Implications of Corporate Form of Business and Managed Business Concern on the Nature of Management

The corporate form of business has become increasingly popular in recent times, with many companies adopting this structure. This form of business involves the creation of a legal entity separate from the owners of the business, and this entity is responsible for the management and operation of the business. Similarly, managed business concern refers to a business that is run by professional managers rather than the owners themselves. These developments have several implications for the nature of management, including:

1. Professionalism and Specialization
With the rise of managed business concerns, there has been an increasing emphasis on professionalism and specialization in management. This is because professional managers are often better equipped to handle the complexities of running a business, and they bring a range of skills and expertise to the job. As a result, the nature of management has become more professionalized, with a focus on specialized knowledge, skills, and techniques.

2. Emphasis on Planning and Strategy
Corporate form of business and managed business concern require a greater emphasis on planning and strategy. This is because these structures involve a greater degree of complexity and require a longer-term perspective. As a result, managers need to be more forward-thinking and strategic in their approach to management, with a focus on long-term planning and strategic decision-making.

3. Accountability and Transparency
The corporate form of business and managed business concern also require greater accountability and transparency. With a legal entity separate from the owners, there is a need for clear lines of accountability and reporting, and managers are often required to provide regular reports and updates to shareholders and other stakeholders. This has led to a greater emphasis on transparency in management, with a focus on openness and honesty in reporting and decision-making.

4. Emphasis on Performance and Results
Corporate form of business and managed business concern also place a greater emphasis on performance and results. With a legal entity separate from the owners, there is a need to demonstrate that the business is performing well and delivering results. As a result, managers are often evaluated based on their ability to deliver results and meet performance targets.

Conclusion
In conclusion, the rise of corporate form of business and managed business concern has had several implications for the nature of management. These developments have led to a greater focus on professionalism, specialization, planning, strategy, accountability, transparency, and performance. As a result, managers are required to possess a range of skills and expertise to succeed in this new environment.

According to the solution provided in the books the answer was that: it implies Management as a Profession.