Entrepreneurship

1. Management Functions
of an Entrepreneur

2. What is management function?
 The major functions that a manager completes can be
categorized into four different functions known as
planning, organizing, leading, and controlling. For some
of us, we only see the final two - leading and controlling
but you should know that for every managerial behavior
you do see, there is an equal amount that you do not.
Behind the manager's closed door, he or she spends a
good deal of his or her time planning and organizing, so
that he or she can effectively carry out the functions of
leading and controlling.
~study.com

3. What arethe different management
functions?
 Planning
 Organizing
 Staffing
 Directing/Leading
 Motivating
 Coordination
 Controlling

4.  Different experts have classified functions of management.
According to George & Jerry, “There are four fundamental functions
of management i.e. planning, organizing, actuating and
controlling”.
 According to Henry Fayol, “To manage is to forecast and plan, to
organize, to command, & to control”. Whereas Luther Gullick has
given a keyword ’POSDCORB’ where P stands for Planning, O for
Organizing, S for Staffing, D for Directing, Co for Co-ordination, R
for reporting & B for Budgeting. But the most widely accepted are
functions of management given by KOONTZ and O’DONNEL
i.e. Planning, Organizing, Staffing, Directing and Controlling.
~Management Study Guide

5. Planning
 Planning is a management process. It is the first step of
management function. Planning is how to do a work, when have to
do this work, who will do this work and by whom will do this work.
Planning means the process of achieving goals, development and
establishment. Planning means deciding how best to achieve goals,
profit and applying best strategies.
 Planning is looking ahead. According to Henri Fayol, drawing up a good plan
of action is the hardest of the five functions of management. This requires an
active participation of the entire organization. With respect to time and
implementation, planning must be linked to and coordinated on different
levels. Planning must take the organization’s available resources and flexibility
of personnel into consideration as this will guarantee continuity
~msg

6. Underof Planning
 STRATEGIC PLANNING.
*Strategic planning involves analyzing competitive opportunities
and threats, as well as the strengths and weaknesses of the
organization, and then determining how to position the organization to
compete effectively in their environment. Strategic planning has a long
time frame, often three years or more. Strategic planning generally
includes the entire organization and includes formulation of objectives.
Strategic planning is often based on the organization's mission, which
is its fundamental reason for existence. An organization's top
management most often conducts strategic planning.

7.  TACTICALPLANNING.
*Tactical planning is intermediate-range planning that is designed
to develop relatively concrete and specific means to implement the
strategic plan. Middle-level managers often engage in tactical planning.
Tactical planning often has a one- to three-year time horizon.
 OPERATIONALPLANNING.
*Operational planning generally assumes the existence of objectives
and specifies ways to achieve them. Operational planning is short-range
planning that is designed to develop specific action steps that support
the strategic and tactical plans. Operational planning usually has a
very short time horizon, from one week to one year.
~reference for business

8. Organizing
 Organizing is the second function of management. it follows the planning. Organizing is a
management process that refers to the relationship between people,work and resources
that is used to achieve goals. In organizing system top management first fixes the common
objective, way and resources. In organizing the manager make different kind of
department and mixed all the department for better work.
 An organization can only function well if it is well-organized. This means that
there must be sufficient capital, staff and raw materials so that the
organization can run smoothly and that it can build a good working structure.
The organizational structure with a good division of functions and tasks is of
crucial importance. When the number of functions increases, the organization
will expand both horizontally and vertically. This requires a different type of
leadership. Organizing is an important function of the five functions of
management.
~bconsi.blogspot.com

9. Process Involves:
 Identification of activities.
 Classification of grouping of activities.
 Assignment of duties.
 Delegation of authority and creation of responsibility.
 Coordinating authority and responsibility relationships.

