Business
Business is the activity of making one's living or making money by producing or buying and selling goods or services. Simply put, it is "any activity or enterprise entered into for profit. It does not mean it is a company, a corporation, partnership, or have any such formal organization, but it can range from a street peddler to General Motors." The term is also often used colloquially (but not by lawyers or public officials) to refer to a company, but this article will not deal with that sense of the word.
Business Administration
Business administration is management of a business. It includes all aspects of overseeing and supervising business operations and related field which include Accounting, Finance and Marketing.
Governance
Governance is all of the processes of governing, whether undertaken by a government, a market or a network, over a social system (family, tribe, formal or informal organization, a territory or across territories) and whether through the laws, norms, power or language of an organized society. It relates to "the processes of interaction and decision-making among the actors involved in a collective problem that lead to the creation, reinforcement, or reproduction of social norms and institutions." In lay terms, it could be described as the political processes that exist in between formal institutions.
Management
Management (or managing) is the administration of an organization, whether it is a business, a not-for-profit organization, or government body. Management includes the activities of setting the strategy of an organization and coordinating the efforts of its employees (or of volunteers) to accomplish its objectives through the application of available resources, such as financial, natural, technological, and human resources. The term "management" may also refer to those people who manage an organization.
Risk Management
Risk management is the identification, evaluation, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities. Risk management’s objective is to assure uncertainty does not deflect the endeavor from the business goals.
Business
Despatch is the soul of business.
Philip Dormer Stanhope, 4th Earl of Chesterfield (1694-1773). Letter, 5 February 1750.
Business
O brave youth, how good for thee it were couldst thou be made to understand how infinitely precious are thy school years—years when thou hast leisure to grow, when new worlds break in upon thee, and thou fashionest thy being in the light of the ideals of truth and goodness and beauty! If now thou dost not fit thyself to become free and whole, thou shalt, when the doors of this fair mother-house of the mind, close behind thee, be driven into ways that lead to bondage, be compelled to do that which cripples and dwarfs; for the work whereby men gain a livelihood involves mental and moral mutilation, unless it be done in the spirit of religion and culture. Ah! well for thee, canst thou learn while yet there is time that it will profit thee nothing to become the possessor of millions, if the price thou payest is thy manhood.
John Lancaster Spalding, Aphorisms and Reflections (1901), pp. 58-59.
Business Administration
The administrative function... insures the continuance of the existing order with a minimum of effort and risk. Its fundamental aim is to "carry on" rather than to venture along new and untried paths. Administrators are, therefore, the stabilizers of society and the guardians of tradition. They are stabilizers in both a positive and a negative sense, for not only do they make possible the continuance of the ideas which they convert into institutions: they also frustrate many innovations to which they deny their support. With the weight of their authority they confront every attempt to initiate a new development, and test it with a view to its effect on established interests. They resist change and stow down the rate of experimentation so that the main body of society can keep pace with it. The ponderous social machinery which is so irritating to the impulsive initiator is thus a safeguard against sudden changes which paralyze the Jess adaptable members of society and which would result in chaos if subjected to no check.
Paul Pigors (1935), Leadership or Domination, Houghton Mifflin Company. p. 264-8; As cited in Albert Lepawsky (1949), Administration, p. 9-10
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