Entrepreneurship Management PDF

Entrepreneurship Management is an art of getting things done through and with the people in formally organized groups. It is an art of creating an environment in which people can perform and individuals and can co-operate towards attainment of group goals. Management is an art of knowing what to d...

Entrepreneurship Management is an art of getting things done through and with the people in formally organized groups. It is an art of creating an environment in which people can perform and individuals and can co-operate towards attainment of group goals. Management is an art of knowing what to do, when to do and see that it is done in the best and cheapest way. FUNCTIONS OF MANAGEMENT 1. PLANNING: Planning is the first activity in the area of functions of management. Planning is nothing but deciding how the entire work will done. It is the first function, because a manager has to be clear in the beginning of the work, that how the entire project or activity or task will be done in future. Planning is required in every type of organization and in every type of work. It needs good use of intellectual capacity and it is a primary or main function of management. 2. ORGANIZING: Organizing is deciding where different types of decisions will be made, who will do what work or task and who will work under whom. Organizing process covers the following tasks : List of activities. Grouping of activities. Assignment of duties and responsibilities. Delegating authority and creation of responsibility. Coordinating authority and responsibility relationship 3. STAFFING: Staffing is process of hiring best people for the organization and allotting a specific work based on their skill to perform it. It covers procurement, development. Compensation, integration and maintenance of people in the organization to achieve individual, organizational and social goals. 4. DIRECTING: Next logical step after planning, organizing and staffing is directing. The willing and effective cooperation of employees for the attainment of organizational goals is possible through direction. Directing is dealing with relationship or communication between people to influence, supervise, motivate subordinates to achieve the organizational goals. 5: CONTROLLING: Controlling is observing and checking the progress of goal achievement and taking necessary action, when goal is not achieved. This function is used to check the progress of organizational goals and all type of resources – human, finance, machineries etc LEVELS OF MANAGEMENT Management includes all the levels of an organization or a company. Management is classified by managers at different levels, i.e. – top level, middle level and lower level managers. A manager is someone who works with and through other people by coordinating their work activities in order to achieve organizational goals. 1. TOP LEVEL MANAGERS: Top level managers are responsible to bring change, by showing a long term vision and mission for the companies. They are responsible to develop a sense of commitment among the employees of the organization. Top level managers have to develop a positive organizational culture through values, beliefs, tradition, language and action. On the basis of regular watch on internal and external environment of the business, and they design policies and strategies of corporate level in the company and they also lead, motivate and coordinate activities of the middle level managers. 2. MIDDLE LEVEL MANAGERS: Titles like plant manager, project leader, regional manager, divisional manager and functional department head : like, production manager, marketing manager, finance manager, human resource manager and research and development manager come in this middle level management category. Middle level managers plans and execute the goals, objectives and strategies of their departments consistent with top management’s goal’s and planning. To achieve departmental goals, they are also responsible for allocation of resources. Middle level managers implement changes and strategies generated by top managers and in addition to this, middle level managers lead, motivate and coordinate with lower level managers. They should also monitor and manage the performance of the department and managers who report to them 3. FIRST LINE MANAGERS: This level is known as lower level managers or first level or junior level managers or shift managers or “supervisors”. First job of first line manager is to manage the performance of entry level employees. They are responsible to teach and train entry level employees about how to do their jobs. First line managers have to prepare detailed schedule and operating plans based on middle level management plans. They also lead, direct and motivate the activities of operating employees.