Differences between Businessman & Entrepreneur.

MD JAWED AKBAR

Differences between Businessman & Entrepreneur.

Entrepreneur who starts the business from scratch. for example, initiating the plan , materializing and implementing . and also creating brand for his products and services.

In simple words entrepreneur who run the business in a unique form.

Businessman who follow up the market trying to capture the existing customers by doing some additional or value added services in the existing products and services category.

Back in the day, everyone who owned a venture or inherited one was called a businessman, at least in India. Some of the largest business houses started out as traditional family-owned set ups too, that have been run by next generations over the decades.

Some Tips of HRM

MD JAWED AKBAR

Human Resource Management (HRM) is the function within an
organization that focuses on recruitment of, management of, and
providing direction for the people who work in the organization.
HRM can also be performed by line managers.
HRM is the organizational function that deals with issues related to
people such as compensation, hiring, performance management,
organization development, safety, wellness, benefits, employee
motivation, communication, administration, and training.
HRM is also a strategic and comprehensive approach to managing people and the workplace culture and environment. Effective HRM enables
employees to contribute effectively and productively to the overall company direction and the accomplishment of the organization's goals and
objectives.
HRM is moving away from traditional personnel, administration, and transactional roles, which are increasingly outsourced. HRM is now expected to
add value to the strategic utilization of employees and that employee programs impact the business in measurable ways. The new role of HRM
involves strategic direction and HRM metrics and measurements to demonstrate value.

A campirision of thought.

MD JAWED AKBAR

एक बुराई करने वाले इन्सान की तुलना उस मक्खी से है जो पुरे शरीर को छोड़ कर घाव पर बैठती है।

मंजिल मिल ही जाएगी भटकते ही सही , गुमराह तो वो हैं जो घर से निकले ही नहीं।  

What is Management & Nature & characteristics of management.

Management is the science of managing your resource in such a way that you get maximum output with optimum utilization of resources so that you can produce at minimum cost and sell it at highest  price to earn maximum profit..

on the other hand, management means making maximum output with minimum utilization of resource with the help of planning, organizing, staffing, directing and controlling.

THERE ARE FIVE FUNCTION OF MANAGEMENT.

1. PLANNING
2. ORGANIZING
3. STAFFING
4. DIRECTING AND 
5. CONTROLLING..

FUNCTIONS OF MANAGEMENT

The management performs various functions in management of an organization before we proceed to defining the functions of the management, we should first know about what are the objectives which an organization seeks to fulfill

OBJECTIVES OF MANAGEMENT

The management of the organization and its various activities are done to achieve certain predetermined targets following are the examples of such targets.

·                  Efficiency: - The management objective can be to increase efficiency by improving productivity by maximizing output with the same amount of inputs.

·                  Optimization of Resource Utilization: - management may set a target to reduce wastage of time, money, and efforts etc so as to optimize the resource utilization.

·                  Higher level of customer Satisfaction: - The objective can be to know the voice of customer and develop safe, secure and economical products which can generate a higher level of satisfaction.

·                  Better Workforce. Management tries to build a team of efficient workerswho are happy and satisfied with the organization. They are cooperative andcontribute to the goals of the organization.

·                  Wealth Creation for the stakeholders:-  Management may set the objective to create wealth for the stakeholders like shareholder, financers, employees, customers, vendors, suppliers, society & c .

·                  Quality Assurance and enhancement: -   the objectives can be to establish and implement quality management system to improvise various processes and products of the organization to bring better products in the market which can delight the customer.

·                  Corporate Social Responsible: - the objective could be to justify its presence in the market place, society, nation and customer to be a socially responsible entity of the society at large.

Relations with Suppliers. Management attempts to achieve good relations or partnering with the suppliers of raw materials and finance so as to continue in production throughout the year.

Achieving the triple bottom: - Management may have the objective to achieve the economical, social and environmental targets, set by them. Also known as triple bottom approach.

·                  Better Working Conditions. Management seeks to ensure better quality of work life for its employees by implementing various systems like fair wages for the work, security of employment, proper working conditions and better life for the workers. Management raises the standard of life of the workers.

MANAGERIAL FUNCTIONS

Based on the studies and researches of various management scholars we can define the functions of management as follows

Planning

Planning is a fundamental process to ascertain and define the objectives of the organization, the goals that have to be achieved for the fulfillment of the objective, planning involves deciding in advance what to do, when to do, where to do, how to do, who will do. Planning provide the base for the functioning of all the activities in the organization.

