Business
A business is simply an organization that strives for a profit by providing goods ( products ) and Services desired by its customers.
Key Difference
Goods are tangible items manufactured by businesses such as Clothes, your laptop or phone, etc.
and Services are intangible offerings of businesses that can’t be held, touched, or stored. for example consulting, or labour.
Industry
An Industry refers to an economic activity that relates to the conversion of resources into useful goods
it can be concerned with the production or processing of goods and materials as well as breeding and raising of animals.
The term industry is also used for activities in which mechanical appliances and technical skills are involved.
Industry Vs Business
| Industry | Business |
|---|---|
| An industry refers to a group of companies or organizations that produce similar goods or services. | A business, on the other hand, refers to an individual company or organization engaged in commercial activities. |
| It represents a specific sector of the economy. Industries are characterized by the type of products or services they offer, and the activities involved in their production. | It is an entity that operates within a specific industry and aims to generate profits by offering products or services to customers. |
| Example: Automotive industry, Technology industry | Example: Tesla, Apple |
look at Classification of Industries
managers
Managers are individuals in an organization who direct the activities of others.
They are responsible for planning, organizing, leading, and controlling resources and activities within an organization to achieve specific goals.
Managers play a crucial role in ensuring that their team or department operates efficiently and effectively, aligning with the overall objectives of the organization.
read more → Functions of managers
Levels of Management
- TOP
executive coaching,
change management,
leadership,
delegation &
empowerment etc. - MIDDLE
problem solving,
team building,
talent development,
performance management etc. - LOW
emotional intelligence and coaching for performance etc.
Functions of Managers
Planning
Planning involves selecting missions and objectives as well as the actions to achieve them; it requires decision-making, which in turn is choosing future courses of actions among alternatives.
Organizing
Organizing involves establishing an intentional stucture of roles for people to fall into in an organization
It is “intentional” in the sense of making sure that all the tasks needed to be accomplished are not only assigned but that they are assigned to people who can do them best.
Staffing
Staffing involves filling and keeping filled the positions in an organised structure.
This is done by first identifying workforce requirements, then inventorying the people available, and by recruiting, selecting, placing, promoting, appraising, compensating and training so that tasks are accomplished effectively and efficiently.
Leading
Leading is influencing people to make them contribute to organizational and group goals. It deals with the interpersonal aspect of managing.
Since leadership implies followership, and people tend to follow those who offer a means of satisfying their own needs, wishes and desires, it is a given that leadership inculcates motivation, and communication.
Controlling
Controlling is measuring and correcting individual and organizational performance to ensure that events are subjected to plans.
It involves measuring performance against goals and plans, showing where deviations from standards exist, and helping to correct deviations from standards.