What are the Key Management Functions in Entrepreneurship?
There are four primary management functions that entrepreneurs need to focus on:
Planning: This involves setting objectives and determining the best course of action to achieve them. Entrepreneurs must have a clear business plan that outlines their vision, mission, and strategy. Organizing: This function involves arranging resources and tasks in a structured manner. It includes the development of an organizational structure, defining roles and responsibilities, and establishing communication channels. Leading: Effective leadership is about inspiring and motivating employees to work towards the business's goals. Entrepreneurs need to develop strong leadership skills to guide their teams effectively. Controlling: This function involves monitoring and evaluating the progress towards goals. Entrepreneurs need to implement control mechanisms to ensure that activities are aligned with the business objectives.