Managing a Business

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Entrepreneurship is important because it helps bring new products and ideas to the market. Some of the most important inventions only came to market because entrepreneurs took significant risks.

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  • Why is strategic management important?

    Q: Why is strategic management important?

    A: Strategic management is important because it allows an organization to initiate activities, influence activities and be proactive rather than reactive in its strategy so that it has full control over its own destiny. Strategic management benefits all business ventures, including small business, for-profit, nonprofit and Fortune 500 companies.
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  • What are types of management control?

    Q: What are types of management control?

    A: According to Boundless, the three main types of management control are feed forward, concurrent and feedback controls. A multiple control management system is also possible when the three kinds of controls are combined. The focus of managerial processes determines the kind of control that is implemented within an organization. Each of the management controls aims at ensuring optimal utilization of resources and motivation of employees.
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  • What is a grand strategy matrix?

    Q: What is a grand strategy matrix?

    A: A grand strategy matrix is a tool used by businesses to devise alternative strategies. The matrix is primarily based on four essential elements: rapid market growth, slow market growth, strong competitive position and weak competitive position.
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  • How do you define a good manager?

    Q: How do you define a good manager?

    A: A good manager is someone who inspires employees to perform optimally out of respect, not out of obligation. Good managers typically demonstrate a high degree of empathy and consideration for employees, but they balance these qualities with discipline and communication skills to meet deadlines.
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  • Why is file management important?

    Q: Why is file management important?

    A: Properly managing your files ensures that you can find what you need when you need it. Good practice dictates that it should be organized similar to paper files.
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  • What are some easy businesses to start?

    Q: What are some easy businesses to start?

    A: There are many businesses that can be started with little training or capital outlay. Businesses such as these are often service-oriented. Examples include bicycle repair, cleaning services, computer repair, eBay assistant, personal concierge and graffiti removal.
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  • Why is entrepreneurship important?

    Q: Why is entrepreneurship important?

    A: Entrepreneurship is important because it helps bring new products and ideas to the market. Some of the most important inventions only came to market because entrepreneurs took significant risks.
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  • What is the formula for profit?

    Q: What is the formula for profit?

    A: The formula for profit is total revenue minus total expenses, resulting in net profit, according to Accounting Tools. Company finance officials review net income often to determine the viability of the company.
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  • How are officers installed?

    Q: How are officers installed?

    A: Officers of corporations are appointed by the directors sitting on the board. The directors decide how many officers to install and the role each officer performs for the company. There are no specific requirements for being a corporate officer. Officers can also serve as company shareholders or directors.
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  • Why is quality control necessary?

    Q: Why is quality control necessary?

    A: Quality control is necessary to ensure that all products sold to customers are of the highest possible quality, according to Six Sigma Online from the Aveta Business Institute. During quality inspections, workers check for malfunctions, discolorations, potential hazards and other defects that can compromise the quality of the merchandise.
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  • What is a business level strategy?

    Q: What is a business level strategy?

    A: Business-level strategy is an ideal that promotes providing excellent and proactive customer service in order to generate better financial returns. This method of operation focuses on monetary needs and creating superior returns on investment. Maximizing employee performances and reducing waste create the most profitable corporate landscape.
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  • What is administration?

    Q: What is administration?

    A: According to the Merriam-Webster Dictionary, administration refers to the activities that are related to operating an organization such as a company or a school; the collection of individuals who run an organization; or the part of a government that is identifiable with that government's leader. The medical definition of administration refers to executing something directly or doling out medication. The word was first used in the 14th century.
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  • What is the purpose of management?

    Q: What is the purpose of management?

    A: The purpose of management is to plan, direct, organize and ensure the success of a business at various levels through a number of methods including customer satisfaction and employee training. Management, normally made of a manager and their assistants, is key to running an organization on what could be considered microscopic levels.
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  • What is the difference between staff and line agencies?

    Q: What is the difference between staff and line agencies?

    A: Line agencies, whether in public administration, the military or various businesses, are those departments within an organization which focus on the primary function and work of the organization, whose staff agencies are those departments which provide support to the line agencies. In business, production, sales and marketing are the key line agencies or departments. Staff agencies can include administrative support, human resources and legal departments.
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  • What type of approach does a multigenerational workplace require?

    Q: What type of approach does a multigenerational workplace require?

    A: Cella Consulting asserts that a multi-generational workplace requires a flexible leadership style and always keeping an eye out for emerging conflicts. Today's workplace consists of three generations of workers: the baby boomers, generation X and the millenials. The role of a leader in such a workplace is to create an environment that supports the team members and business goals. A one-size-fits-all approach to leadership in such a workplace cannot work.
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  • What is tactical decision making?

    Q: What is tactical decision making?

    A: Tactical decision making is a business strategy where decisions are made with the end result of ensuring a company is as successful as possible, according to Blue Collar University. This means the company makes decisions that will contribute to the longevity, profitability, and continued improvement of all areas of operation.
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  • What does a managing director do?

    Q: What does a managing director do?

    A: A managing director is in charge of developing new business for the firm, ensuring customer satisfaction, employing and retaining workers and briefing the board of directors on the development of the firm. He wins and maintains new clients and also creates harmonious working conditions for all employees within the firm. A managing director runs the business on behalf of the board of directors.
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  • What are some reasons people go into business?

    Q: What are some reasons people go into business?

    A: A business not only offers a possible income source, but many entrepreneurs like the high risk-to-reward opportunity of going it alone. Freedom is another major motive. People may start a business to avoid the traditional path of getting a job with an employer and a manager.
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  • Why do managers plan?

    Q: Why do managers plan?

    A: Business managers plan for several reasons, including to mark progress and achievements made along the way, to motivate themselves and employees to reach goals and to monitor financial status. Planning is essential for business managers in small companies as well as large corporations. For business managers, plans essentially act as road maps to help guide them and their organizations.
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  • What are disadvantages of management information systems?

    Q: What are disadvantages of management information systems?

    A: According to azcentral.com, some of the disadvantages associated with such systems include privacy, security, employee assessment, user error and downtime. The Houston Chronicle indicates that other disadvantages usually accompany information systems, such as high cost of technology and the hiring of a specialist to manage the system. These disadvantages are extremely prohibitive for small businesses.
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  • How do you write a strategic plan?

    Q: How do you write a strategic plan?

    A: To write a strategic plan, write an organizational overview, and a mission and vision statement. Analyze the company's internal and external situation, and develop business growth goals. Explain performance metrics, and summarize the plan.
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