Organizing

Organizing is process to plan and arrange organization’s resources like materials, infrastructure and technology, human resource, finance in such a way that organizational objectives can be achieved in the minimum effort. It involves division of work, authority and responsibilities among departments, individual and groups defined in terms of organizational structure. Organizing also define the formal channels of communications and interdependencies among the different parts of organization required for coordination and work accomplishment.

Staffing

Staffing is a process to employ right kind of person at all the designation defined by the organization in right numbers, staffing involves to forecast the human resource requirements for the organization, to recruit, select and place the individuals on the job and also perform the administrative decision like performance appraisal, promotion and transfer etc. Today staffing also include human resource development & training, career planning & C.

Directing

The process of supervising, guiding and eliminating barriers to performance of the subordinates is directing, employees direction is that aspect of management which deals with initiating the work, monitoring the activities to evaluate whether the activities are done according to the plan or not, in case there is a mismatch between the actual and the plan the manager has to find out the causes and rectify it by influencing, guiding, supervising, motivating sub-ordinate for the achievement of organizational goals. Direction has following elements

·     Supervision- implies overseeing the work of subordinates by their superiors. It is the act of watching & directing work & workers.

·     Motivation- means inspiring, stimulating or encouraging the sub-ordinates with zeal to work. Positive, negative, monetary, non-monetary incentives may be used for this purpose.

·     Leadership- may be defined as a process by which manager guides and influences the work of subordinates in desired direction.

·     Communications- is the process of passing information, experience, opinion etc from one person to another. It is a bridge of understanding.

Controlling

Controlling means measurement of accomplishment against the standards and correction of deviation if any to ensure achievement of organizational goals. The purpose of controlling is to ensure that everything occurs in conformities with the plans and standards. An efficient system of control helps to predict deviations before they actually occur. According to Theo Haimann, “Controlling is the process of checking whether or not proper progress is being made towards the objectives and goals and acting if necessary, to correct any deviation”. According to Koontz & O’Donell “Controlling is the measurement & correction of performance activities of subordinates in order to make sure that the enterprise objectives and plans desired to obtain them as being accomplished”. Therefore controlling has following steps:

a.    Establishment of standard performance:- defining a parameter on which the performance of a task will be evaluated.

b.    Measurement of actual performance. To monitor and record the actual performance.

c.    Comparison of actual performance with the standards and finding out deviation if any. Analyzing the gaps to find out corrective actions

d.    Corrective action. To implement counter measures to bring the process towards goal accomplishment.

MANAGERIAL SKILLS

For performing the management functions a manager should have certain skill set with time the skill set required by a manager is evolving, managerial skill means the personal ability put to use by a manager for the accomplishment of organizational goals. The job of a modern manager hasbecome very complex.

We can enlist the various skills required by a manager are

Planning skills: - planning skills is the skill required by the manger to plan things this include ability of future thinking, prediction and forecasting, making decisions with the perspective to analyze various situations and back up plans, ability to implement things and follow them so as to realize the predetermined goals.

Organizing Skills:- includes the ability to specify and divide work among team, ability to use the competencies of the people working under him, maintain the harmony of relationship flow of communication, handling and resolving conflict.

Leadership:- Ability to lead people from front,  to inspire and guide, ability to assess the situation and guide the team. Ability to motivate the members, to achieve their targets. Ability to inculcate decision making habits in the subordinate and solve their problems. 

Decision Making:- this include the ability to identify and formulate different alternatives available, to prioritize which decisions are more important, to be able to make right choices, not to avoid delaying or implementing decisions, to make timely decisions and follow its implementation.

Controlling skills:- ability to implement effective monitoring mechanism on the various processes, to take corrective actions without hurting the moral of the team and encourage planned execution of the  tasks.

Technical skills:- ability to use the tools, procedures, or techniques of a specialized field, technical skills are required to perform the task effectively, the technical skills are more critical for the lower management as they have to directly supervise and guide the work progressing on the floor. The first line supervisor in a manufacturing firm needs greater knowledge about the technical aspects of the job compared to his top boss. In a small manufacturing organization, even the top boss who owns the company needs to have a lot of technical skills. However, in big organizations, technical skills are more important at the lower levels.

Human skills:- the ability to work with people, understand their competencies to utilize them, ability to understand the weaknesses and help them eliminate it, to harmonize interpersonal relationships and motivate them to work in team spirit.

It also includes the ability to understand the personal problems of the employees and guide or counsel them as personal life can also be the reason of failing performance. This also includes the ability to negotiate, resolve conflict and motivate people to realize their potential.

