Untitled Quiz

Business Management

• Coordination is referred to as the Centre of management, as it plays a special role in business management.
• The role of an entrepreneur in business management is to ensure that all the functions of management are carried out well.

Business Performance

• Business performance is measured through its achievement and results.
• Correction is usually done by the management of a business for the purpose of correction.
• The following sets of stakeholders are all users of business performance information except laymen, farmers, and carpenters.
• Business performance information is used by the government to check for tax purposes.
• Customers who use business performance information are checking for quality products and improved customer care.
• Business management uses business performance information to check for profitability, survival, and control.

Entrepreneurship

• Provides employment to a huge mass of people; approximately 34 million fresh employment opportunities were created by entrepreneurs from 1980 to 2003.
• Contributes towards research and development; almost 2-3% of all innovations are due to entrepreneurs.
• Is a challenging opportunity for people; it rewards entrepreneurs at financial levels and also provides self-satisfaction.
• Provides self-sufficiency; entrepreneurs not only become self-sufficient but also provide great standards of living to their employees.

Women Entrepreneurs

• In 1988, the definition of Women Entrepreneurs' Enterprise was evolved, which termed an SSI unit/industry-related service or business enterprise managed by one or more women entrepreneurs.

Entrepreneurial Process

• The entrepreneurial process can be viewed as a six-stage procedure:
  • Seeing opportunities where others don't
  • Having a clear understanding of the concept and vision
  • Persuading others of their vision
  • Gathering resources to make their vision a reality
  • Organizing resources to create a new venture, product, or market
  • Constantly changing/adapting themselves according to the changing demands of the market

Identifying an Opportunity

• According to Timmons (1989), entrepreneurship is about sensing an opportunity where others see chaos, contradiction, and confusion.
• Identification of an opportunity is the first step towards building and running a successful business enterprise.

Gathering Resources

• Resources can be considered under four categories: Financial, Operating, Human, and Information.
• Identifying an opportunity, establishing a vision, and persuading others to join is not enough; a business enterprise needs resources to become successful.

Creating New Venture

• Once the entrepreneur has arranged for resources, the next step is the creation/establishment of the new venture and running the business venture successfully.

Changing/Adapting with Time

• The entrepreneur needs to continuously keep the organization upgraded and abreast of changing times.
• This involves not only the availability of funds for introducing change but also the adaptability of human resources towards the changed environment.