A business is an economic system where trading of goods and catering services to the purchasers. Each
Business need some finance and adequate buyers to whom its production can be sold out on constant basis in order to gain some profit. Businesses are classified in three different categories on the basis of its ownership: privately owned, not-for-profit and state owned.
Management: Organization and categorization of the actions of the business in order to acquire the determined goals. Management consists of planning, organizing, staffing, leading and controlling or attempts with the intention of achieving the desired set goals.
Management functions through different concerns, usually classified as: Planning, Organizing, Staffing, Leading/Directing, Controlling/monitoring, Motivation