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Introduction to Business Administration Lesson 1
1. Administration
Administration can be defined as the process of organizing resources efficiently to
accomplish a goal.
1.1 Concept of Administration
Provides the foundation for management in many different industries.
A business manager may have a wide variety of responsibilities depending on the
organization they are employed with.
Universal functions include:
• Planning
• Organizing
• Staffing
• Directing,
• Controlling
• Budgeting
1.2 Common Business Terms
Business – Activity that seeks to provide goods and services to others while
operating at a profit.
Nonprofit organization – An organization whose goals do not include making a
personal profit for its owners and organizers.
Sole proprietorship – Business owned and managed by one person. (Taxed Once)
Limited Liability – Partners are not responsible for debts of the business.
e-commerce – Buying and selling of goods over the Internet.
Need – Necessary wants (things you need in order to survive.)
