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It is the responsibility of the business houses to make sure that their political involvement provides an additional safeguard against the authoritarian potential of a mass society. Business provides a lot of services to the human beings that highlight its significance. It is the responsibility of the Government to make sure that there is balanced regional development, full employment and a stable economy. (vi) Assistance in connection with drought relief etc. Small businesses and startups are what keep our economy strong, and I'm proud to have contributed, in one way or another, to dozens of startups in my time as an entrepreneur. 6. Copyright 10. The downside risk of government involvement is that the decision-making process may become ossified, captured by special interests, or too bureaucratic. , Jecinta Morgan Privacy Policy 9. Why Government Is Not A Business. Governments facilitate the military, plan defense strategies, establish budgets for service members and equipment, and make decisions on when to go to war or defend … Government ensures a level playing field and corrects market failures. In these we include various economic and business laws.  Everyone will have freedom and each will claim his rights as appropriate even if these may harm his fellowmen. Content Guidelines 2. Consistent business reporting and monitoring is a necessity for many companies, as the board may demand to view weekly, monthly, quarterly or annual reports to get a good sense of how the business is performing.  There will be chaos and misunderstanding. In the 1960s, the government had great faith in fiscal policy, or the manipulation of government revenues to influence the economy. Political Institutions: (i) Government is responsible for preparing the laws which make the business system function smoothly. Why is failure important for the economy? It is the responsibility of the business houses to carry out the projects according to required specifications and standards. The Government has certain definite expectation from business. It is the responsibility of the Government to provide a basic infrastructure to the business this includes provision of banking, finance, transportation, power, trained personnel, warehousing and the other civil amenities. There are several reasons why security is essential and you should ensure that you have the appropriate security systems installed at your premises. 93% Of Business Purchase Decisions Start With A Search Engine Search of Websites. Business does all this under the name of social responsibility. Every company needs to build trust and a good reputation amongst its employees, vendors, customers, and investors. Another responsibility of the Government is that whatever discoveries are made by the Government owned research institutions should be transferred to private industry so that these can be used for commercial production. Job and Wages. Moreover, measures like Tariffs and Quotas should be used by the Government to protect business from foreign competition. Government is important because of the following reasons: The government imposes rules that punish the wrongdoers and reward the law abiders. (c) Through lobbying, which refers to the behaviour after the election and is concerned with securing legislation in favour of business. IT today is an integral part of the government, and its role will continue to expand over time.  The government supports its people through projects and programs that would sustain its citizens. Specifically, the expectations of the business or the responsibilities of the Government towards business are as follows: (i) Government is responsible for preparing the laws which make the business system function smoothly. The need of the hour is that the gap between the Government and business should be removed. Government should encourage the development of home industries by providing them various subsidies and incentives. Government Accounting. 5. The business has its own expectations from the Government. Huge Collection of Essays, Research Papers and Articles on Business Management shared by visitors and users like you. A formal structure of government, like the U.S. democracy, prohibits de facto leaders from seizing control by building military might.  If we are under a governing body, we are well assured that we get protected and sheltered. If there is no government, nothing will stand up for our decisions and feelings. Another example is the market share that a company can have. , Dr. Howard Fields, No Comment, January 1, 2018 They can be individuals or business units from a sole proprietorship to large corporations. Corporate Contributions to Political Activities: The business houses are involved in the political activities in the following ways: (a) Making monetary contributions to political parties particularly at the time of elections. We should learn a lesson from Japan where the relationship between Government and business is so close that the entire working of the Japanese economy is sometimes called “Japan Incorporated.”, Business, Relation, Business and Government. These two ingredients go a long way in determining the success of your enterprise. Simply put, it means that business owners who fail learn the lessons they missed the first time around.  The government must serve its people and the people must also follow the rules and regulations to have an orderly society. As human beings, we enjoy our rights such the right to live, right to eat, right to vote, right to education, etc. Business has necessary knowledge and experience. Since spending and taxes are controlled by the president and the Congress, these elected officials played a leading role … Moreover the Government should issue licenses to competent business establishments, so that they may carry on different and useful business activities. If there is no government to make rules, it would be difficult to manage a whole society. To achieve that goal, businesses need a legal and regulatory environment that fosters entrepreneurship and, importantly, they need to be able to transparently provide input on proposed laws and regulations that affect them. The organisations pay corporation tax which is set up by the government.The government use taxes to guide social services e.g. Sometimes, some influential and competent businessmen are included in the Advisory boards constituted by the Government. February 27, 2011 When you manage or own a business, you have many important responsibilities, and keeping the premises safe and secure is one of the top priorities. Taking inspiration from a recent speech by Cardinal Turkson to explore the role of business - both companies and investors - in contributing to a sustainable society. Before uploading and sharing your knowledge on this site, please read the following pages: 1. Government has the responsibility of maintaining law and order situation in the country and to provide protection to persons and their property. Uploader Agreement. In the light of this, it is very essential that government do interfere, if not directly then indirectly, in private business matters. Specifically, the expectations of the business or the responsibilities of the Government towards business are as follows: 1. Licensing . Image Guidelines 4. , shiela , Leave a comment. Similarly, the Government should have no inherent distrust against business in the private sector. The government imposes rules that punish the wrongdoers and reward the law abiders. Knowing when and where your money is coming and going is crucial.  