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What are the qualities to be a successful entrepreneur
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What are the qualities to be a successful entrepreneur
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Entrepreneurship - a special kind of activity. Its constant conditions are limited resources, competition and uncertainty of the situation. The main tools of the entrepreneur are: thrift, cooperation and innovation. Consequently, enterprise is the independent economic entity, with rights of a legal entity, which is based on the use of labor collective property produces and sells products, works, and provides services. And so, even taking into account the fact that the HR department of the enterprise are recruiting employees who will perform specific tasks assigned to them for the benefit of businesses, dealing with employee training and increase their professional level, in fact, the personnel office does not play a significant role in the …show more content…
In other words, the very existence of management and power, which is being used are justified only if it provides the required economic results. Of course, this activity can bring outstanding results of non-economic nature such as the employees’ satisfaction with their lives and contribution to the welfare of society or culture. Nevertheless, it can be argued that if management does not ensure the achievement of certain economic results, its activities should be recognized as ineffective. Management failed, if the company does not deliver the goods and services necessary to the consumer at a price that consumers are willing to pay. Management of the enterprise failed, if the production potential was not improved or at least maintained the same level. It follows the first definition of management: an economic body, or rather exclusively economic body of industrial society. We can say that the first measurement of each action, each decision and management considerations is precisely the economic …show more content…
However, such an appointment of management sets it apart from all other governing bodies of all other public institutions. Government, army and church - in fact, all the major institutions - should have an appropriate department is somewhat reminiscent of the company's management. The aim of any company is production of goods and services. There is no doubt that in carrying out its primary functions, and in accordance with the political and ethical society, the company strengthens the economic power of this society. But these political and ethical principles are adverse conditions restricting, modifying, stimulating or, conversely, constraining economic activity of the enterprise. Basis of business, life principle, which determines its nature, is its
Effective managers optimize the use of resources. They gain a thorough understanding of each resource to maximize the value of an investment. For instance, they would ensure the owner’s manual for a new piece of equipment so that users can maximize the equipment’s benefits and features. They would also focus attention on the organizations most valuable resource – their human capital. Effective managers facility their teams success by fully developing employee talent through training and
· Enterprise or Entrepreneurship: The fourth factor of production, involving human resources that carry out the functions of raising capital, organizing, managing, bringing together other factors of production, and making fundamental business policy decisions.
in the similar manner, Hill, & McShane, (2008), argued that managers remain the most important asset of the business that drives the business towards path of development and growth. Additionally, the importance of managers, their roles and functions cannot be neglected. As the business environment has become highly competitive with market segments highly fragmented forcing business entities to adopt and integrate effective business practices that can ensure that the business is heading towards the path of competitive advantage. In this regard, it is realized that the role and function of manager has become highly indispensable. The early theory of management, as per stated by Need, (2006), argues that the core functions of manager are to Plan, Organize, Staffing, Leading, and Controlling. Augier, & Teece, (2009), within this regard stated that effective and efficient managers do not just go and perform haphazardly, in fact, good and effective managers discover their strengths, ensure they are making the most out of the existing resources and mastering the above mentioned five basic functions. The overall role of manager is highly significant, mainly because of the fact that manager while performing these five functions guide the entire business and
Enterprise is the organization that applies the innovative attitudes, skills and behavior (Gibb, 2000). According to Bridge, O’neil, and Martin (2009), ‘enterprise’ was defined as the activity of people to create jobs. There were two meanings of enterprise. The first one is ‘narrow’. It indicates that enterprise equal to the entrepreneurship. In other words, ‘enterprise’ and ‘entrepreneurship’ are interchangeable. In addition, the enterprise is a process for a company which comprise of 1) start-up a new business; 2) being in business; 3) growing and developing a business.
Management is not just about making decisions, watching over employees, and bossing others around. Good management result is satisfied customers, who provide better customer service. In order for new managers to be successful they need to be about to have good communication, human skills, and ability to motivate others. The ability to do these skills effectively makes a big difference in a manager and the company’s overall success. Companies depend on managers to fulfill skills and knowledge to help their company excel. The knowledge managers need to possess is technological inclined and globalization. Effective management can enhance a company’s performance by contributing to employees and customer satisfaction, productivity, development (Noe, Hollenbeck, Gerhart, & Wright, 2010).
