Understanding Micro-Entrepreneurship: Definition, Qualities, and Importance
Understanding Micro-Entrepreneurship
A micro-entrepreneur is an individual who starts a business by identifying unmet needs or modifying a product or service.
Identifying Micro-Entrepreneurs
Micro-entrepreneurs are easily identified by their willingness to work long hours daily in their own business, rather than working fewer hours for someone else.
The Importance of Management
It’s crucial to develop effective management strategies. Micro-entrepreneurs are individuals capable of starting a business
Read MoreFinancial vs. Management Accounting: Key Differences & Objectives
Financial vs. Management Accounting
Companies prepare two main types of accounting information: financial accounting and management accounting.
Basic Types of Accounting Information
- Financial Accounting (External): Prepared primarily for external users. Also known as General Accounting.
This information pertains to the company’s operations with other entities and is documented according to commercial and accounting laws (Commercial Code, Corporation Law, General Accounting Plan, etc.).
Financial accounting
Read MoreTax Planning, Deductions, and Compliance Explained
Gross Total Income (GTI)
Gross Total Income (GTI) is the total income earned before deductions. It includes income from all sources without any deductions. GTI is the starting point for calculating taxable income.
GTI = Salary Income + House Property Income + Business/Profession Income + Capital Gains + Other Sources Income + Clubbed Income – Set off of Losses.
Canons of Taxation
- Canon of Equity: Tax burden should be distributed based on the ability to pay.
- Canon of Certainty: Taxpayers should be certain
Value Stream Mapping and Production Layouts
Value Stream Mapping (VSM)
Value Stream Mapping (VSM) is a flowcharting tool used to develop lean processes. This technique visualizes product flows through various processing steps. It also illustrates information flows resulting from the process, as well as information used to control flow. The aim is to provide a brief introduction to VSM and illustrate its use with an example.
To create a lean process, one needs a full understanding of the business, including production processes, material flows,
Read MoreUnderstanding ISO 9000 Quality Management Systems
UNE EN ISO 9000
With the publication in 1987 of the ISO 9000 series of international standards, unification was initiated in the field of management and quality assurance, covering three types of situations:
- Unification of concepts: UNE-EN ISO 8402
- Unification of business activities: Regulated activities
Objectives: Quality improvement so that the organization can meet the specifications of products and services determined by both the quality system and the customer. Improving the image for the performance
Read MoreFinancial Administration and Management in Companies
Administration
It is the science and technique designed for the management of resources through the administrative process, aiming to improve a company’s functional efficiency.
Financial Management
It is a technique aimed at securing the financial resources required by a company. It includes control and proper use of resources, protecting assets to plan and control capital management, thus enabling effective decision-making.
Administrator Functions
The financial manager interacts with other areas of
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