Hey, discover the importance of business management and some successful strategies and financial management. Basically a beginners guide to businesses management .Evaluating these notes helps assess the effectiveness of management strategies and guides improvements for the business.
Objective
By the end of this chapter, you will be able to;
1. Introduction to Business and Management
2. Explain Business Management
3. Types Of Business Management
Learning Resources: Think about how you will INSPIRE your students and consider
what you want them to take away from today’s lesson plan.
Notes
Intro-
Business
A business is an organization or entity that engages in commercial, industrial, or
professional activities with the aim of making a profit. Businesses can vary in size
and scope, ranging from small local enterprises to large multinational
corporations. They typically provide goods or services to customers in exchange
for money.
Types Of Business
There are various types of businesses that exist, each type has its own
characteristics and legal implications. They are;
1
, ● Sole Proprietorship: This is the simplest form of business where one person
owns and operates the business. The owner is personally liable for the
business's debts.
● Partnership: A partnership involves two or more individuals who share
ownership and responsibilities. There are general partnerships (where all
partners manage the business) and limited partnerships (with both general
and limited partners).
● Corporation: A corporation is a legal entity separate from its owners
(shareholders). It provides limited liability protection to its shareholders,
meaning their personal assets are usually not at risk for the corporation's
debts.
● Limited Liability Company (LLC): An LLC combines the limited liability
protection of a corporation with the flexibility and tax benefits of a
partnership. Owners are called members, and they are not personally liable
for the company's debts.
These are some common types of businesses, each with its own advantages and
considerations depending on the nature and goals of the business.
Intro-
Management
Management is the process of planning, organizing, directing, and controlling
resources within a business to achieve specific goals efficiently and effectively. It
involves overseeing people, finances, and operations to ensure the smooth
running of the organization.
2
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