MANAGEMENT

Another type of unincorporated business which involves various individuals as partners to control the business is Partnership firm wherein all the individuals are equally responsible for debts. There are another group of individuals who are known as limited partners who monetarily support but not getting into the management directly and are accountable only of their funding. Each partner in a partnership firm owns the responsibility of the company’s monetary ups and downs as well as the debts and burdens unlike the private limited or limited companies and the taxes are filed by the individuals and not in partnership name completely based on the individual share of their profits and losses along with the approximate tax to pay for the current year from both the partners. Partnership can be formed between businesses wherein the partners labor between themselves to reach the target and sharing the incomes and expenses which are also common irrespective of among sectors. In some cases Non-profitable organizations also enter into a partnership to accomplish their mission while trying to improve each other’s likelihood while in some cases even the governments, religious groups and various political organizations play a partnership with their respective category partners to complete their goals. Partnerships do arise at personal base wherein two or more individuals decide to domicile together.

Though various advantages are there being a sole proprietorship, there are various disadvantages too wherein the major is complete wash away of the personal properties due to various liabilities  and they often lack continuity of business during various occasions. While handling the complete business all alone, there are various occasions where money falls short which as the next step will collapse the complete firm leading to failure. Being in a smaller firm will limit the skills since the complete strength of the management will be of few people. There are various opportunities of employees looking out for stabilized employers, wherein the same would be too difficult in extracting talented skilled individuals. The revenue generated by the firm completely depends on the proprietor support as he or she owns himself and hence it depends entirely on their own savings and profits that the company runs while the firm would also not be having any legal continuation apart from the owner of the firm. Another major issue with this kind of business is the lack in continuity of the business wherein the firm is completely dependent on the proprietor life any untoward will have a major impact on the business and will therefore be uncertain.

One of the oldest forms of business is the sole proprietorship. An organization that is owned by a single person is known as a sole proprietorship and there is not much difference between the business and the owner. The owner takes all the responsibilities of the firm which can be profit, loss or debts which is exactly different from a partnership company wherein the proprietor creates a name rather than their own name for the company. By laws the owner of the firm has to file the income and expenses as a statement with the local governing bodies in some countries and other places it is mandatory to display the proprietor name in their cards, emails and other modes of communications whenever there is any requirement. We can list out various advantages of sole proprietorship wherein the individual are not required to make any legal fees which is completely burdened with the local bodies, the individual has the liberty to create, amend, remove any rules with respect to the firm owned wherein other forms require various directors and senior management concurrences before finalizing any terms. There are lists of documents to be submitted for other kinds of business whereas it is not applicable as in this case.

An organization which can be a firm or an enterprise that is designed to supply goods as well as services to the consumers is called as business. Businesses are largely found in industrial economies which are mostly owned privately to gain profit thereby increasing the assets of their owners.  A business that is owned and run by several persons can be termed as a company. There are various types of business forms which are categorized as sole proprietorship, partnership, corporation, and cooperative. A sole proprietorship is generally owned by a single person to gain profit and the owner has the right to take any decision and can employ people as per the requirements. When an organization is owned by more than one person it is called as a partnership business which is also a profit gain business. The partnership business can be further classified into limited partnerships, general partnerships and limited liability partnerships. The third category of business which is the corporation is either owned privately or owned by the government while the private owned corporations can work either for profit or non profit. A profit based corporation is managed by shareholders in whom the board of directors is elected by them to guide the organization. A cooperative business is entirely different from the corporation business where the decision can be shared by the members.

Misconceptions exist in management also. Here we see some of the popular wrong beliefs in the management. Performance management is seen as a step by step role but actually it is a psychological process. The goal of performance management is to understand the needs between people. The professional knowledge development will stop after completing graduation in any field. However we can update our knowledge through magazines, writing articles, attending seminars and also by private training courses. The salary offered by every management is always justified but in reality the salary is always lower than the work delivered. High performing workers will always think that they will not lose job at any moment but in contrary the trust on the worker may be damaged in a single day and he may lose the job. Any job seeker will assume that resume is the only tool to pursue a job in a company. It is not true; really, there must be other references, letters and experience that speak well. Performance management will not actually take much time if applied clearly. Recruiters are not always trusted; they help us the best way but we must also take actions in our job hunting process. Networking with other business is always seen unessential but they are must to do work for a company.

A project is a temporary commitment carried out to accomplish a unique service or a product with a goal and objectives. There are several situations where the project may go wrong. This is not a mistake but a failure to follow clear methodologies and rules for managing the project in a timely manner. Project management explains how to apply knowledge, skills, tools and techniques applied to project to meet the goals of the project. To success in a project some companies sacrifices some of the things. The first thing is by adding time and delaying the project. The next will be adding more money to the project and the third is to reduce the quality of the final output. The primary job of project managers are explaining the workers what is the nature of the job and how is going to done, clearly telling why it should be done, listen to excuses from workers and motivating them to do better next time, neglecting persons from the job who cannot perform well at all, and analyzing how much simpler and cost effective the job can be done by assuming that he is doing that job. So, project management is all about planning, executing and to provide leadership.