Explain Nature of business and management and explain research process?

Nature of business:
An Economic Activity. It is an economic activity as it is undertaken with the aim of earning money and
livelihood and not for psychological satisfaction.

Profit Earning. The main purpose of business is earning profit. If the profit motive is missing in a
transaction, then it cannot be considered as business transaction

Uncertainty of risk. An important feature of business is the presence of risk factor in the transaction.
There is always a possibility of losses.

Nature of Management
Management is to plan, organize, direct and control the resources of the organization for obtaining
common objectives or goals. It is related with resources like material, money, machinery, methods,
manufacturing and marketing. Management principles are universal in nature.

Research process
It is the systematic manner in which a researcher approaches their area of study to produce knowledge
which the community will consider to be worthwhile within the field.

There are four principles stages in the research process that we will cover here:

1. Inquiry
2. Collection
3. Organization
4. Presentation

Series of various actions, which are necessary to effective research work. Research process consists of a
number of closely related activities. Various steps involved in a research process are not mutually
exclusive; nor are they separate & distinct.