers are those who are able to carryout effective basic functions of goodwill of inside and outside the organization they must work through others to achieve success.There are some managerial tips by which an business may proceed towards success and they are:-

• As an Activity - This  concept focuses on all the activities of the manager and his subordinates that should be performed for the achievement of organizational objectives.The managers must perform various acttivities like communicating,decision making,making and maintaining interpersonal relation.
• As an Process-From this point of view management represents a series of inter-related functions of an organization like planning,organizing,staffing,directing,controlling and co-ordinating.Management  process is regarded as a social process when management decides to take a any step it must consider its impact on implementation in practical sense.generally it brings human skill for the best utilization of other resource money,materials,machines,method  etc to attain per-determined objectives.
• As a discipline-Management is a specialized branch of human knowledge which involves the study of certain principles and practices.It is based on some specific discipline which can be modified according to time and requirement.An organization can performs its business in effective manner only if there is system in management.It is an practical discipline and also is taken as an interdisciplinary knowledge drawn from various field of knowledge like psychology,social science,economic and others.                                                                                               Hence these are some managerial tips to succeed out business development sectors which are to be followed by business motives.

       

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