Conceptual skills:- Conceptual skill means the ability to see the organization as a whole and it includes recognizing how the various functions of the organization depend on one another. It also makes the individual aware how changes in one part of the organization affect the others. It extends to visualizing the relationship of the individual business to the industry, the community and the political, social and economic forces of the nation as a whole. Thus, the manager gains insight into improving the overall effectiveness of the organization

Analytical Skills

These refer to abilities to proceed in a logical, step-by-step and systematicmanner, to examine the various aspects of specific issues and to understand complex characteristics of a phenomenon. It is also the ability to break down a problem into its components and to 'clinically' examine its dimensions. Analytical skills are needed for problem solving and decision making, to evaluate performance, and to manage complex situations.

Administrative Skills

These centre around ability to act in a pragmatic manner, get things done byimplementing decisions and plans, to mobilize and organize resources and efforts, to co-ordinate diverse activities and to regulate organizational events in an orderly manner.

NATURE, SCOPE AND CHARACTERISTICS OF MANAGEMENT

·           Management is goal-oriented. Management is goal oriented activity which means the efforts and activities should be directed towards the attainment of pre-determined objectives. These objectives are the ends towards which all the management activities are systematically directed. Without knowing and directing our efforts towards these goals there can’t be any management.

·           Management is social process:- management is a social process as it deals with people, it deals with how to integrate the human effort in achieving targets efficiently through coordination and cooperation. Organizations have to use the resources for the benefit of the society at large.

·           Management is a distinct and universal process. Management is a distinctprocess which means it can be defined in terms of certain steps or stages. We can define the process of management which consists of the functions of planning, organizing, staffing, directing and controlling. The process of management involves decision-making and putting them into action. These functions are performed by the managers at all levels of
organization and in all types of institutions. The management is universal process as its basic principles are universal in character which means can be applied at any level any area and in any situation, can be applied in different organizations and also in our day to day personal or professional life.

·                  Management is a continuous process. The management is a continuous process as long as we keep having targets to be achieved and anon-going process and a never-ending process, because every activity is done to achieve a target once the target is achieved we define new targets hence the process becomes cyclic in nature so becomes continuous.

·                  Management is an integrative process. The management integrates the available resources and directs them in to achievement of the desired outcome. The major objective is to achieve these goals in most efficient and effective manner. Of all resources, the human resources are the most precious and difficult to manage. And a good management is able to make synergies out of human and non human resources by integrating their efforts in the most suitable manner.

·    Management is intangible.  Management is intangible as it is not seen as a thing or a material it is experiential in nature which means we can feel its presence in the form of results such as efficient organizational structures, better and informed decisions, increased productivity, and heightened morale and motivation of employees. So management is intangible and can be felt by employee satisfaction, wealth creation etc.

·             Management is contingent. Management is contingent as there is no best way of doing things and each application or decision is based on the situation.  A manager must take into account the prevailing situation to solve a particular problem.

·             Management is multi-disciplinary. Management techniques, principlesand theories are drawn from other disciplines of knowledge like sociology, psychology, engineering, anthropology, statistics etc. management depends upon wide knowledge and practices derived from various disciplines. Management as a field of study has grown taking the inputs of so many other disciplines.

·             Management is a dynamic function. Management is a dynamic functionof any organization as it keeps on changing to meet the requirements of the organization and at the same time change the organization to the requirement of the business environment. Management sometimes has to work to alter the business environment also. So we can say that management is a dynamic function which makes it more capable to face thechallenges brought about by economic, social, political, technological or international factors.

·      Management is system of authority:- management is distribution and use of authority in designating task allocating resources so as to achieve the targets, according to Drucker” management is a multipurpose organ that manages a business, manages managers and manages workers and work” managers at higher level have more authority than others.

·             Management is both a Science and an Art. Management has an organized body of knowledge "which contains certain universal truths". So it is called a science. Management refers to a distinct class of activities about which knowledge can be obtained and skill in its application acquired. As an art, management implies to the ability and skill of a manager in applying these principles of management and achieving the targets through a team of people and resources available to them.

·             Management is all pervasive. Management function is all pervasive which means we can apply the principles of management in all areas and levels of organization. Management is present in all the activities and department of the organization, and on a broader sense we can say that no function can be done without management.

·             Management is for economic resource management is a factor of production like the money, material, machine, manpower etc, as the success and productivity of any organization depends on the quality of management, this is the reason even when a smaller organization with lesser other resources are performing better than bigger lot as the management is more efficient and effective in the market place.