Exploring Business Management: Definitions, Structures, and CEO Role

This assignment provides an introduction to key concepts in business management, focusing on definitions of different business structures such as sole proprietorships, partnerships, corporations, and joint ventures. It differentiates between a business owner and an entrepreneur, explores organizational structure options for small businesses, and defines the role of stakeholders. Furthermore, it delves into the detailed role of a CEO in a business, emphasizing their responsibilities for overall organizational success, strategic decision-making, and fostering a productive work environment. The assignment concludes with a list of references used to support the definitions and explanations provided.

Introduction to Business
Management

Contents
Contents...........................................................................................................................................2
MAIN BODY..................................................................................................................................1
REFERENCES................................................................................................................................1

MAIN BODY
Short Questions (20)
i. Define the following terms:
a) Sole Proprietorship – This can be explained as unincorporated business which is
running by only one individual by using their skills and abilities. In other
words, sole proprietorship is a kind of business owned and controlled by an
individual by managing all functions and making decision. This is operating at
small level who has control over business functions. For example, bakery shop,
barber shop, and general store that can be start by single person and running its
effectively (Zuhdi, Daud, Hanif, Nguyen, and Shankar, 2019).
b) Partnership (General) – This means an agreement between two and more than
two people by deciding all regulations of partnership for doing their business is
known as partnership. In this, partners agree to share their profits and losses in
certain ratio that can help to manage a business effectively. When partners are
decided to run their business then a deed is being created, is known as
partnership deed. The partners are liable for business activities equally and
determined ratio. This can help to increase business performance and
productivity. For example, John Lewis, Mark & Spencer
c) Corporation – This could be term as process of groups of organism where
people work collectively for the purpose of attaining common goals and
increasing performance. In other words, it is the ability to balance one’s needs
with some one else’s. The decision is taken by top management with the
concern of all. For example, NHS
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d) Joint Venture – This is different from partnership but working as same. When a
business is created by two and more than two parties by sharing their
ownership, risks, profits and governance is known as joint venture. This is
operating by more than two people who have good knowledge and resources to
beginning their own business and increase organizational productivity.
ii. How a business owner is different from an entrepreneur?
A business owner manages organizational performance by offering products
and services whereas, entrepreneur bring new ideas and concept to attract
people and increase performance that create difference between them.
iii. What are the different organizational structure options available for a small
business?
A small business is operating by less than 5 members and involves structure
option functional, divisional and matrix.
iv. What is a role of stakeholders in a business?
Stakeholders are those who identify goals and contribute fund for the purpose
of increasing business activities and performance in changing environment (Zehir,
and Zehir, 2020).
Q: 2. Discuss in detail the role of CEO in a business.
The CEO is having major role in business as it is responsible for overall
success of organization. This person understands the changing environment and set
goals that could help to provide the competitive benefits. The CEO is responsible
to make business relation decision. This person is having highest position and it
charge of the overall running of the entire company. This can help to develop the
organizational performance by managing changes in existing performance and
influence all employees to work more productively (Sarooghi, Sunny, Hornsby,
and Fernhaber, 2019).
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REFERENCES
Zuhdi, S., Daud, A., Hanif, R., Nguyen, P. T. and Shankar, K., 2019. Role of Social Media
Marketing in the Successful Implementation of Business Management. International
Journal of Recent Technology and Engineering, 8.
Zehir, S. and Zehir, M., 2020. Internet of things in blockchain ecosystem from organizational
and business management perspectives. In Digital business strategies in blockchain
ecosystems (pp. 47-62). Springer, Cham.
Sarooghi, H., Sunny, S., Hornsby, J. and Fernhaber, S., 2019. Design thinking and
entrepreneurship education: Where are we, and what are the possibilities?. Journal of
Small Business Management. 57. pp.78-93.
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