Working from home is an option for people who cannot work regular eight hour working shifts, cannot tolerate the lack of creative control over their own work, and find working from home a whole lost easier and convenient. Most of the times people who are very passionate about a particular thing or have a hobby that is close to their heart. Turning your hobby into your profession can be the simplest route to staring your very own home business. However you cannot just turn any hobby into a profession, you need to make sure how to turn that hobby into a viable business idea and tap a particular market segment with it.
Before finalizing your home business idea ensure you have studied
and analyzed the idea carefully. It is advisable to carry out a SWOT
analysis, which emphasizes on analyzing the home business idea under
four categories namely, strength, weakness, opportunities and threats.
It is better to evaluate your self, using this analysis technique so
that you get a chance to optimally utilize your strength, overcome the
weakness, utilize the opportunities and eliminate the threats for your
home business idea.
Make sure you have studied the market for your business and have a
well-planned business strategy to make your home business idea
successful. Make sure you have studied the economics of the business and
have sufficient funds to get you started. Do not take hasty decisions
and rush into any business without proper planning. It is also advised
to start your business on a relatively smaller scale and keep on
expanding as you succeed; this reduces the risks of sudden and huge loss
in a home business which can occur if you make a hefty initial
investment.
Management is defined as the skill of coordinating all the
organizational resources, be it human, financial or material, in order
to achieve organizational goals. A degree in business administration
equips a person to perform this management function in the best possible
way. So, for all those who are contemplating a career in business
management and administration
You will learn about basic theories and principles of management
as well. If you get into a good business school, there will be guest
lectures by some high profile professionals from the corporate world,
which in itself is a great learning experience. Solving case studies,
giving presentations, participating in group assignments, working
part-time in a company or doing internships, are some other things you
can look forward to doing at a business school. Once you pass out of the
school, you will have a complete knowledge of management process in
business administration. You may read further on benefits of an MBA
degree. A management school will also equip you in all the required
management skills,
The role of a manager in business administration, depends on the
kind of organization he is in. Initially, his job may be limited to his
chosen field of specialization, i.e. he might be a manager in the
marketing department or in the finance department. However, as he moves
from junior management to mid career level, he will be heading one of
the departments in a company and performing functions of planning,
organizing, staffing, directing and controlling, in his department.
Planning
Planning involves setting both short-term as well as long term goals and
arranging them in a logical sequence as to which one needs to be
achieved first and so on. A manager needs to plan for what to do, how to
do, when to do and by whom it should be done.
Organizing
This function mainly involves setting up a structure in the department
or the organization. Setting responsibilities for each and every person
or department, how they will correspond and work together, who will
supervise whom, all fall under this management function.
Staffing
A manager needs to hire right people for any given job. So, he invites
applications, interviews people and then hires them to work in the
organization.
Directing
A manager motivates and leads his team so that they give their best to
meet the organizational goals. A manager has to find the right balance
between being sensitive to his staff needs, as well as getting the job
done in time
Businesses and firms are never replete without business deals and
transactions. In fact this is what makes business such an interesting
and dynamic entity. Most of these deals, as we all know are not
accomplished without meetings, it could be a very primary meeting or a
very high profile meeting involving business tycoons in a merger.
Whatever the meeting be, the key is to be impeccably prepared for the
meeting. Even though meetings are a routine for innumerable
professionals, sometimes a lack of application of effective meetings
tips can ruin your stand in one.
