The triumph of the free enterprise economic system over its adversaries, the socialist/communist command systems has created new challenges and new opportunities.
Capitalism, by its very nature, encourages individual freedom initiative and responsibility. Free enterprise is founded on the conviction that individuals and not the state, should make all the major production decisions, with the government merely acting as umpire in creating appropriate environment. Thus, the producers, acting within the ambit of the law should determine what to sell. To anyone reared under the command economic system, such liberties are potentially intoxicating.
But the opportunities also entail considerable challenges to individuals and organisations. To compete effectively under the free enterprise system, organisations must be able to take masterly advantage of all available human and material resources. Under capitalism, the slogan is “survival of the fittest”. Organisations which are inadequately manned or financed must Wither away. The wide latitude individuals have also implies that they have to choose wisely, or else.
That is why students at all levels need be exposed to the intricacies and techniques of business operations at as early a stage as possible. To business management students especially an adequate knowledge of the concept of business; they types of business organizations; basic organizational structures and the relationship between business and society provide and excellent intellectual entrant into the world of professional business management.
To be continued......
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