Faculty entrepreneurship is concerned with transforming intellectual property into a marketable item. Today, most people do run a business to make a living, but due to their incompetence in managing their businesses, many are facing insolvency and unsteady cash flow. So, business owners should be familiar with and aware of the basic administrative approach to management. Most people, however, are unsure of what an administrative approach to management is. We will explain in this report what is actually business theory based on several figures, what is the viewpoint in today's world, some examples we can relate to the business, and some advantages and disadvantages of the business.
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