The government is the voice of the people so it serves by corresponding to our needs and position to a certain idea or situation. , Dr. Howard Fields, 1 Comment, January 5, 2018 Content Filtration 6. Government has the resources and capabilities for all this; the only requirement is optimum utilisation of resources.  Everyone will have freedom and each will claim his rights as appropriate even if these may harm his fellowmen. Due to privatisation of the economy a number of Government contracts are executed by private business houses. Essays, Research Papers and Articles on Business Management, Government Company and Non-Government Company: Difference, Government’s role in Uplifting National Economy, Relationship between Environment and Business, Essay on Consumer Finance | India | Financial Management. In business supply and demand, it's important to understand the roles of the two players, consumers and producers. Creating Goodwill. Government is really needed to manage and supervise a set of people and a certain country or society. If you've ever considered starting a business, know that there is no "perfect" time; you have to take the plunge at some point. This can be done by them individually or collectively. Another expectation of the Government from the business is that the business firms should cooperate with Government agencies on voluntary basis in connection with various programmes. Terms of Service 7. No successful business can be carried on in the absence of a peaceful atmosphere. Just as we balance our government because concentrated power encourages tyranny, the power of big business should be balanced by a multitude … , 1 Comment, December 28, 2017 The government is often responsible for not only how you run your business, but also whether it can be started at all. Together, the opportunity to enhance innovation and move it in a direction that benefits society is immense. , Dr. Howard Fields, No Comment, January 2, 2018 In order to gain new customers you need to understand where your prospects go when they are looking to find suppliers, research suppliers and make a purchase. A stakeholder is someone who has an interest in a business. In these we include various economic and business laws. Consumers are the buyers of goods and services. Accounting is important for business because the numbers tell a story that helps you understand what is going on in your company financially. It is the responsibility of the Government to provide these facilities and to encourage small scale sector. The business of business is business and the goal of business is to earn a profit in the provision of goods and services. The government is the representation of the people living in that country. There’s more than enough information on the Internet right now about the havoc being inflicted on the United States by President Donald Trump and his associates.  There is a mutual contract between the government and the people. When countries have external enemies, it is the government that defends the country and its people.  With the help of the government, these rights can be implemented properly and equally with the support coming from the governing body. Understanding the importance of the government to your business means understanding a few of the ways that your business is impacted by the government on a daily basis. 3 Reasons Why Ease of Doing Business in a Country is Important ... and regulations set up by governments that can help promote a business-friendly environment or hold local businesses back from their entrepreneurial ambitions. The government exists because of the people. Provision of a System of Money and Credit: The Government has to provide for a system of money and credit by means of which business transactions can be effected. This information may be about economic and business activity in general, specific lines of business, scientific and technological developments and many other things of interest to business houses. However, there are two perspectives on this craziness that I want to bring to your attention. It is another responsibility of the business houses to give feedback information to the Government on the decisions taken by the political leaders. , No Comment, January 6, 2018 Government is defined as a group of people under a bureaucracy that has the power to rule and enforce laws. 3. The government is interested in businesses as they set out the regulations and need the businesses to do well to kepp the economy healthy. Please rate this article: Similarities Between Humans and Chimpanzees, Similarities between Verbal and Nonverbal Communication, Similarities Between Traditional Curriculum and Progressive Curriculum, Similarities Between Hypothesis and Theory. The Importance of Business Monitoring and Reporting. _ Importance of Business in Modern Society: The existence and expansion of business are justifications of the importance of business. (iii) Further, it is the responsibilities of the Government to provide a proper judicial system for settling the disputes between business firms, individuals or Government agencies. (ii) It is the responsibility of the Government to provide for the implementation of the laws. Local ownership ensures that important decisions are made locally by people who live in the community and who will feel the impacts of those decisions. I believe for quality business to be continued, competition should be upheld, thus small businesses need to be supported to a level where they can compete with big companies, this is especially important in smaller developing countries, i believe the trend of big businesses taking over should be countered by promoting innovation and providing support for small business. Some businessmen are appointed as members of the delegations who go abroad for exploring trade and industry prospectus. It helps to build a more robust local economy and fosters stronger growth. 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Can have private business firms for the why is the government important to a business to make rules, it would be difficult to manage supervise.

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