These roles are very crucial to an organization and its people.
Top 9 Essays Business Management Article shared by: Entrepreneurship is the name given to the factor of production which performs the functions of Enterprise.
In economics, Land, Labour, Capital, Organisation and Enterprise are the five factors which are thought to be the basis of all the production activities.
Entrepreneurship in a broader sense can be considered as a process of action undertaken by an entrepreneur Person to establish his enterprise. It is a creative and innovative response to the environment.
Entrepreneurship can be described as a creative and innovative response to the environment.
Such responses may take place in any field of social endeavour may be business, agriculture, social work and education etc. For the entrepreneur it is important to have knowledge about the economic and political environment, more particularly about the economic policies of the government and the financial as well as commercial institutions.
Thus a simple definition of entrepreneurship is doing new things or doing things which are already being done in a new way.
According to Higgins, Entrepreneurship is meant for the function of seeing investment and production opportunity, organising in enterprise to undertake a new production process, raising capital, hiring labour, arranging the supply of raw materials, finding site, introducing new techniques and commodities, discovering new sources of raw materials and selecting top managers for day to day operation of the enterprise.
It may be concluded that entrepreneurship is a composite skill, the resultant of many qualities and traits. These include, imagination ready to take risk, ability to bring together and utilize other factors of production such as capital, land and labour along with intangible factors such as capability to mobilise scientific and technological developments.
Entrepreneurship thus involves taking risk and making essential investments under conditions of uncertainty. At the same time it is connected with innovation, planning and taking decisions so as to increase productivity in industry, business and agriculture etc.
It thus plays a key role in the process of economic development. Entrepreneurship is the inclination of mind to take calculated risks with confidence to achieve a predetermined business or industrial objectives.
Growth and Success of Entrepreneurship: Entrepreneurship has opened avenues of great scope in the Indian economy. Our national economy is most suited to the growth of small business enterprise. Small business units offer a more convenient means of nurturing and developing entrepreneurship by providing the means of entry into business for new entrepreneurship talents.
Following aspects are necessary for the successful entrepreneurship: Regular inflow of information related to buyers, consumers, distributors, dealers, retailers, transporters etc.
Satisfying the needs of customers. Generation of adequate cash flow. Regular objective assessment of the enterprise. Use of technology of the time. Scrap or waste material be utilised properly. An entrepreneur is a person who is motivated to satisfy a high need for achievement in innovative and creative activities.INTRODUCTION.
Project Management has become the burning need of the organizations today. Quality, cost and Speed control are taking huge significance in every business. Understanding project management helps the managers to establish an effective approach to manage and control the new initiatives taken for effective performance of /5(14K).
Management Skills, Roles & Functions (Essay) This page investigates the skills, roles and functions of Management. For any organisation to achieve the goals it has established and be successful it needs managers to correctly implement and understand the functions, skills and roles involved in the managerial process.
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Human resources professionals make a difference — their role is a mission-critical aspect of any organization. Whether it’s recruiting the best talent, coordinating staff training, developing and enforcing employment policies or shaping compensation and benefits, HR specialists perform vital functions that directly impact a company’s health and success.
The Role and Attributes of Managers Essay Discuss the role of the manager in successful organisations and consider the required attributes and qualities for a successful manager.
It is a well-known fact that the world was and still is full of organisations; they play a significant and continuing role in our lives. Managerial accounting is not as widely used as other forms of accounting, nor is it as known. While companies concern themselves with financial accounting methods like audits, budgets and financial statements, they often completely ignore the forward-thinking methods of managerial accounting.
Being a coach or a mentor is not an easy role to perform. These roles are very crucial to an organization and its people. Because of this, when investing in coaching and mentoring programs in the workplace, quality must be observed in terms of the processes, standards, and the people assigned to do coaching.