Describe The Four Management Functions Of An Entrepreneur?

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Describe The Four Management Functions Of An Entrepreneur?

2 Answers

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Answer 1

The four management functions of an entrepreneur are as follows:

Planning

Planning requires the entrepreneur to have objectives that they set. They will determine in advance how the objectives will be seen to. In the planning stages it is very important that goals are outlined in a clear and concise manner so that the rest of the team can follow how the goals will be met.

Organizing

Organizing is when the entrepreneur delegates certain functions to employees, providing tasks and allocating resources in order to help reach the objectives that were devised in the planning stage.

Leading

Leading is most important for an entrepreneur because they need to be able to pass their vision on and motivate their employees to see the same goals. Leading will influence employees towards achieving the goals created in the planning stage. Without proper leadership employees may not be able to follow through on the objectives and goals.

Controlling

Controlling is a mechanism that will help the goals be achieved. It means considering what mechanisms can be established and then implementing them towards reaching those goals. In the controlling stage the entrepreneur has to know when they can let the person go on their own to work on the project and when it is time to reign everyone in.

Since there are different people in the world it takes knowing how each one works to truly utilize them properly towards reaching specific goals.

Answer 2

"Entrepreneur" is someone who can create an idea, it can be either a product or service. Executing idea in a better way and to get better result out it is the main task of an Entrepreneur. To be a successful Entrepreneur, one must excel in qualities like taking risk, quickly adapting to a situation, confidence and determination to get things done. The Four management functions of an entrepreneur: 1. Planning Planning is pre-determined course of action to accomplish the set objectives. In other words, planning is today’s projection for tomorrow’s activity. Planning pervades in all aspects of business. 2.Organizing The organizing function of an entrepreneur refers to bringing together the men, material, machine, money, etc. To execute the plans. The entrepreneur assembles and organizes the above mentioned different organs of an enterprise in such a way that these combinedly start functioning as one, i.e., enterprise. 3. Staffing Staffing involves human resource planning and human resource management. Thus, staffing function of an entrepreneur includes preparing inventory of personnel available, requirement of personnel, sources of manpower recruitment, their selection, remuneration, training and development and periodic appraisal of personnel working in the enterprise. 4. Directing The functions like planning, organizing, and staffing are merely preparations for setting up a business enterprise. The directing function of entrepreneur actually starts the setting up of enterprise. Thus, directing function of entrepreneur concerns the total manner in which an entrepreneur influences the actions of his / her employees/ workers.