A complete note on introduction to the foundation of business management by Zenedly (Beyond lectures and textbooks).
1.0 What Is Management?
Think of it as a chess game. You, as the manager, are the player, and the pieces you have are your resources.
So, your desired goal will be to win the game using the resources you have in hand.
Thus, management is “The utilization of resources to achieve desired goals.”
However, what if we get stuck because of limited resources?
The answer to this is also hidden in the chess game. Players can increase their chances of winning by upgrading their “pawn” to a “queen.”
So, only utilizing our resources will not be enough. It also requires the procurement of new resources.
Thus, “Management is the optimal utilization of resources to achieve desired goals, and the resources range from land, labor, capital, and organization to brainstorming, innovation, decision-making, and implementation.”
1.1 Introduction to Business Management
Business management is all about utilizing a company’s resources in the most optimal manner to achieve its desired goals.
Resources can be anything a company owns and can employ, including company members, monetary investments, buildings and machines, furniture and equipment, as well as the collective minds of each individual working in a company.
Business Management Case 1.1.1 — eSewa: What did the company do so well that it gained popularity among Nepalis using digital payment systems?
Of course, better management practices. Moreover, it’s their first-mover advantage.
The company’s management decided to work on an innovative idea of starting a digital payment gateway. So, when there was no online payment system in Nepal, F1 Soft introduced it.
Therefore, business management involves utilizing all resources, whether physical properties, people, or creative thoughts, and for success, managers need to ensure that utilization is optimal.
1.2 The Management Process
The management process is a series of steps used to execute business operations.
The standard management process includes – Planning, Organizing, Leading, and Controlling.
- Planning: Defining organizational goals, objectives, and strategies.
- Organizing: Allocating resources and dividing job roles among members.
- Leading: Supervising workflows and directing employees.
- Controlling: Evaluating work performance and improving regularly.
However, the management process may vary depending on the ideology of different managers and organizational structures.
So, some other steps included are Forecasting before Planning, Staffing after Organizing, Directing or Leading, and Evaluating after Controlling.
The idea behind the management process totally depends on how you want to restructure, as long as you understand the working principles of your industry. The more you divide your business operations, the more steps you will have.
Thus, the management process encompasses the activities between envisioning and achieving desired organizational goals.
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Courtesy/ Zenedly YouTube
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