Your brother has completed his education, now he wants to start a business of his own. He 4 discused the matter with your father regunding the arrangement of funds. Your father suggested your brother to first pen down the requirement of funds ie. funds needed for initial investment, for purchasing land and building, plant and machinery, etc. and for the purpose of running day to day operations ie. rent, wages and salaries, tases ete
a) What are the two different categories of financial needs identified by your brother?
b) Explain the requirements identified above
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This shows that today management is not a full-fledged profession. Thus, he wants me to be like a professional before joining the business. His point can be proved by comparing the features of profession with that of the management:
(i) Professionals have a well defined body of knowledge
(ii) The entry into a profession is restricted.
(iii) Usually, the professionals work with the Service motive
(iv) There exists code of ethics which every professional has to follow.
(v) Also, there is the presence of professional associations
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