The Contribution Made By Knowledge Of Business History

Executive summary

In late 1980s, there is a round table discussion about the 'business history'. The discussion focuses on the need of business history for the development of the current business. To effectively evaluate the historians that have long studied business history, one must first come to an understanding of what business history is and how it became a field of study unto itself.

The founding of Business History as an individual, academic pursuit would be credited to Wallace B. Donham.

The business education was originated since the Second World War and it was credited to the United States. Many business schools of United States added business history in there academic programs.

The Europe is credited to have produced the first work on company history.

In India business education rooted in 1960s and Indian Institute of Management (IIM), Ahmedabad, was the first to implement this.

This report describes about the business history i.e. why business history is needed and what the importance of business history is.

The need of business history in current business history is very much.

* Through the study of company's business history the company could recognize the mistake made in previous business and can make suitable and efficient changes from the previous style of business and can recognize the error in the previous business.

* Study of business history helps to analyses the error done in previous business.

* It also helps to regain industrial and managerial techniques.

The value of management/business history has long been recognised and effective work towards business history stared in the late 90s. The business history helps to develop the business and economy in a great extent.

Table of Content

* History of Business History.

* Origin of business.

* Business History State in India.

* The Emergence of Business Education.

* Why Needed Business history?

* Importance of Business History.

* Conclusion.

The contribution made by knowledge of history and development of business to understanding business today.

History of Business History

History is the study of the past using written records or, chronological record of the past. It is a process that explains and narrates the contents and find out the possibilities hidden in those contents. History is what, that helps to point out the future and helps to shape it.

Understanding history is an important part of managing. Business history is to put modern business in context and right perspective. It is based on researches and efforts.

The term 'business history' was suggested by Wallace B. Donham, Dean of Harvard University, graduate school of business (1919 to 1942) (Historiography of Business History, 2004). The founding of Business History as an individual, academic pursuit would be credited to Wallace B. Donham.

According to the Business History Review, there are many factors that come together to create the field of study known as 'business history', which have been formulated and speculated upon for most of the twentieth century.

The emergence of business history as a distinct identifiable branch of learning in business education is a recent development. The business past began to attract meaningful attention only after business education had attained a degree of maturity.

Aspects looked at specifically by the Business History Review are the development of administrative methods, the growth of marketing and investment banking in business, histories and biographies of prominent businessmen and their firms, and the roles of management and labor in industry. Business history is not only focused on the internal workings of the business world. The reaction of business to social changes has a direct influence on the outcome of many business decisions and occurrences. It is this relationship between the individual business and the society in which it resides that gives business history a direct link to societal change.

Author H. Cole says, "Business is more than merely quantifiable elements; it transcends these and embraces the world of ideas and beliefs resulting from an imperceptible process of interaction between the business and the society at large".

Therefore, business history should encompass not only the structural but also the social and ideational dimensions including Business thinking, Business literature, Business behavior etc.

Publications and Books are very essential to be aware of business history. Books help to get a depth view of business history. A book named "New Horizons 1927-1950: History of Standard Oil Company New Jersey" released which influenced the shift in the direction of Business History towards Company History in the 1950's.

The 1970 has emerged as a fruitful time, giving Business History some of its finest quality academic literature and giving students a better foundation on which to learn upon. This was the main concern at the 1960 Business History Conference at Harvard University and the great researchers, writers, and teachers that emerged from that era solved it.

Origin of business

Since the Second World War business and management, education has been the fastest growing sector in higher education. Americans have been leaders in this development. In fact, the business education is originated in and remained confined to the United States until after World War II; business history too had its early upbringing in that country.

Europe is credited to have produced the first work on company history in as early as 1825 (Tripathi.D 2005).

The idea of documenting business history caught