Business Management Report: Core Principles and Practices

This report comprehensively covers various facets of business management, starting with leadership and management, delving into entrepreneurship, innovation, and creativity, and extending to information management and international business. It further explores human resource management, operations management, technology, and e-business, as well as motivation, performance management, and project management. The report defines key concepts, such as leadership's role in motivating and guiding individuals, and management's function in coordinating activities. It also examines the importance of entrepreneurship, innovation, and the factors driving internationalization. Furthermore, it analyzes the role of information systems, technology, and e-business in modern business operations. The report includes discussions on motivation theories, performance management systems, and the processes involved in project management, making it a valuable resource for understanding the core elements of business management.

Assessment

Table of Contents
1. Leadership and Management..................................................................................................1
2. Entrepreneurship, Innovation and Creativity..........................................................................1
3. Information Management........................................................................................................2
4. International Business ............................................................................................................2
5. An Introduction to Business management..............................................................................3
6. Introduction to operations management..................................................................................3
7. Technology and E-Business....................................................................................................3
8. Motivation...............................................................................................................................3
9. Operations Management.........................................................................................................3
10. Performance Management....................................................................................................3
11. Project Management.............................................................................................................4

1. Leadership and Management
Leadership is defined as an activity in which leaders offer motivation to teams and
individuals with an aim to increase their efforts and commitment. An effective leader bring
innovation while making worthwhile difference. They welcomes new opportunities, undertake
initiatives and effectively inspires individuals. Leaders are entitled with the role of providing
motivation to individuals within company. According to Drucker, leadership is defined as lifting
individuals performance to higher standards and effectively build their personality. Most
important characteristics include awareness, optimism, empathy, honesty and decisiveness.
Leadership enhances overall productivity of employees that automatically increases profitability
of business organisation.
Management on the other hand, include process related to planning, organising, leading
and controlling individuals and resources with an aim to fulfil organisational objectives with
great efficiency. An effective manager coordinate employees efforts to accomplish business
objectives with the application of available resources like technology, finance, human resources
and more. In addition to this, manager manages resources of organisation to assure that each and
every activity are undergoing according to budget and plan.
According to the above mentioned analysis it has been evaluated that, leadership is a
process in which leaders motivate, lead and guide individuals for higher performance. While if it
is talked about management it is related to the process of administering daily basis activities as to
align business objectives with performance of employees. Both of these functions acts as key
essential element for company through which business organisation assure their higher
profitability, productivity as well as long term suitability in marketplace.
2. Entrepreneurship, Innovation and Creativity
Entrepreneurship is defined as a process in which an entrepreneur engages in the process
of creating new services, products and processes with the use of innovation, creativity,
information, physical and information resources. Entrepreneurs develop different and innovative
ways to perform business activities. Main characteristics of entrepreneurs include, they are risk
taking, creative, opportunistic and innovative, risk bearer and optimistic. Further it has been
evaluated that entrepreneurs have significant ability to spot opportunities that encourage them
towards more creativity. Innovation allows entrepreneurs to bring more value-added services and
products for customer with improved quality and at affordable price range.
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Further it has been evaluated that more competitiveness in marketplace can be gained by
innovation that mostly attracts entrepreneurs. They access their own capabilities and set
challenges to attain goals in more advanced manner.
Radical innovation is defined as a process in which existing process and system get
replaced with something totally new. While on the other hand, if it is talked about incremental
innovation it includes a process in which small upgrades and improvement is being done in
existing methods, products, processes and services. Main aim of incremental innovation is to
make improvement in existing efficiency of product's. In addition to this, this has been identified
that there are different type of reason that makes small business organisations fail. In this some
of the certain reason are lack of experience, lack of expertise, ethical failure, bad or no strategy,
poor leadership, growing too fast, insufficient commitment and poor financial control. In order to
control this and manager small business functions it is essential for entrepreneurs to have proper
understanding of core values of business management that include enterprise and innovation,
learning and teaching and employability.
3. Information Management
Nowadays, management of business activities are mainly depends upon power of
computing system. Information system is a formal system which is designed to allocate, process,
store and distribute information that further allows organisation to further use them. In order to
manage information system organisation can take advantage of enterprise resource planning
system ( ERP ). With this company can make significant improvement in their decisions.
However, management issues of ERP is that it is complex and expensive. Information system
benefits organisation by offering then support in having better decisions and effectively allows
organisation to use knowledge.
4. International Business
There are number of organisations those who are operating their business services in
more than a country, this concept is defined as international business. For example McDonald's,
Toyota and IKEA are some of the organisations those who are doing their business in more than
