Organization (Enterprise):
Organization of Enterprises
means to plan a business, to start it and run it. It means to bring the factors
i.e. land, labour and capital together to undertake a business or production
process.
Organization implies not
only running the business but also shouldering the loss, if any. The man who
undertakes all this work is called as organizer or Entrepreneur.
Importance of Organization
(Enterprise):
Now a day, organization is very important as
Production process has become too much complicated one. A small happening in
the country or abroad influences the business. The organization if done
properly the production process will not hamper. Hence proper planning and
execution of business is necessary. In view of this the job of organizer
becomes very important. Therefore whole time devotion of organizer is required
for successful business. The other factors land is possessed by land owner,
capital is possessed by capitalist and labourer is only ready to offer. They
lay scattered hence these three needs to be combined and It is the job of
organizer. Thus, organization would absent perhaps there would not be any
production.
Functions of organizer
(Entrepreneur):
The following are the function of organizer.
1) Initiation:
Taking the review of situation and
availability of resources organizer initiates a business or production. Here
planning of business is undertaken.
2) Organization:
Organizer now combines the land, labour and
capital resources and starts the business or production.
3) Direction and supervision:
During the course of production proper
direction and timely supervision is required. Thus, organize executes the
business in a proper way.
4) Control:
Organizer is keeping watch on changing
situation. Because of changes in situation in respect of marketing, Govt.
decision, etc. will hamper the business. Therefore control is also important.
5) Risk taking:
Risk means uncertainty. It may be physical or
market risk. The business can not be always in profit. Sometimes losses are required
to accept. Risk taking is therefore becomes an important function of an
organizer.
6) Innovation:
A successful organizer is always innovative.
He can introduce new method or commodity in the production process or in
business.
Types of Business Organization:
1) Individual Enterprise: Business owned and run by
single person.
2) Partnership: Business is owned and run by more than
one but few persons. The number are too less and it is possible to know each
other and combined action can be taken easily.
3) Joint-stock companies:
The owner members are large size and numerous. They do not know each
other and hence the management of the business is done by few people i.e. Board
of Directors e.g. Reliance company. It is always profit motive.
4) Co-operative Enterprise: The business is run on
co-operative principles. Members may be numerous but Board of Director is
elected body which runs the business e.g. co-operative sugar factory.
5) Public Enterprise: The business is owned by Govt.
Therefore Govt. decisions determine the success of business. Largely they are
run, keeping in view the service motive e.g. Railway, HP and Bharat Gas etc.
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