What is Budget Report? All you need to know about!

Many businesses undertake the process of budgeting effectively but they fail to follow it up with an appropriate budget report. The final stage of any budgeting process is the preparation of well-designed budget reports without which the purpose of budgeting is nullified. Imagine you made a budget for sales of different regions but never checked…

Is there a difference between International Business and International Trade?

How are international trade and international business different? Most people think that International Trade and International Business are one and the same thing. But this is not true. There is no doubt that international trade which includes export and import of goods has always been the foremost component of international business. However, over the period…

Difference between Formal and Informal Communication

Formal vs Informal communication Communication is an essential component of the management process. Indeed, a superior-subordinate relationship cannot thrive in the absence of effective and meaningful communication. Effective communication is usually described as the exchange of thoughts, facts, opinions, or information between two or more individuals in order to foster mutual understanding or confidence. Words, symbols, characters,…

What is the Difference Between Motivation and Morale?

Motivation and morale are two important elements in building a successful work environment. Both of these can contribute to increased productivity and low employee turnover in the long run. However, there are slightly different from one another. Morale refers to a sense of enthusiasm and encouragement in employees, whereas motivation refers to an individual’s drive to complete…

Differences Between an Entrepreneur and a Businessman

Are you also someone who assumes that an entrepreneur and a businessman are one and the same? While both may sound similar on the face of it, but there is a thin line of distinction between them. The Basic Difference between an Entrepreneur and a Businessman A businessman and an entrepreneur denote two different persons…

Difference between Entrepreneur and Manager

One of the challenging things for many entrepreneurs is to effectively transition from being an innovative, risk-taking entrepreneur to a skillful and empathetic manager. This is what sets both of them apart. Entrepreneurs are known for their thought-provoking ideas that disrupt a market, while managers are experts in completing a task on tight deadlines through…

Difference between Trade and Commerce

Difference between trade and commerce Since the dawn of time, trade and commerce have played a vital part in the development of an economy. The terms commerce and trade are often misinterpreted and used interchangeably. But they aren’t the same and have different meanings. What is commerce? It is commonly known that industry refers to…

Difference between Entrepreneur and Intrapreneur

Entrepreneur and Intrapreneur The term ‘intrapreneur’ is a newly developed corporate equivalent of the long-established term ‘entrepreneur’. Gifford Pinchot, a management consultant and author of the 1985 book “Intrapreneuring”, is widely credited for bringing in this term. Intrapreneurship has gained a lot of traction and weight in a short span of time since it was…

Difference between Goods and Services: A quick overview

Goods and services are fundamental components of an economy, and these two words are commonly used in the majority of significant economic discussions. Both of these are described in detail in the following paragraphs in layman’s terms. We come across a wide range of goods and services in our everyday lives. We take food when…

Difference between transactional and transformational leaders – Top 8 diff

We all know how crucial the role of a leader is in nurturing an organization. The way leaders lead and the skills they hold can change an organization from the inside out. Different people tend to follow different styles of leadership. But there are two most prominent approaches to leadership: one is transactional and the…