Introduction to Business management | Resources & Objectives

Hello, welcome to this class on Introduction to Business management.

Table Of Contents

1. Introduction to business management
2. Meaning and objective of business.
3. Identify business resources.

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Meaning Of Business Management

Business can be defined as a some total of all economic activities which people engage into create, procure or provide desired goods and services to the consumers in proper competitions at suitable times and at satisfactory prices in order to make profit. It can also be defined as any activity that people engage in directly or indirectly in order to make profits. It can be own privately or by the government. e.g, okoli transport limited and Safeway pharmacy.

Business Resources Includes

Business resources are the inputs which are required for effective and efficient running of a business concern. The resources must be organized by the manager to achieve the set objectives of an organization. These are human resources, finance resources, materials resources, time and opportunities resources.

Let’s look at the various business resources below and business objectives.

1. Human Resources: This is the most important resources because it plans, controls, organizes and co-ordinates all other resources to achieved maximum efficiency. Human resources refers to the personnel required to run the business to achieve the organization’s objectives. They can be skilled or unskilled labour.
2. Money Resources: Financial resources include the money to float a business and to purchase other resources. Money as a resource is important because it is used to finance all aspect of a business such as purchase of machinery, materials and payment of labour. Finance can be obtained through borrowing, selling shares, debentures and retained profit.
3. Material resources: Material resources include input raw and semi-finish raw materials, equipment, tools, plant and machinery which are needed for production. For a business to operate efficiently, the quality and quantity of the material resources must be taken into consideration.
4. Opportunities/Goodwill: This include facilities within the environment which the business uses. The include water, roads, electricity and telephone services. The name and reputation of a business which is referred to as Goodwill is also good for business operation.

OBJECTIVES OF BUSINESS

Below are the objectives of business in commerce:

1. To drive maximum profits
2. To provide goods and services that will meet the needs of the consumers.
3. To provide job opportunities for the people.
4. To help solve some of the countries social problems, e.g, environmental pollution.
5. To provide quality and cheap goods to the consumers.
6. To protect the interest of workers.

Summary: What to take home from this article on introduction to Business management, Note the meaning of business, write the business resources and objectives of business.

Quick Revision Questions for Students

1. What is business management?
2. Identify four business resources mentioned above.
3. State five business objectives

In our next class on Introduction to Business management, we are going to be studying management and Functions of management. To join the class [Click Here]