WHAT IS A BUSINESS?
According to Investopedia, “It refers to the organized efforts and activities of individuals to produce, sell goods and services for profit.”
WHY SOME BUSHINESS FAIL?
In a poorly managed business, bad things happen which will lead to failure of not proactively checked! For example, missed deadlines, cost overruns, and poor quality. As result, all will be resulting in dissatisfied business project stakeholders.
This will basically fail the business and will bankrupt which also hurt the organization’s reputation and capability.
In fact, effective management helps to manage different project aspects. Such as cost, scope, and stakeholders, making the project more predictable as it is being executed.
This helps to identify, resolve problems and issues as to notice the risk and respond to it proactively. This will be increasing the chances of proposal success.
Furthermore, with effective management, you can clearly link the project result to the business goals of the organization. Which will enable you to adjust the project plans in a changing business environment.
This way, effective management helps the organization persist in a fast-changing world by staying relevant and viable in the business.
SOME EXAMPLES OF BUSINESS ARE BELOW:
Sales of pet dog.
Soft applications’ company.
Selling of foods/ food bar.
Workshop (Facebook, Whats app, Twitter, Blog etc are digital-workshop for learning and gains).
4 TYPES OF BUSINESSES:
Limited Liability Company
6 THE BENEFITS OF A
- Personal fulfillment.
- Power and
- Money/Profit margin.