Risk management is a identification process of upcoming threats and danger to an organization. In an organization risk can enter through many ways, it can come from project failure, financial market, an accident in organisation such as flood, earthquake, cyclone, power failure, public health and safety and legal risk etc. Risk can be low to medium, or medium to high. It is difficult to say that an organisation can solve all the upcoming risks to the organisation like earthquake, we can just assume that earthquake can damage the business, but we cannot say how much, but there are some alternatives of upcoming threats like in power failure we can use generator to keep running the business.… Read the rest
Management Articles
Why You Should Be Balancing Your Books Every Single Month
Call it a habit or just refer to it as downright procrastination. A lot of business owners, MBA holders and other business professionals only contact their accountants on two occasions: during tax season and when something goes wrong. It’s easy to guess that your business is swimming in money and that all your accounts are paid if you simply glance at your books and balances on occasion. However, only certified accountants or online bachelors of accounting graduates know what is necessary to reconcile all your business accounts and how to maintain a proper paper trail. You may not need to have a company-wide audit, but you should be aware of how all your business funding is being saved, spent, and generated.… Read the rest
Major Drawbacks of Entrepreneurship
Entrepreneurs are persons who are creative and imaginative in finding ways and add them to their own wealth, power and prestige. Entrepreneurs innovate and introduce new quality of good which consumers are not familiar yet. Besides, they often launch new method of production and new market which have not been tested and existed before yet. Moreover, they also bring new source of supply of raw material or half manufactured goods. Likewise, they create monopoly position which is the carrying out of the new organisation of any industry.
It is important to differentiate between two primary types of entrepreneurs to understand how economic development occurs.… Read the rest
When Your Company Should Seek Help From The Outside
There’s no reason you should do it all. Everyone needs help once in a while. Days are jam packed with meetings and checking off to-do lists. That leaves little time to nurture your business and employees. There’s no shame in working with a person on the outside to help you grow your business.
Do yourself a favor and stop doing it all alone. Work in teams and build partnerships outside your company to stay ahead of the curve. Don’t sell yourself short just because your schedule is busy. Find ways to work around it and still succeed. See times when your company should seek help from the outside.… Read the rest
A Good Leader is a Good Follower
To differentiate leader from follower is difficult; they have several similarities as well as also have some differences. In leadership, one should have to take risk and lead the team; have ability to see opportunity that other cannot see. Both should be able to learn from someone or something. Leaders must be independent and isolated and should not rely on anyone but himself and have to be entrepreneurial and make workplace culture better by working with generous purpose. Good leadership is needed to solve problems and to navigate unexpected circumstances Followers only need to be competent during the battle and must be able to carry out orders by their leader, with their own ability while at other times; they have no need to be that competent.… Read the rest
Guidelines for Being a Good Leader
The leader leads his people towards the goal. He is the person who can get his people to follow him. He is the one who is looked up to, whose judgment is trusted, and who inspires the people working with him and for him. Good leader should be motivating, inspiring and able to manage people. Leader should be charismatic and being visionary and have ability to acting decisively. There is very complex opinion about leadership either can take it as based on personality and physical traits or based on prescribed behaviors. Leadership can define in terms of power relationship between leaders and followers.… Read the rest