Good business management is the key to success of any business house. It is a creative force which helps in the optimum utilization of resources. The process of managing a business comprises several intertwined elements by which the goals and objectives of the organization are achieved. These elements or functions include, promoting and marketing the product produced by the firm; making the product available to prospective consumers through proper distribution channels; managing the accounts and finances of the firm; protecting its intellectual property, etc. It also involves creating harmony among the working of various departments and divisions of the firm. Managing human resources and managing relationship with the customer's are the most important elements in the whole process of business management.
An entrepreneur with good managerial skills can convert the disorganized resources of men, money, material and machinery into a productive business enterprise. In a modern business, different types of skills are required in order to effectively manage an organization in a dynamic environment.