Entrepreneurship is defined as the process of making money, earning profits and increasing the wealth while posing characteristics such as risk taking, management, leadership and innovation. The term Entrepreneurship is a complicated term and gives various meaning depending on the situation. Nevertheless there are certain characteristics of Entrepreneurs differentiate them and those characteristics are explained below. Entrepreneurship vs leadership- Entrepreneurs need certain level of leadership skills to direct their employees to achieve goals and objectives to make [...]

Strategic management includes strategic planning, implementation and review/control of the strategy of an organization. All most all the modern organizations engage in strategic management to ensure that they achieve the desired level of performance. There are many benefits that an organization can obtain by engaging in strategic management and they can be described as follows : Sets the strategic direction to the firm- Strategic management process clearly defines what is the desired level of performance [...]

Strategy can be defined as a means to achieve desired objectives of a firm. Managers are responsible of making the strategy for the organization and they wish to make good strategies as the outcome of the strategic planning process of the business. Therefore a manager needs to know the characteristics of a good strategy.  Characteristics of a good strategy are summarized below: Novelty- Strategy should be a outcome of innovative and creative thinking. It should include a [...]

There is a management/manager for every business and business activities. Depending on the size of the organization there can be managers at functional level or one manager as the director of the entire entity. Every manager or management perform various functions whether they are employed at functional level, operational or at the strategic level. Function of the management can be summarized as follows: Planning The manager needs to set direction of the organization and plan organization activities for [...]

Human Resource Management (HRM) is set of organizational activities aimed at effectively managing and directing human resources/labour towards achieving organizational goals. Typical functions performed by HRM staff would be recruitment, selection, training and development, performance appraisal, dismissal, managing promotions and so on. Then what is International Human Resource Management (IHRM)? IHRM can be defined as set of activities aimed managing organizational human resources at international level to achieve organizational objectives and achieve competitive advantage over [...]