Entrepreneur Versus Manager: Key Business Organization Concepts

Posted by on Feb 5, 2026 in Business Administration and Management (BAM) | 0 comments

Entrepreneur Versus Manager: Key Differences

This section explains the fundamental differences between an Entrepreneur and a Manager (10 Marks).

BasisEntrepreneurManager
MeaningPerson who establishes a business.Person who runs an existing business.
ObjectiveInnovation, risk-taking, profit generation.Efficient operations, achieving set goals.
RiskTakes high personal risk.Low personal risk (risk is organizational).
RewardsProfits.Salary/bonus.
CreativityHigh creativity; introduces new ideas.Works within
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Understanding Business Operations and Export Planning

Posted by on Feb 5, 2026 in Business Administration and Management (BAM) | 0 comments

Business Fundamentals

Business refers to an enterprising entity or organization that carries out professional activities. It can be commercial, industrial, or others. For-profit business entities do business to earn a profit, while non-profit ones do it for a charitable mission.

The Business Environment

It’s the sum or collection of all internal and external factors such as:

  • Employees
  • Customer needs and expectations
  • Supply and demand
  • Management
  • Clients
  • Suppliers
  • Owner
  • Activities by government
  • Innovation in
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Mastering Advanced English Terms and Usage

Posted by on Feb 5, 2026 in Business Administration and Management (BAM) | 0 comments

Essential Vocabulary and Phrases

  • quarter (4분의 1)
  • unconventional (비전통적인)
  • outward manifestation (겉으로 드러나는 징후)
  • disordered chemical (이상이 생긴 화학 물질)
  • generates (만들어 내다, 발생시키다)
  • fit (건강한)
  • resign (사임하다)
  • embezzle (횡령하다)
  • contender (경쟁자)
  • exhibitor (참가자, 출품자)
  • representative (대표, 대표자)
  • autodidact (독학자)
  • autonomy (자율성)
  • on your own (스스로)
  • are less likely to (~할 가능성이 더 적다)
  • information
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Essential Business and Finance Terminology for Professionals

Posted by on Feb 4, 2026 in Business Administration and Management (BAM) | 0 comments

Core Business and Financial Definitions

Commercial Documents and Trade Terms

  • Invoice: A legally binding document that is sent after goods or services have been delivered.
  • Pro Forma Invoice: Received before payment or ordering; often replaces a quotation.
  • Accounting: Systems for recording and classifying business and financial transactions.
  • Claims: Demands by customers of an insurance firm for reimbursement following an accident or loss.
  • Turnover: The total business done by a company in a given period.
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WBS & RACI (RAM) to Prevent Scope Creep in Projects

Posted by on Feb 4, 2026 in Business Administration and Management (BAM) | 0 comments

WBS, RAM (RACI) and Project Controls

ConceptExplanation

Work Breakdown Structure (WBS)

  • A hierarchical breakdown of the project into smaller, manageable parts.
  • Helps clearly define deliverables and prevent unnecessary additions (scope creep).
  • Breaks down work into work packages with estimated time and cost.

Responsibility Assignment Matrix (RAM)

  • Also called a RACI matrix (Responsible, Accountable, Consulted, Informed).
  • Ensures clarity in roles and responsibilities.
  • Reduces confusion in task ownership and
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Strategic Analysis Tools: SWOT, Porter, BCG & Standards

Posted by on Feb 2, 2026 in Business Administration and Management (BAM) | 0 comments

5 A SWOT analysis guides you to identify your organization’s strengths and weaknesses (S-W), as well as broader opportunities and threats (O-T). Developing a fuller awareness of the situation helps with both strategic planning and decision-making. The SWOT method was originally developed for business and industry, but it is equally useful in the work of community health and development, education, and even for personal growth.

Porter’s Model of Five Forces

Porter’s Five Forces model is an analysis

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