This document outlines the key management functions of an entrepreneur: planning, staffing, organizing, directing, and controlling. It provides definitions for each function: planning involves defining goals and strategies; staffing is the recruitment and development of personnel; organizing establishes authority relationships and divisions of work; directing oversees employee performance; and controlling measures progress and ensures goals are met. In reflection, the document emphasizes that understanding these management functions provides insight into how to be a successful entrepreneur through taking risks and maintaining a positive mindset.
4. WHAT IS PLANNING?
•PLANNING IS ALSO A MANAGEMENT PROCESS, CONCERNED WITH
DEFINING GOALS FOR A COMPANY'S FUTURE DIRECTION AND
DETERMINING THE MISSIONS AND RESOURCES TO ACHIEVE THOSE
TARGETS. TO MEET OBJECTIVES, MANAGERS MAY
DEVELOP PLANS, SUCH AS A BUSINESS PLAN OR A
MARKETING PLAN.
6. WHAT IS STAFFING?
•STAFFING IS THE MANAGERIAL FUNCTION OF RECRUITMENT,
SELECTION, TRAINING, DEVELOPING, PROMOTION AND
COMPENSATION OF PERSONNEL. STAFFINGMAY BE DEFINED AS
THE PROCESS OF HIRING AND DEVELOPING THE REQUIRED
PERSONNEL TO FILL IN THE VARIOUS POSITIONS IN THE
ORGANIZATION.
8. WHAT IS ORGANIZING?
• ORGANIZING IS THE ESTABLISHMENT OF EFFECTIVE AUTHORITY
RELATIONSHIPS AMONG SELECTED WORK, PERSONS AND WORK PLACES IN
ORDER FOR THE GROUP TO WORK TOGETHER EFFICIENTLY. OR IT IS A
PROCESS OF DIVIDING WORK INTO SECTIONS AND DEPARTMENTS.
10. WHAT IS DIRECTING?
• DIRECTING IS SAID TO BE A PROCESS IN WHICH THE MANAGERS INSTRUCT,
GUIDE AND OVERSEE THE PERFORMANCE OF THE WORKERS TO ACHIEVE
PREDETERMINED GOALS.DIRECTING IS SAID TO BE THE HEART
OF MANAGEMENTPROCESS. PLANNING, ORGANIZING, STAFFING HAVE GOT NO
IMPORTANCE IF DIRECTIONFUNCTION DOES NOT TAKE PLACE.
12. WHAT IS CONTROLLING?
• MANAGEMENT WHICH HELPS TO SEEK PLANNED RESULTS FROM THE
SUBORDINATES, MANAGERS AND AT ALL LEVELS OF AN ORGANIZATION.
THE CONTROLLING FUNCTION HELPS IN MEASURING THE PROGRESS
TOWARDS THE ORGANIZATIONAL GOALS & BRINGS ANY DEVIATIONS, &
INDICATES CORRECTIVE ACTION.
14. MANAGEMENT FUNCTION OF AN ENTREPRENEUR GIVES
EVERYONE EACH OF US AN IDEA THAT IS ALL ABOUT BUSINESS
ALSO IDEA OF HOW TO BE A GOOD ENTREPRENEUR AND HOW
TO BE A SUCCESSFUL ENTREPRENEUR,EASY AND SIMPLE YOU
ONLY HAVE TO BE A RISK TAKER WITH A GOOD AND POSITIVE
MIND,“STAY FAITHFUL,DON’T LOST HOPE”
