Introduction to Business

This presentation provides an introduction to the concept of business, including the different types of organizations, business structures, and the importance of accounting. It covers topics such as types of organizations, different business structures, overview of business, importance of accounting, functions of HR department, key features of employment legislation, profit and loss account, team roles, stages of team development, motivation theory, leadership styles, customer services, customer profiling, and conclusion. References are also provided for further reading.

Introduction to Business

TABLE OF CONTENT
• Introduction
• Types of organisation
• Different Structures
• Overview of Business
• Importance of Accounting
• Different functions by HR department
• Key features of employment legislations
• Profit and loss account
• Team roles
• Stages of team development
• Motivation theory
• Leadership Styles
• Customer Services
• Customer profiling
• Conclusion
• References

INTRODUCTION
• The term business denotes conduct of any
activity for the purpose of generating
monetary profits that can be done through
sale of certain goods or services to market. A
business entity operates in different changing
environment that may not be predicted by
managers or leaders by the time. A business
in a real cannot be operated by single hand, it
requires efforts and contribution of different
people as well as functions that6 makes the
plan success

TYPES OF ORGANISATIONS
Public Sector organisations: The term public sector organisations refers to
operation by such business firms in market which is being controlled by
government or its persons and raises funds from market (general people)
through issue of shares or debentures.
• Departmental Undertakings: This refers to the most traditional type of
public sector organisations in market
• Statutory Corporation: Statutory Corporation refers to a body corporate
that is being formed through a development of special act by governing
body or parliament or even by legislature of state or centre.
• Government Companies: This comprises of such business entities in
which government holds more than 51 per cent of the stake in profits as
well as in decision making.

CONTINUE…..
Private Sector organisations: The term private sector organisations refers to such
organisations upon which no government either central or state holds any kind of
stake and is solely operated by an private individual
• Sole Proprietorship: This refers to a business organisation that is being run and
controlled by a single person.
• Partnerships: This involves coming up of two or more persons in order to
conduct a single business and share profits, losses as well as responsibilities
• Joint Stock Company: This refers to those firms in which two or more firms gets
merged or joins their assets and capital in order to fulfil same or common
objective.

DIFFERENT BUSINESS
STRUCTURES
• Functional Structure: This structure comprises of grouping up of each
department based upon its purpose such as sales department,
• Divisional Structure: This involves division of business according to its
geographic area for various types of company’s product or services or
according to market

CONTINUE…
• Matrix Structure: This form of structure involves features of both
functional as well as divisional structure. Such kind is being used by
large business entities.
• The main reason for experiencing variation in different structures is
that it depends upon the size of organisation and employee’s
competency to handle or mange the operations of business.

OVERVIEW OF BUSINESS
• The name business being identified here is TESCO which is a
multinational retail organisation that operates in more than 11
countries with 7005 physical stores across globe. The company has
it’s headquarter in England UK.

CONTINUE….
• Local economic impact: TESCO being a multinational operating
company provides opportunities to candidates in order to work with
them and acquires those candidates from local market of its
operations that boosts up the surroundings.
• National economic impact: TESCO has a positive impact towards
national development and prosperity.
• Global economic impact: TESCO is a global operating company and
serves its products or services in more than 11 countries which helps
global economy in trade and maintaining healthy relations with other
countries

IMPORTANCE OF ACCOUNTING
• It helps business in knowing the true and real position of their firm in a
particular year.
• In order to make any decision or strategy it is very significant to look at
company’s accounting statements that present an adequate idea for
decision making.

DIFFERENT FUNCTIONS
OF HR DEPARTMENT
• Human resource department is responsible for hiring and retaining various
employees to the firm that performs their task and achieves organisational
objective.
• Human resource department performs a function of providing training and
development sessions to company’s workforce so that they can accomplish
their task with more efficiency and effectiveness.

KEY FEATURES OF EMPLOYMENT
LEGISLATION
• Employment legislations are formulated by keeping company’s employees
in mind and their benefit so that no employee can be discriminated or
treated unjustified.
• The employment legislations covers aspects related to minimum wage rate,
working hours, holiday policy and certain procedures related to
disciplinary element.

PROFIT AND LOSS
ACCOUNT

TEAM ROLES
• The very important role of one
and others in a team is to develop
a feeling of team work and
combines their efforts with full
integrity in order to attain
business objective or task.
• It is very essential to co-ordinate
team work so to have full focus
towards objectives of team as
well as proper delegation of
work.

STAGES OF TEAM
DEVELOPMENT
• Forming Stage: This is the first stage in team development process
that assists managers or leaders in formulation of team based upon
activity, skills and competency of each employees
• Storming Stage: The second stage in team development process
includes storming. Under this stage the employees tries to gather
position of a team leader of higher position within a team
• Norming Stage: This is the third stage of team development process
which comprises of resolving conflicts or misunderstanding which is
being developed at second stage in team development process

CONTINUE…..
• Performing Stage: The fourth stage of team
development involves employees focus
towards solving problem or conflicts instead
of finding scope of problems.
• Adjourning Stage: At this last stage TESCO
leader or manager’s breaks team and forms
new different team with new objective and
old team is being adjourned after completion
of such task.

THEORY OF MOTIVATION
• The most commonly motivational theory
being applied in each organisation as well as
in TESCO is Maslow needs hierarchy theory
in which there is a five stage series which
defines needs of an individual in order to
have better livelihood and following which a
company can motivate their employees. The
first stage involves fulfilment of basic needs
such as food, shelter, clothes which are
necessity of life.

DIFFERENT LEADERSHIP STYLES

CUSTOMER SERVICES
• Customers are treated at king pin of
market and the reason of business
success. Customers buys company’s
product or services and recommends
to their peer members which helps
businesses in generating revenues and
high brand image in market

CUSTOMER PROFILINGS
• It helps in targeting proper and relevant
customers for selling of company’s
product and services in market.
• Customer profiling assists business in
increasing or enhancing response rate
form their customers which in turn
increases company’s brand image.

CONCLUSION
• From the above report it can be concluded that business operates in
different forms such as private or public with different economic
environment in market.it is very necessary for every business to have
different business function along with maintenance of proper accounting
records

REFERENCES
• Bigelow, L.S. and Barney, J.B., 2021. What can strategy learn from the
business model approach?. Journal of Management Studies. 58(2). pp.528-
539.
• Greco, F. and Polli, A., 2020. Emotional Text Mining: Customer profiling
in brand management. International Journal of Information
Management. 51. p.101934.
• Kyriakopoulos, G., Ntanos, S. and Asonitou, S., 2020. Investigating the
environmental behavior of business and accounting university
students. International Journal of Sustainability in Higher Education.