There are several theories has been developed by different scholars for entrepreneurship development since couple of decades. A consistent universal theory does not present in entrepreneurship, but rather it contains of several approaches such as economics, psychology, sociology, anthropology, regional science. All theories has explored the rationality with the emergence of new entrepreneurs and theirs contribution in socio-economic development of a country (Sexton, 1997). Many of these studies assume that all entrepreneurs are similar including the owner of small enterprises and high growth innovative ventures. The following section some of theories explained and finding the literature gap and selecting the appropriate theory for this study.
Entrepreneurship is the process of creating and building something of value from practically nothing. That is, it is the process of creating or seizing an opportunity and pursuing it regardless of the resources currently controlled. It involves the definition, creation and distribution of values and benefits to individuals, groups, organizations and society. Entrepreneurship is very rarely a get rich-quick proposition (not short term); rather it is one of building long term value and durable cash flow streams.
Nowadays, entrepreneurship becomes most popular career, where our government encourages our graduated student to involve in business so that unemployment will not happen in our country. Policymakers, academics, and researcher agree that entrepreneurship is a vital route to economic advancement for both developed and developing economics (Zelealem et al., 2004). Entrepreneurship has many types for example small business and others. Today small business, particularly the new ones, is the main vehicle for entrepreneurship, contributing not just to employment, social and political stability, but also to innovation and competitive power (Thurik & Wennekers, 2004).
An entrepreneur is someone with the capacity to lead a business to success and is willing to take the risks in order to accomplish their goals. (Dollonger, 2002). Starting a new business is an example of entrepreneurship. Entrepreneurs are very important in order for any business to succeed, however, only some entrepreneurs will succeed in life. Here are some of the characteristics of successful entrepreneurs.
Management can be defined as the ability to handle or direct with a degree of skill, to make and keep compliant, to treat with care, and to exercise executive, administrative, and supervisory direction of a business (Kinnes 2004). Effective business skills are imperative to provide the best quality service to people. Typically, companies focus on profit, market share or growth, but in order to maintain productivity, first-class management skills are essential. Management skills are not easy to come across, as they are hard to learn and quantify. Most managers come from within an organization, as it is imperative to send employees through management skills courses.
The theory of the Entrepreneur focuses on the heterogeneity of beliefs about the value of resources (Alvarez and Busenitz, 2001: 756). Contemporary writers in management and business have presented a wide range of theories of entrepreneurship. Many of the leading thinkers remain true to the Say-Schumpeter tradition while offering variations on the theme. For instance, in his attempt to get at what is special about entrepreneurs, Peter Drucker starts with Say’s definition, but amplifies it to focus on opportunity. Drucker does not require entrepreneurs to cause change, but sees them as exploiting the opportunities that change (in technology, consumer preferences, social norms, etc.) creates. He says, “this
Management success is expanding through accomplishment of mission and objectives of the organization. Managers and leaders fail when they do not achieve mission and objectives established. Success and failure are attached in a straight line to the reasons for being in business, mission and objectives. On the other hand, accomplishing mission and objectives is not enough. Success requires equally effectiveness and efficiency. Managers, leaders and supervisor who achieve their mission and objectives are believed to be effective. Efficiency describes the connection between the amount of resources used (the input) and the amount to which objectives were accomplished (the output). However, management is complete only if the manager or team leader has become familiar with the specific situation in which he or she can develop and applied each one of the four function of management.
Entrepreneurship is a key driver of our economy, wealth and the majority of jobs are created through entrepreneurship, and it also helps and educates people in terms of growth and realizing opportunities (Nolan, 2003). Entrepreneurship is also seen as one of the important contributing factor to local development (Nolan, 2003).
Entrepreneurship can be defined as the process of buiding ,creating,sustaining and initiating a venture from pratically nothing, in the sense of uncertainty and risk ,and having the ability to succeed against all difficulties. Entrpreneurship is essentially important to the economic and social development of south Africa .Entrepreneurs use innovation to create new, competitive markets and job creation by establishing businesses, which as a result have a positive effect on the economy (First National Bank, n.d.).South Africa stands against a evolving and culturally diverse enterpreneurial growth but it still lags behind many other comparabe countries.Unemployment and poverty has massively increased and shows no sign of slowing down.These increasing levels can be affectively sustained through the advancement of entrepreneusrship.However,to achive enterpreneurial growth,committed change in public perception and culture need to be obtained,whereby,self employment is a way of ending long trem unemployment.
Entrepreneurship has been described as the “capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit” (www.businessdictionary.com). Entrepreneurship takes the economy and the society to the state of progress and prosperity. A career in entrepreneurship provides opportunities for individuals to achieve financial stability and independence. It can also contribute greatly to the economy by creating new jobs, innovation, and increasing economic growth (Ramos, 2014).