Importance of Business- in any economic society, management represents the key factor that propels business and industry to reach accelerated growth and development. So important is it that its failure to tie together and mix resources into productive units would smother growth and resources and become responsible for a static economy. Resources will remain as they are and the economy will not be able to move forward at a attractive pace.
Thus, it can be said that the rise of modern industrial economies in some parts of the world is principally due not only to technological development but the ability of competent managers to meet and fight with management problems and their invasion. Management has a vital economic function, that is, to serve not only its business interests but that of the economic society and its members. Thus, its value is not to be defined in terms of profits it makes but the services it renders.
It might be pointed out that the need for management has increased as modern business became more complex. Its vitality and strength revolve around the quality of its management. In brief, by function, we mean its value to the public its serves. Nowadays businesses employs thousands of workers, use million of dollars or pesos worth of equipment and sell products to the many countries around the world.
