Podcast
Questions and Answers
How does planning ahead of time help entrepreneurs mitigate potential setbacks?
How does planning ahead of time help entrepreneurs mitigate potential setbacks?
Planning involves anticipating risks, which allows the entrepreneur to prepare strategies to handle them, reducing their impact.
Why is effective 'leading' crucial for achieving enterprise objectives?
Why is effective 'leading' crucial for achieving enterprise objectives?
Leading involves directing employees towards the enterprise's objectives, which aligns their efforts and maximizes productivity.
In what way does 'controlling' contribute to maintaining standards and quality within an enterprise?
In what way does 'controlling' contribute to maintaining standards and quality within an enterprise?
Controlling ensures tasks are completed according to the entrepreneur's expectations, helping maintain consistency and quality.
How does 'organising' resources effectively contribute to meeting the objectives set by an entrepreneur?
How does 'organising' resources effectively contribute to meeting the objectives set by an entrepreneur?
Explain how 'staffing' impacts the overall efficiency and success of an enterprise.
Explain how 'staffing' impacts the overall efficiency and success of an enterprise.
Explain, using the functions of an enterpreneur, whether they are more reactive or proactive, when beginning a business.
Explain, using the functions of an enterpreneur, whether they are more reactive or proactive, when beginning a business.
How do entrepreneurs leverage risk-taking to achieve success?
How do entrepreneurs leverage risk-taking to achieve success?
What are the main challenges an entrepreneur might face while leading an enterprise?
What are the main challenges an entrepreneur might face while leading an enterprise?
What is the significance of an entrepreneur?
What is the significance of an entrepreneur?
Illustrate how the function of organising affects the staffing function.
Illustrate how the function of organising affects the staffing function.
Flashcards
What is an entrepreneur?
What is an entrepreneur?
An individual who sets up an enterprise, takes risks, and aims at making profit.
Planning (entrepreneurial function)
Planning (entrepreneurial function)
The process of choosing a business idea, setting objectives, and anticipating risks.
Organising (entrepreneurial function)
Organising (entrepreneurial function)
Bringing in resources into the organization to meet set objectives.
Staffing (entrepreneurial function)
Staffing (entrepreneurial function)
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Leading (entrepreneurial function)
Leading (entrepreneurial function)
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Controlling (entrepreneurial function)
Controlling (entrepreneurial function)
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Study Notes
- An entrepreneur is an individual who sets up an enterprise by taking risks and aims at making profit
- The entrepreneur has a business idea and works towards making the enterprise successful
Functions of an entrepreneur
- Entrepreneurs, as managers of enterprises, undertake several tasks to run their businesses effectively
- As leader of the enterprise, being an entrepreneur is challenging and entrepreneurs fulfill a number of functions in managing an enterprise
- The main functions of someone who manages an enterprise are:
- Planning
- Organizing
- Staffing
- Leading
- Controlling
Planning
- The process of choosing a business idea, setting objectives and anticipating risks
Organizing
- Bringing in resources into the organization to meet the objectives set by the entrepreneur
Staffing
- Hiring people to work in the enterprise
Leading
- Directing employees towards the objectives of the enterprise
Controlling
- Ensuring that tasks are being done according to the expectations of the entrepreneur
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