1. What is Business Management?

The subject of Business Management is exciting and interesting. It gives us a broad panorama of situations that we can relate to the business environment and of course to our own life and greatly elevates our general culture. That is, if the company has a reason to exist, we too; If I plan, organize, coordinate, direct and control a company, we can also apply it to ourselves.

Now, we have the following question: Can we relate the knowledge that the Business Management gives us with our Work or Company? What do you think? Personally, we can say yes. In a company there are specific situations, for example, how do we improve our income and profit levels? The first answer that comes to mind is a restructuring of some internal procedure. As an example, we have one within public transport, where the man-bus figure was transformed into a business vision through a passenger counting system. It should be noted that this restructuring is complex by itself, the aforementioned is only a part of all the steps to follow. We should also mention that the evolution, towards the business vision, referring to the previous case, continued with the use of a prepaid smart card and then towards other types of electronic payments through the use of applications and the internet; and more progress is likely to follow in the near future.

On the other hand, we can say, in our own words, that Business Management is the Art of exercising decision-making that leads us to fulfill and align the objectives of the company.

For Stoner, the Business Management is: "A process of planning, organizing, directing and controlling the work of the members of the Organization and of using the available resources of the Organization to achieve the established goals."

For Koontz, "It is the process of designing and maintaining an environment in which people, working in groups, efficiently achieve selected goals."

Expanding the subject a little further, Koontz mentions that Business Management is both science and art, which we consider equally.

In our words, Business Management is an Art because it is a mixture of elements such as intuition, experiences, customs, paradigms, ideas and mental filters, among others. It is worth mentioning that all of the above leads us to decision making.

And in the same way, Business Management is a Science, as Koontz says, "because of the organized knowledge that exists of it, it includes clear concepts, theory and other accumulated knowledge that have been developed from hypotheses, experimentation and analysis. The scientist method is applied, that includes the determination of facts through observation ".

August 2021