Business management: a fundamental pillar for business success

Abstract

This article delves into the fascinating universe of business administration, and aims to analyze its key concepts, its historical evolution, its essential functions and the contemporary challenges it faces. The article was based on a bibliographic research, understood as a valuable tool for acquiring knowledge and understanding a specific topic in depth. By following a rigorous methodological approach and using the right materials and methods, reliable and relevant results are obtained that contribute to the advancement of knowledge in the field of business administration. It is concluded that: the historical evolution of business administration has been marked by different approaches and theories, each with its own contributions and limitations. From scientific management to the contingent approach, these theories have provided tools and conceptual frameworks for understanding and improving business management; contemporary challenges, such as globalization, technology, sustainability, and ethics, require managers to develop new skills and approaches. The ability to adapt to change, seize opportunities and manage risks is critical to success in today’s business landscape; corporate governance has a significant impact on growth, profitability, innovation, competitiveness, and stakeholder satisfaction. Good management can make the difference between the success and failure of a business, generating benefits not only for the organization, but also for society at large and the future of business management will be marked by the need to integrate technology, sustainability and ethics in all aspects of management.