Introduction to Business

Introduction to
Business
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Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1: The business environment................................................................................................3
Describing the forms of organisations appeared in the public and private sectors................3
Explaining the various structures in the businesses along with suggestions for reasons of
variation..................................................................................................................................4
Identifying a business and describing how the local, national and global economic
environment has an impacts on the business..........................................................................5
Task 2: Business functions...............................................................................................................6
Explaining the relevance of accounting for success of business............................................6
Describing the various functions carried out by the Human Resource department of a
business...................................................................................................................................6
Outlining essential features of workforce legislation. ...........................................................7
Task 3: Accounting workshop.........................................................................................................7
Interpret ion of the information on the profit and loss account..............................................7
Task 4: Teams..................................................................................................................................8
Carrying out an analysis in order to determine own as well as others’ roles in a team. .......8
Describing the various stages of developing a team..............................................................9
Assessing the motivational theories.....................................................................................10
Describing the various forms of leadership style.................................................................11
Task 5: customer service................................................................................................................11
Explaining the impact of customer service on success of business......................................11
Explaining the advantages of customer profiling for an organisation..................................12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13
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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 that makes the plan success (Cosenz,
Rodrigues and Rosati, 2020). The functions include accounting and finance, human resource,
customer relationship, production and several others. Accounting department of any business is
responsible for preparation of profit and loss for the company so to have better decisions and
clear vision of firm’s position in particular year. No business can perform its task without any
team or without motivating employees in order to bring productivity and efficiency in work. It is
a leader who develops team and motivates its employees to the fullest so that objective can be
attained more perfectly and with great level of success. Providing best services to company’s
customers is the top most priority for every business because they are the one who is going to
bring revenues for firm from buying of products or services. The present focuses on above
discussed concepts such as different environment, functions of business, preparation and
interpretation of profit and loss account. It also includes stages for team development,
motivational theories as well as leadership style along with an emphasis on customer services.
TASK 1: The business environment
Describing the forms of organisations appeared in the public and private sectors.
The term business refers to any kind of organisation that deals in manufacturing and selling
of goods or services to market in order to satisfy needs and demand of customers and gains some
revenue out of such sale (Goldthorpe and Avignon, 2021). The various forms of organisations
appeared in public and private sectors within UK country are mentioned below:
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 (Iverson and et. al., 2018).
The various forms of public sector organisations in UK are mentioned below:
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 Departmental Undertakings: This refers to the most traditional type of public sector
organisations in market (Kwilinski and et. al., 2019). It is considered as government’s
department that does not carries separate identity than government. A single department
or ministry from government has a sole control over such organisations.
 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 (Mishra,
2018).
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
(Partzsch, 2020). The different private sector organisations in UK are mentioned below:
 Sole Proprietorship: This refers to a business organisation that is being run and
controlled by a single person or an individual who is responsible for bringing finance to
the business, suffering of losses or enjoying profits.
 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 (Priyadarshini, 2020).
 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.
Explaining the various structures in the businesses along with suggestions for reasons of
variation.
The various structures in the businesses in UK are mentioned below:
 Functional Structure: This structure comprises of grouping up of each department
based upon its purpose such as sales department, finance, marketing, human resource
and several others (Shoreibah and et. al., 2019).
 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.
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