one country. Main aim of doing business on international platform is to make effective growth in
business value. Further it has been evaluated that main factors that are driving
internationalisation includes environmental factors, market factors, economic factors and
competitive factors. Companies adopts this business models to make effective expansion in their
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sales, acquiring more resources and serve global customers for higher profitability. In addition to
this, it has been identified that entities can take advantage of different mode of
internationalisation such as strategic alliances, franchising, licensing and exporting and
importing.
5. An Introduction to Human resource management
Human resource management is defined as a process in which individuals activities
within organisation get managed according to vision and mission of company. In this,
management of company engages in the process of directing and maintaining workforce in
effective manner by providing them proper training and rewards. In this HR manager in
organisation conduct operations related to forecasting, job analysis and recruitment and
selection. In addition to this it has been evaluated that, it is essential for HR manager to offer
effective rewards to employees in order to manage their performance. Along with this entity is
also required to provide high quality work, proper training, good job design and flexible working
conditions.
6. Introduction to operations management
Operations management is termed as a process in which administration of business
practices is being done with an aim to create highest level of business operations efficiency.
Operations management is mainly defined as a procedure in which raw material and labour get
converted into finished products and services. In this with the application of 4 Vs management of
operations can be done by entity in effective way.
7. Technology and E-Business
Nowadays, technology is playing key essential role in business that change market
completely. In relation to E-business it is defined as a process in which business operations are
being undertaken via internet. There are different type of E-Business modes such as Business to
Customers-B2C, Business to Business B2B and Customer to Customer C2C.
Further it has been evaluated that with the significant increase in the number of non-
business institutions like non-profit organisations, academic institutions and government
agencies there is increase in use of different type of E-business tools through unnecessary
expenses can be reduced. Large number of organisations are taking advantage of technology to
conduct their business via E-platforms. For example Tesco is undertaking advantage of internet-
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based purchasing through which they are allowing suppliers to have access to daily view
electronic point-of-sales from their stores.
8. Motivation
As per according to Frederick Taylor individuals mainly conduct their functions for
money, they could effectively follow strict organisation methods if management reward them
financially. For this, organisation by undertaking advantage of Maslow's Hierarchy of need
model can effectively identify all the needs and requirements if individuals from basic level. In
addition to this, it has been evaluated that according to goal setting theory individuals can be
motivated by making them participating in goal setting. This will allow them to feel important
and recognisable. Further it has been identified that organisation is also required to provide better
working conditions, job security to employees. Along with this entity must also assure that they
develop effective interpersonal relationship as to create healthy working conditions. Organisation
is also required to fulfil all the level of requirements physiological, safety, belonging, esteem and
self actualization of employees. This will allow entity to offer effective motivation to their
workforce.
10. Performance Management
Performance management facilitate business organisations to manage employees
performance with the help of different type of elements like performance reviews, manager,
employees goals and real-time feedbacks. In order to properly manage performance of
employees business organisations undertake activities related to planning, monitoring,
developing and offering rewards and compensation. Performance management applies to all
managerial levels in which with the help of control process activities like setting of performance
standards, measurement of actual performance, comparison of actual performance with standards
and further modifications in standards is done if necessary.
It has been evaluated that in order to effectively manager individuals performance
company take advantage of different types of sources information such as personal observation,
oral reports, written reports and online information systems. Performance standards is being duly
set by senior managers for individuals in company while lower managerial levels managers
further translate set standards into particular performance measures. It has been evaluated that in
order to effectively manager employees performance it is essential for an organisation to
undertake advantage of KPI ( Key performance Indicators ). In addition to this, by taking use of
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balanced scorecard which is an effective performance metrics business organisation can
effectively identify,improve and control different types of functions through which end outcomes
efficiency can be improved. It has been identified that balance scorecard mainly improves four
important aspects of company that are learning and growth, business processes, consumers and
finance. With the help of strong performance management system business organisation can
make significant contribution of high performance in accomplishing goals on entity.
11. Project Management
A project is mainly defined as a temporary endeavour that has been undertake to develop
a unique service or product. In this there are different set of activities that are basically linked in
a logical way to each other. In this each and every activity needs certain resources, along with
this it also have particular cost or time duration. In terms with project management it is termed as
formative application of skills, knowledge, tools and techniques to fulfil project requirements in
effective way. In this, it is essential for an organisation to set clear as well as achievable
objectives with balanced time and cost. Along with this project manger is also required to adopt
plans and specifications according to stakeholders expectations. In addition to this, project
manager must also have proper work break structure and Gantt chart as to effectively accomplish
all the activities of project according to project life cycle.
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REFERENCES
Books and Journals
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careers: Integrating the fields of careers and project management. Project management
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Musso, J.A. and Weare, C., 2020. Performance management goldilocks style: A transaction cost
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