Navigating Solutions and Darkness

A process whereby the relevant facts are collected and analyzed, the assumptions and premises are made for the future. In light of these assumptions and premises, a plan of action believed necessary to achieve the desired results is visualized and formulated. It involves choosing the proper course of action from among alternatives and calls for decision making. All other functions of management depend on planning. Furthermore, management is a dynamic process and therefore so is planning - the process is continuous in light of overlapping functions and changing environment. Importance: Makes personnel conscious of enterprise objectives Leads to economy in operations   Precedes control  Precious managerial instrument to provide for the future  Influences efficacy of other managerial functions  Types of Plans: Business plans - a formal statement of: largely enforced business goals the reasons why they are believed attainable  the plan for reachi...

Ideally speaking, a business organization ought to have the following characteristics: Ease of formation Adequacy of capital - when raising capital from the public, the conditions involved are  safety of investment, fair return on investment and transferability of holding. Limited liability Direct relationship between ownership, control and management. Continuity and stability  Flexibility of operations Distinct ownership Lawful business Separate legal personality Dealing in goods and services  Forms of business organization: Sole Proprietorship -  single ownership, no sharing of either profit or loss, unlimited liability, minimal formality. HUF - Hindu Undivided Family, unique to India  - All members (co-parceners) own the business jointly, and it is managed by the " karta" , or head of the family. Governed by Hindu inheritance laws. Partnership  - 2-20 members; governed by the  Indian Partnership Act, 1932 .  Unlimited liabi...

Crossposted from Ditzy Derivatives here . Business:  An organized activity to achieve certain predetermined goals. Predetermined  goals of business  can include:   Making profit Important position in society Supply of goods and services Creation of job opportunities Offering better quality of life Contributing to the economic growth of society Change is an important part of business, and the  success of every business depends on adaptation . Specific and general forces  affect enterprises - the former (investors, customers, competitors) affect the day to day functioning of enterprises, whereas the latter (sociopolitical conditions, laws) are common to all enterprises and are probably indirect in nature. First mover advantage:  early recognition of opportunities  Threat identification:  corrective and improvement measures to survive competition. Adaptability : coping with rapid changes caused by the dynamic natur...