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Corporate & Managerial Approach for future entrepreneurship in India

Author: Subhajit Adhikary
by Subhajit Adhikary
Posted: Jan 16, 2021

Entrepreneurship is the process of creating new business and modifies the existing line of business by incorporating various economic activities with an objective and aim to maximizing the wealth and resources. In India the traditional way of doing business is changing rapidly. Now days most of the entrepreneurs both rural and suburbs are adopting the managerial concept of doing business in India. The corporatization and maintenance of organizational structure is extremely important for the new organization & enterprises. Now when most of the new business enterprises are incorporating their entities through company registration, it’s eminent to follow the modern principals of management to conduct future businesses. Company registration is only the 1st step to start the process of legal institutionalization in the eyes of government.

Modern Principal of management to conduct business activities: As per the size of the organization, (small, medium or large) the principal of doing business should be identified and selected. Incorporation is somewhat very much crucial before adopting any of such principal. The 1st priority for any business entity is the choice of its business & operational location. If the entrepreneur has decided to start his venture in Kolkata, Patna or Guwahati, he should incorporate his enterprises through company registration in Kolkata, For small and medium level organizations, it’s important to minimize cost of doing business while improve its operational efficiency. The organizational efficiency can only be improved for small organizations, if it can reduce its unplanned expenses through proper management system in the organization, it can reach to its breakeven point a little quickly.

II) However for large organizations their only focus should be to improve operational efficiency and functional reputation by incorporating better management techniques & innovation.

III) Corporatization at the place where the business is operating is important to comply with the locality of the business. Place of business is important, because based upon the place and location its incorporation formalities will be procured. In case the company has its operational base and business location in West Bengal, the organization needs to be registered through company registration in Kolkata, for Bihar company registration in Patna and for Assam and all of the North-East states company registration in Guwahati is essential for organizational corporatization.

IV) For the traditional and existing business houses it has become important to absorb and incorporate modern managerial steps like Planning, Organizing, Staffing, Reporting and Budgeting. This will help the organization to create an efficient operational structure.

V) But most importantly after the legal incorporation through company registration, the organization must also adopt the modern principals of management best described by the father of modern management Mr. Henry Fayol, which must include the following:

  • Division of work, most commonly known as work specialization.
  • Clear demarcation for authority & responsibility.
  • Internal policies and regulations for discipline.
  • Unity of command or in modern words collective but vibrant leadership.
  • Unity of Direction, that is to streamline the directional similarities within the organization.
  • Reward & Remuneration mechanism aligned with the performance.
  • Maintain a perfect balance between centralization and decentralization in order to delegate authority and responsibility
  • Initiate the employee engagement through incorporating order, equity, stability and scalar chain.

For any incorporated and registered business entities like Pvt Ltd company registration in Kolkata, LLP company registration in Guwahati or One person company registration in Patna, it’s very important to stay updated with the modern way for operating business. It helpful for the organization to create brand image & reputation, employee retention and easy financial assistance from the bank and financial institutions.

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Author: Subhajit Adhikary

Subhajit Adhikary

Member since: Jan 20, 2020
Published articles: 6

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