10. Identificationof an activity
 One of the more difficult areas of Activity Based Costing (ABC) is the
identification of activities. If ABC is done primarily to determine the
accurate cost of products or services, activities can be identified at a
high level. However, if ABC is done as part of the process study for
a Business Process Engineering (BPE) initiative, the activities need to
be identified at a lower level of detail. Fortunately, the BPE
methodology looks at business processes at a fine level of detail. This
is done as part of the task "Document Business Process.“
~toolbox

11. Classificationof grouping of an
activities:
All the activities which have to be performed in a
concern have to be identified first. For example,
preparation of accounts, making sales, record keeping,
quality control, inventory control, etc. All these
activities have to be grouped and classified into units.
~msg

12. Assignment of Duties:
 Duties are the tasks an individual is required to perform. One of the principles
of organization you should observe is that every duty that is to be
performed must be assigned to someone. This
means that the obscure or once-in-a-while jobs must be assigned as well as
the jobs that are done each day. When individuals are assigned jobs, they
should have a thorough knowledge of all the
procedures involved, the publications or other directives required, and
where they can obtain this type of information. Persons who are assigned to
jobs should also know the order in which various steps of jobs should be
perform. In addition, people should recognize that they are expected to
complete the task in a minimum amount of time and yet consistently
demonstrate a certain level of quality in workmanship.
 ~navyadministration

13. Delegationof authorityand creationof
responsibility:
 A manager alone cannot perform all the tasks assigned to
him. In order to meet the targets, the manager should
delegate authority. Delegation of Authority means division of
authority and powers downwards to the subordinate.
Delegation is about entrusting someone else to do parts of
your job. Delegation of authority can be defined as
subdivision and sub-allocation of powers to the subordinates
in order to achieve effective results.
~msg

14. CoordinatingAuthorityandresponsibility
relationship:
In an organization, dividing work among people and
coordinating their activities towards a common
objective needs to be done efficiently. Authority and
responsibility are two of the most important
components of a smooth-functioning business.
~toppr.com

15.  After the organizing, the function of management is staffing. Employee are
the most important resource of any organization. The right staff is very
important for a company because he can change and ensure the organization
future success. Staffing is like a function or term that refers recruitment,
selection, acquiring, training, appraising employees.
 This function is even more critically important since people differ in their
intelligence, knowledge, skills, experience, physical condition, age and
attitudes, and this complicates the function. Hence, management must
understand, in addition to the technical and operational competence, the
sociological and psychological structure of the workforce.
~Management Study Guide
Staffing

16. Directing/Leading
 Directing is a process in which the managers instruct, guide and
overview the performance of the workers of a company to achieve
goals. Directing is a very hard and heart task of management
process. it the function of Staffing. Planning, organizing, staffing
have not any place if direction function does not play its role
properly. Directing is a continuous process that run its function at
top level and flows to the bottom with organizational hierarchy.
 The directing function is concerned with leadership,
communication, motivation and supervision so that the employees
perform their activities in the most efficient manner possible, in
order to achieve the desired goals.
~Management Study Guide

17. Underof Directing/Leading
 Leadership
*element involves issuing of instructions and guiding the subordinates about
procedures and methods.
 Communication
*must be open both ways so that the information can be passed on to the
subordinates and the feedback received from them.
 Motivation
*is very important, since highly motivated people show excellent performance
with less direction from superiors.
 Supervising
*subordinates would lead to continuous progress reports as well as assure the
superiors that the directions are being properly carried out.
~Management Study Guide

18. Motivating
 Planning has been established and organization has begun
now the motivation is necessary to carry out the whole work.
In management motivation refers ways in which managers
promote the productivity in their employees. Motivating is a
manager's job to motivate employees to do their jobs well and
fell to perform well with happiness
~Management Study Guide

19. Coordination
 In organization, different types of work are performed by
various departments and no single department or group can
not achieve the goals if they doesn't work as a whole. Co-
ordination is ensures the unity of action among individuals,
department and groups in carrying out the different tasks as
to achieve the organizational goals properly. The
coordinating is only applies to groups efforts but there is no
need it when only individual is working.
~Management Study Guide

20. Controlling
 Controlling is the last step in the management functions process. This
process is simply steps of manager to determine whether organizational
goals have been met. Controlling is a continuous and forward looking
process which is the standard of measurement of a company or
organization. There is a close link in planning and controlling in
management function process.
 A manager requires to do prediction, taking decision, determining
controlling area etc. various type of functions along with regular
functions which are discussed above. In one word, all the tasks are
completed by the manager to achieve goal are the functions of
management.
 ~Management Study Guide

21. My Reflection
 About our topic: I’ve learned that management
function is needed in different businesses so that the
manager and the workers will successfully finish the
job earlier to the due date of submission. There are
different management function; Planning,
Organizing, Staffing, Directing/Leading , Motivating,
Coordination, and Controlling.