explain any four managerial function of an entrepreneur
Answers
The management functions performed by entrepreneur are classified into the following five types:
1. Planning
2. Organizing
3. Staffing
4. Directing
5. Controlling
A brief description of each of these follows in seriatim:
1. Planning:
In common parlance, 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. An entrepreneur has to make decisions as to what is to be done, how it is to be done, when it is to be done, where it is to be done, by whom it is to be done and so on.
The importance of planning lies in the fact that it ensures the smooth and effective completion and running of a business enterprise. Absence of planning causes confusion which, in turn, affects the smooth performance of job whatsoever it may be.
This is a story about four people named Everybody, Somebody, Anybody and Nobody. There was an important job to be done. Everybody was sure that somebody would do it. Anybody could have done it, but nobody did it. Somebody got angry about that because it was Everybody’s job. Everybody thought anybody could do it, but nobody realized that everybody would not do it. It ended up that everybody blamed somebody when nobody did what anybody could have done.
2. Organising:
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. Thus, organizing function of an entrepreneur ultimately provides a mechanism for purposive, integrated and co-operative action by many people in a joint and organized effort to implement a business plan.
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.
Business history is replete with evidences that it is basically the staff, i.e., personnel working in the organization that makes all the difference. While appreciating the role of personnel in the success of an organization, L. F. Urwick had remarked that, “business houses are made or broken in the long-run not by markets or capital, patents or equipments, but by men.”
Andrew Carniege’s view that “Take my people and leave my factory, soon grass will grow on the floor. Take my factory and leave my people, soon we shall build a better factory” also underlines the significance of people or staffing in the making of an organization. However, staffing function is as crucial for the success of a business enterprise is equally complex as well.
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. Under the directing function, the entrepreneur guides, counsels, teaches, stimulates and activates his/ her employees to work efficiently to accomplish the set objectives.
Thus, directing function of entrepreneur concerns the total manner in which an entrepreneur influences the actions of his / her employees/ workers. It is the final action of an entrepreneur in making his / her employees actually act after all preparations have been completed.
5. Controlling:
Controlling is the last management function performed by the entrepreneur. In simple words, controlling means to see whether the activities have been performed in conformity with the plans or not. Thus, controlling is comparison of actual performance with the target or standard performance and identification of variation between the two, if any, and taking corrective measures so that the target is accomplished.
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Explanation:
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