Business Administration is a broad field that plays a pivotal role in companies. All types of businesses require skilled administrators in order to be successful. Through business administrators, corporations and independent firms are provided with a chance to control everything from employees to finances. Therefore, business administration is an essential tool that enables businesses to expand their territories to become larger organizations or rather companies. As mentioned earlier, business administration is a wide field. Nevertheless, this article will discuss the human resource aspect of business administration. Xiaowan (2016 p1), stated that human resource is a valuable resource that would help corporations to gain and sustain their competitive advantage. However, this is true if the human capital is unique, hard to replicate, difficult to substitute and importantly adds value to an organization’s production process (Xiaowan, 2016 p1).
The development and progress of any business chiefly depend on human resources. This is because the human resource is involved in nearly all fields of an enterprise. As such, for a business to function efficiently and effectively, there is the intelligence of human resources has to be high. Importantly, the employees need to be loyal, cooperative and committed in order for an organization to realize its coveted goals (Xiaowan, 2016 p3-4). Notably, business is a daily activity in people’s lives. It ranges from working in a business administration oriented office to being a consumer of goods and services. All these activities comprise of business. Nonetheless, the primary focus of this paper will be to evaluate all aspects and advancements in Business Administration, in areas of management, marketing, entrepreneurship, a consumer’s role and more.
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Marketing
In present moments, business environment is undergoing drastic changes (Saleh, 2016, p 12). As such, market research needs to change so that the contents of the findings will capture emerging trends in the market. Of essence, market research ought to be dome on a regular basis in order to capture what is prevailing in the market. The article indicated that the more complex the markets were growing to be, the more the need to understand the underlying trends since they pointed to the future developments of businesses (Saleh, 2016, p 12). Notably, advancement in technology has seen new trends emerging in the market. This has made many researchers focus on the emerging themes in their market research. Some of those themes include e-marketing, pricing, consumer behaviors, social media marketing and promotion among others (Saleh, 2016, p 16-18).
Market research can be conducted in various ways. It may involve reading journals and articles that are marketing based. It can also include actual information gathering from the market. Through such researches, a business can have insight into new marketing ideas that may propel their organizations towards sustainable success. Research in marketing should not be a one-time endeavor. As such, it is important for businesses to embrace the culture of conducting market research. Through such practices, businesses would be acquainting themselves with new trends and knowledge that would hold the future of their businesses (Saleh, 2016, p 12).
Compensation
Most companies have demonstrated strong problem-solving abilities. Some of the problems affecting enterprises include poor customer and employee satisfaction as well as low returns from their production practices (Ahmed, 2016, p1). Nonetheless, businesses have been able to reverse these trends by training their employees. Notably, companies realized that the best way to motivate staff was by initiating training and development programs. Such programs have been instrumental in empowering the employees. On the other hand, the employees would become motivated and will always be creative and innovative in their endeavors. Once the employees are motivated, the clients will be satisfied, and the business would realize more returns.
Nevertheless, Ahmed has indicated that most firms have turned away from the principle of fair compensation (2016, p1). He states that top executives of businesses are compensated unfairly. Ahmed reported that the revenues that corporations gain are because of the collective efforts of all the stakeholders including the employees, managers, suppliers and board of directors among others (2016, p7). However, the author reckons that the benefits that most organizations realize are confined among top executives. This implies that it is the senior officials in an organization who enjoy the benefits that were collectively earned. Therefore, Ahmed (2016, p7) indicated that corporations should have compensation policies that are based on collective needs rather than individual needs.
Management
Leaders play an integral role for organizations. The success of any corporation is dependent on the leadership that a company embraces. According to Alhadid, leadership is the essential factor that determines the success of strategies and creating competitive advantages in a dynamic environment (2016, p57). Leadership is defined as the ability to influence a group. Therefore, leaders need to possess specific characteristics that would make them outstanding. Notably, leadership styles have been categorized into two broad groups’ namely transactional and transformational leadership. However, irrespective of the style, all leadership styles need to focus on team building, empowering, motivation and rewarding among other factors (Alhadid, 2016, p58).
Furthermore, leadership is also considered an essential utility of administration, which could help with achieving the effectiveness and efficiencies of an organizational performance - both financial and nonfinancial (Alhadid, 2016, p57). Organizational performance can be defined in diverse ways. Nonetheless, in this article, the term corporate performance will be used to imply to a tool that evaluates how successful an organization is in its endeavors. The information about the performance of an organization is important for both the external and internal investors. It helps them to reach inferences on whether to invest in an organization or not.
