ASSIGNMENT 9: DEFINITIONS

Name: Cinthia Segura Pérez

NUA: 117494

Administration

Provide a definition of administration.

The administration is to bring control and monitor an activity or an organization, as a company.

Concepts of Administration

Basically, the administration is in charge of analyzing and correcting the operation of a company, organization, activity, etc.

Universal functions in Administration

• ·       Planning

How the work will be carried out.

• ·       Organizing

Roles and responsibilities to be performed by each person or group of people.

• ·       Commanding

A person who will monitor and control those activities are being carried out correctly.

• ·       Coordination

Make sure everyone is doing activities correctly.

• ·       Control

Review how the organization is working to correct errors.

 

Business

Define Business

Business is a governmental or private organization that provides goods or services. It can develop industrial, professional or commercial activities.

Concepts of Business. (Define them in detail)

Business concept is an idea or new idea of a business initiative, which must be creative in order to position itself in the market and stand out from its competitors.

Some business concepts are:

• ·       Infrastructure concept

Focuses on the infrastructure/construction of a business, so that it analyzes the needs to implement them in its plans.

• ·       Business-to-business concept

Provides goods or services for other companies instead of customers.

• ·       Consumer-goods concept

It is about analyzing the needs and desires of customers to bring a new product to the market.

• ·       Consumer-to-consumer concept

Consumers provide a product or service to other consumers, with for example the Trendier app that sells second-hand clothes, so I can buy and sell there.

• ·       E-commerce concept

It is about selling products or services online, such as Mercado Libre, Amazon, Alibaba, among many others.

Objective of Business.

There are businesses that seek profit and they are called private companies. There are also others that seek to help without money involved, and they are government companies.

Types or classification of business. (Define each in detail)

Most common types of business:

• ·       Sole proprietorships

The business has only 1 owner.

• ·       Partnerships

The business belongs to two or more people.

• ·       Corporation

A corporation also has 2 or more owners, but unlike a parnetship, a corporation is within the stock market, so that it already has shareholders and they expect to obtain profits from their investments in the corporation.

• ·       S corporation

It is a corporate society. The difference between a corporation and a s corporation is that the corporation pays taxes and shareholders as well, instead of a s corporation only personal taxes are paid, since it is a small corporation and that does not have the requirements to enter the market Stock market.

• ·       Limited Liability Company (LLC)

A Limited Liability Company (LLC) is a business in which the debts are limited to the capital of the business, that is, if more debts arise and the money from the business runs out, it will not be possible to pay with the equity of the partners, only with the company's money.

What does “form of business ownership” refer to? Provide definitions.

“Business ownership refers to the control over an enterprise, providing the power to dictate the operations and functions.” That means that my power as the owner of the company allows me to make decisions about it, whether it be the way it operates or how its functions will be, but if I am not the only owner then I will have to consult with others for such decisions.

 

Management

Define management.

Management is responsible for managing subordinates and their work so that activities work according to the business objectives.

Also, one of Management's activities is to analyze the skills of workers to assign them where they better perform.

Functions of management. (Describe them in detail)

There are 5 main functions of management, which are:

• ·       Planning

First, the goals to be followed are set and then the strategies for how they are to be carried out are determined.

• ·       Organizing

The work groups are determined and the activities to be used by each are assigned.

• ·       Leading

It is about persuading and encouraging subordinates to do their job diligently and correctly. This function is performed by a leader, and he must know how to positively influence others, so that he guides them towards joint success.

• ·       Staffing

Hiring of employees to work within the company.

• ·       Controlling

Determine measurement standards to analyze how well the work is being carried out to be able to correct possible errors in time.

Important areas of knowledge for a business manager. Mentions as many as you know or find.

• ·       Creativity and innovation
• ·       Leadership
• ·       Networking
• ·       Delegation
• ·       Time management
• ·       Financial intelligence
• ·       Problem solving
• ·       Effective communication
• ·       Critical thinking

Organization

Provide a definition of organization. Be extensive.

An organization is a group of people who work together, so they seek the same objectives, so that they organize and assign activities and roles to achieve their goals.

An organization is also an orderly structure with rules to maintain internal control and define the relationship and hierarchy of people.

The objective of an organization is to have a product as a result, be it a good or a service and for this they also need resources, which obstinate them in a different way, which may be through the sale of that product or by the government.

 

Bibliography

Hayes, A. (27 de Septiembre de 2021). Business. Obtenido de Investopedia: https://www.investopedia.com/terms/b/business.asp

IRS. (2 de Diciembre de 2021). Business Structures. Obtenido de IRS: https://www.irs.gov/businesses/small-businesses-self-employed/business-structures

Jiwaji University. (SN). Unit 1. Obtenido de Jiwaji University: http://www.jiwaji.edu/pdf/ecourse/engineering/MANAGEMENT,%20ORGANIZATION,%20ADMINISTRATION%20CONCEPT-converted.pdf

Krakof, S. (SN). Top Business Management Skills Companies Look For. Obtenido de Champlain Collage : https://online.champlain.edu/blog/top-business-management-skills

PRV. (22 de Agosto de 2019). Business concept. Obtenido de PRV: https://www.prv.se/en/knowledge-and-support/glossary/business-concept/

Team, I. E. (27 de Mayo de 2021). 8 Types of Business Concepts. Obtenido de Indeed: https://www.indeed.com/career-advice/career-development/business-concept

The University of Arizona Global Campus. (8 de Diciembre de 2021). 5 Principles of Great Management. Obtenido de The University of Arizona Global Campus: https://www.uagc.edu/blog/5-principles-of-great-management

Universidad de las Américas y el Caribe. (10 de Marzo de 2021). 5 funciones principales de un administrador. Obtenido de Universidad de las Américas y el Caribe: https://unac.edu.mx/2021/03/10/5-funciones-principales-de-un-administrador/

Upcounsel. (SN). Define the Term Business Ownership: What You Need to Know. Obtenido de Upcounsel: https://www.upcounsel.com/define-the-term-business-ownership