BUSN20017: Ayurvedic medicines and products - Management Assignment

Internal code: MAS6475

Management Assignment:

Business organizations are started by a group of people or single person to achieve a certain goal. All business have commercial objectives such as profit business and non-profit business in which profit business is done to earn more money whereas in non-profit business the monetary fund is given to employees and if some amount of money is left than that money will go to the organization's development. The effectiveness of business organization often relates to the ability of leaders to get all department and employees to work together toward company objectives. Business typically begins with established structure in communication and workflow. The above points establish the direction of the organizational system. People, process and organisation policies in the right way are used to achieve the goals. This essay will give the description of a hypothetical business start-up of Ayurvedic Medicines and Products and how it will run, develop and factors affecting it. Ayurvedic Medicines and Products will be sole trading and public limited company because it will be easy to establish and monetary gain through business will be the owner (Business Victoria, 2016). This company will start-up as a small-scale industry as it will sell products in Australia. To start up any business knowledge of that particular field should be the must for strong impact on its progress (Clercq & Arenius, 2006). Ayurved in itself is a vast field and to start a business of its medicinal products require a skilled and qualified person (employee) who has studied and mastered in an Ayurvedic field. Under his guidance, various products would be developed and tested and after the successful inspection, the particular product would be placed on the market for commercial use. Further, to run and operate the business cost factor must be kept at center this can be done by equipping business with right tools, simplifying issues, understand the importance of each department and being prepared from financial reporting perspective will maximize the value (Subramaniam, 2014). Moreover, the capital cost of the firm will be taken from the Venture Capitalist who will represent informed capital, try carefully to screen monitor the project (Kanniainen & Keuschnigg, 2004). Hence, to establish this business strong financial background should be there.