Conventionally, this class of management was seen as being made up of several distinct categories: Operations Management, Financial Management, Information Technology, Human Resources, Strategic Management and finally the various Marketing strategies. Nowadays there has been a move towards classifying these functions more in terms of 'task oriented' processes.A newly formed business faces the most challenges. Or it may also be stated that the business faces equal challenges that its rivals face, but since it is a new setup, most of the money is already gone in setting up the business and it also lacks manpower. Due to this, the business owner gets pressurized and starts making hasty decisions which results in loss, or very slow growth that which cannot be termed as profit. Ateeya Manzoor says that the main issue troubling the business owner at this stage is his lack of experience and lack of brawny brains. This issue often leads a business to go downhill and the pressure mounts on the owner.
There are no restrictions to what business a person can do. But there are some limitations to it because one man cannot be good at everything. A person may be a good business owner of a bakery but he can fail in the textile industry. This is due to lack of education, experience of the industry and industry knowledge. Having all three in one places can take the business to the greatest heights within a very short time but unfortunately, we rarely see that case. A person can have one or two of these requirements, but since experience comes when you have invested a lot of time in the industry, a young entrepreneur always lacks it.
According to Ateeya Manzoor a professional management strategist, Organizational Management is the process that accomplishes the long-term goals of a company. In contrast, Business Administration deals with the procedures that are required for the actual practice of Management which include the planning process, marketing, sales etc. So we can say that Business Management deals with the overall processes of an organization, whereas the Administration side deals with the actual functioning of these methods that are required to fulfil the strategic goals of the organization.
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