MGT211: Introduction to Business
Introduction to Business encompasses the scope and sequence of many business presentation presentations. This book provides detailed explanations on contextual themes such as customer satisfaction, ethics, entrepreneurship, global business, and change management. MGT211 Handouts pdf
MGT211 Handouts pdf
Course Category: Management
Course Overview
This course gives the students a comprehensive, innovative, managerial, and practical introduction to business. This course explains what a business is and how it operates in a free market system. The purpose of this course is to give know-how to the students about the basic rules and regulations to be followed while starting, conducting, or promoting the business. Students would be able to have a deep insight into how to carry out a successful legal business and its related activities.
This course introduces the concepts, principles, and activities used in the analysis, development, implementation, and control of business-related activities. It covers topics such as the nature and scope of business, sole proprietorship, partnership, Joint Stock companies, cooperative societies, business combinations, marketing, advertising, channels of distribution, business finance, management, etc. In this way, this course will introduce students to the dynamics of global economics and how businesses operate within a global economy. Objectives of Course: 1. This course is designed to introduce the key concepts and theories related to business. 2. To familiarize students with the application, concepts, and theories of business. 3. To provide a foundation, through which students understand different components of the business. MGT211 Handouts pdf
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MGT211 HANDOUTS
MGT211: Introduction to Business
Literally, the word “business” means a state of affairs. Generally, the word business encompasses all human activities related to making money. In other words, a business is a business in which different people produce or exchange goods and services for profit or profit. Goods and services that are produced or purchased for personal use are not included in the “business”.
Characteristics
The following are the key features of a good business:
1-Capital
Big money is the backbone of every business. It is the most important and the most important business. In the event of a shortage, loans can be taken from various financial institutions.
2. Creation of Utility
The utility is an economic term that refers to that aspect of a particular asset, which can satisfy any human need. The business creates assistance, which benefits the entire community and the business community.
3. Dealing in Goods and Services
Each business is responsible for the sale, purchase, production, and exchange of goods and services for consideration.
4. Employment
A business is a good source of employment for its owners and other people, for example, employees, agents, carriers, etc.
5. Islamic Process Business is an Islamic way of Earning a Living
The income from the business is known as profit, which is Rizq-e-Halal. The Holy Prophet Muhammad (SAWW) also ran a successful business.
6. Motive
The purpose of a business is to make a profit. Otherwise, it cannot be called a business.
7. Organization
Every business needs an organization in order to be successful. The proper organization contributes to the smooth running of the business and to the achieving of goals.
8. Productions or Purchase of Goods
An entrepreneur trades in the manufacture or purchase of goods. These goods are given to the people. Therefore, more goods are needed to meet human needs.