Min Eduok
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Business Management Necessity
Does every business needs management in other to survive?No, not every business needs management in order to survive. Some businesses, such as sole proprietorships or partnerships, may be run effectively without a formal management structure. However, as a business grows and becomes more complex, management structures and processes can become essential for maintaining efficiency and profitability.
Explaing further,
A business can be run by one person or a small group of people without any formal management structure, especially if it is a small or simple operation. This type of business is called a sole proprietorship or partnership. In this case, the owner(s) handle all aspects of the business, including decision-making and problem-solving. This can work well for businesses that have a small number of employees and simple operations.
However, as a business grows and becomes more complex, management structures and processes can become essential for maintaining efficiency and profitability. This is particularly true for larger businesses with multiple departments or locations, a large number of employees, or a high volume of customers. In this case, management is necessary to coordinate the efforts of employees, ensure that business objectives are met, and make sure that the business runs smoothly and efficiently.
Additionally, management helps to create a clear chain of command, which can help to ensure that everyone knows their role and responsibilities, and that decisions are made in an efficient and effective manner. This can also help to avoid confusion and misunderstandings, and make it easier to identify and resolve problems when they arise.
In summary, management is not always necessary for a business to survive, but as a business grows, it can become an essential element for maintaining efficiency and profitability.
