Question

• Summarize why the five basic functions are necessary for a successful business.
• Identify one function and discuss how it relates to your current position and/or a personal experience.

Answer 1

Five basic functions for a successful business is :-

1. Planning

2. Organising

3. Commanding

4. Co ordinating

5. Controlling

The basic function I choose is planning

Planning is the most important activity of any organisation.

Planning is the basic function from where and establishment of organisation will starts

In planning phase we plan for basic business activity, sources of finance, place of business and all other activities.

After that planning in basic operations of the organisation plays a crucial role in the operation of business.

Planning in production of goods for rendering of services at a particular point of time in the way in which how we promote our product or services into the market.

Planning phase involves making all estimations and budgets.

the practical work of an organisation or practical operations of an organisation will start only if all the planning phase completed successfully. Without proper planning no organisation will successfully start with expected cost of production.

by all the above discussion we can say that planning is the first step of starting any business.

These are all the information required to solve the given question.

I hope, all the above mentioned information and explanations are useful and helpful to you.

Thank you.