Managing a Business

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There are several advantages and disadvantages that come with joint venture partnerships, according to NI Business Info. One of the advantages of this type of partnership is the immediate access to new markets that can accelerate business growth, while one of the disadvantages might be an inability of both partners to see eye-to-eye on goals and objectives.

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  • What does management do?

    Q: What does management do?

    A: Managers typically function as the top supervisors in a specific department of an organization and carry out a variety of duties. Management directs and delegates tasks to employees, plans and organizes the scope of work for the department they oversee, and monitors the progress of assignments and projects. Managers also work as intermediaries between their reporting staff and the company's executive-level leadership.
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  • How would a person start a pharmaceutical company?

    Q: How would a person start a pharmaceutical company?

    A: To start a pharmaceutical company, a person needs to have the intellectual property rights to a new medication or treatment with market potential. The functionality of the medication is scrutinized, then market consultants are hired to assess sales viability. Market outcomes are then projected to aid in putting together an attractive business plan for investors.
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  • What is the meaning of "organizational strategy?"

    Q: What is the meaning of "organizational strategy?"

    A: Organizational strategy refers to the actions and benchmarks a company puts in place to ensure that long-term goals are achieved. These plans list the necessary steps in a sequence that must be completed in order to make an idea into a reality. This process requires extreme oversight into every aspect of corporate operations and a grasp of the company's main audiences.
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  • What is a baseline in project management?

    Q: What is a baseline in project management?

    A: The baseline in project management refers to the initial cost, scope and schedule of the project. The baseline functions as a measure so the project will not deviate. Establishing a baseline happens before the project starts; otherwise, project managers will not have a system of measure.
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  • How do you write a staffing plan?

    Q: How do you write a staffing plan?

    A: A comprehensive staffing plan is essential for the successful running of a business, as finding the right staff levels in an organization is accompanied by the risks of over staffing and under staffing. In cases where an organization is under staffed, the employees feel stressed and overworked and productivity suffers, and the best producers may leave. When an organization is over staffed, many workers are idle and there is wastage.
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  • What are the advantages and disadvantages of a joint venture?

    Q: What are the advantages and disadvantages of a joint venture?

    A: There are several advantages and disadvantages that come with joint venture partnerships, according to NI Business Info. One of the advantages of this type of partnership is the immediate access to new markets that can accelerate business growth, while one of the disadvantages might be an inability of both partners to see eye-to-eye on goals and objectives.
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  • What do I name my business?

    Q: What do I name my business?

    A: The name of a business is dependent on the type of business being created. Ideally the business' name reflects the type of business done and sounds good when it is said aloud.
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  • What is the definition of "customer expectation"?

    Q: What is the definition of "customer expectation"?

    A: "Customer expectation" refers to the total perceived benefits a customer expects from a company's product or service. If the actual experience customers have with a product exceeds the expectation, they are typically satisfied. If the actual performance falls below the expectation, they are typically disappointed.
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  • What is the difference between recall and recognition?

    Q: What is the difference between recall and recognition?

    A: Recall is a verb, meaning to bring back from memory, while recognition is a noun. It is defined as the act of recognizing or the identification of something as having been previously seen, heard and known.
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  • What is a payroll system?

    Q: What is a payroll system?

    A: How Stuff Works explains that a payroll system is a financial system that a company establishes to calculate employee wages, keep track of working hours, withhold taxes and other deductions, and pay taxes to federal, state and local governments. The process begins with the first employee hired.
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  • What is the best way to justify hiring additional staff?

    Q: What is the best way to justify hiring additional staff?

    A: The best way to justify hiring additional staff is to point out how important employees are for growth and customer service. Companies depend on employees to create, handle and sell products and service, and new employees are necessary for a company to meet its growth goals.
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  • What is recurrent expenditure?

    Q: What is recurrent expenditure?

    A: Recurrent expenditure refers to payments made by governments or organizations for all purposes except capital costs. Recurrent expenditure includes payments made on goods and services as well as interest and subsidies.
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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 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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  • What is the importance of business research?

    Q: What is the importance of business research?

    A: Business research helps business managers find new markets and make the most of their resources. They are important for start-ups and investors. Established businesses often use it to find new areas for growth.
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  • What is an example of horizontal integration?

    Q: What is an example of horizontal integration?

    A: An example of horizontal integration is the purchase of Kmart by Sears. Horizontal integration occurs when two companies at the same level in the supply chain merge.
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  • How do you write a business plan format?

    Q: How do you write a business plan format?

    A: Writing a business plan format involves describing your company, analyzing the market you hope to serve, and describing your company structure. Include the products you plan to sell and financial projections for up to two years.
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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 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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  • What is the difference between line and staff authority?

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

    A: Line managers direct the work of subordinates and make important decisions, while staff managers advise those with line authority. Moreover, line managers are directly accountable for sales and production target achievement, whereas staff managers extend support to help them achieve their goals.
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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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