The performance of any organization can be judged by two factors namely financial and non-financial performance. Under financial performance, the investors would seek to know whether a firm is operating profitably or not. On the non-financial side, investors strive to understand how the business relates to its environment. In this category, most investors want to establish whether the company is environmentally friendly among others (Alhadid, 2016, p58). Notably, both financial and environmental success of an organization cannot be realized if the leadership is not effective. Effective leadership in this regards refers to that which empowers the employees to be creative and innovative in their partaking. An empowered employee would always be an asset to an organization since he or she would go his or her way out to ensure that organizational goals are achieved. This, on the other hand, would ensure that the corporate realizes good revenues. Besides, a leadership that involves employees in decision-making process would help them to not only conserve the environment but also come up with sound production methods that are harmless to the environment.
Entrepreneurship
According to Demiral (2016, p43), entrepreneurship is a multidimensional model influenced by a broad array of micro- and macro-level aspects. The macro factors in this regards refer to the consequences following the interaction between education system, cultures, business environment and market structures among others (Demiral, 2016, p43). On the other hand, microeconomic factors revolve around the personal characteristics of leaders, attitudes, innovativeness, skills and capabilities. Ideally, all these qualities explain why an individual may decide to start a new business. From the time in memorial, studies have been trying to investigate the factors that influence entrepreneurship. Demiral, (2016, p45), indicated that education was one factor that influenced entrepreneurial activities. As such, the researcher established that there were factors within the education realm that affected the attitude and perceptions of individuals towards entrepreneurship.
Knowledge in education plays a significant role in business organizations and is especially a hotly debated topic when it comes to entrepreneurship. Demiral, (2016, p45), indicated that entrepreneurial activities commence with perceptions. In the present world, there is increased globalization that has enabled businesses and countries to perform numerous tasks in the complex and ever-changing business environment. This implies that firms need to train their staffs in order to equip them with the necessary skills that would improve their credentials. In so doing, companies would be in good position to match the pace of the rapidly changing market environments.
Nevertheless, the fear of failure is coming up to be an issue when it comes to entrepreneurship. The fear is due to lack of education that is enterprise oriented. Demiral, (2016, p46), stated that education plays a vital role in enhancing an individual’s ability to start and manage a business. He noted that entrepreneurship education is integral since it helps people to have an enterprise mind that will turn them to be innovative and embrace new technology as it emerges. As such, education is seen as a catalyst that can make entrepreneurship to be technology and innovative oriented venture in most developed countries. Apparently, this is the gist why Demiral, (2016, p43) asserted that in the current world, education has remarkably substituted the physical capital and labor in businesses and the economy in general.
In a nutshell, this article has indicated that many factors impact business administration. The first factor was human resources that which can help an organization to gain a comparative advantage over competitors. The second element was compensation. Notably, corporate have poor compensation systems that are unfair to other stakeholders. Such systems might end up affecting the morale of the employees, and the company might end up realizing low revenues. Leadership is also another factor that influences organizational performance. Organizations that have good leaders will be able to reach their coveted objectives unlike those that are led by leaders who demonstrate poor leadership skills. Finally, there is the element of entrepreneurship. Under this component, education has been established as one of the factors that determine whether individuals become entrepreneurs or not. Therefore, for businesses to be successful, all these factors need to be put into consideration.
References
Ahmed, M. R. (2016). Compensating Executives Based on Performance, International Journal of Business Administration, 7(6): 1-9. doi: http://dx.doi.org/10.5430/ijba.v7n6p1.
Alhadid, A. Y. (2016). The Relationship between Leadership Practices and Organizational Performance, International Journal of Business Administration 7(3):1-5 doi: http://dx.doi.org/10.5430/ijba.v7n3p57.
Demiral, O. (2016). Factors Affecting Individual Attitudes and Perceptions towards Entrepreneurship: Does Education Really Matter? International Journal of Business Administration, 7 (4): 43-54. doi: http://dx.doi.org/10.5430/ijba.v7n4p43 .
Saleh, H. (2016). Themes and Topics of Research in Marketing: A Content Analysis of the Articles Published in Three Marketing Journals, International Journal of Business Administration 7(1):1-8. doi: http://dx.doi.org/10.5430/ijba.v7n1p12.
Xiaowan, L. H. (2016). A Framework for Human Resource Configurations in Knowledge-intensive Organization, International Journal of Business Administration , 7(1):1-11. doi: http://dx.doi.org/10.5430/ijba.v7n1p1.
