MANAGERIAL SKILLS

•Entrepreneurship involves an organization and a management of a business.A business is any type of work, activity; or industry established to render service to a community and provide employment to people through the profits gained by the activity.•Entrepreneurship is the act of being an entrepreneur, which is a French word meaning "one who undertakes an endeavor". Entrepreneurs assemble resources including innovations, finance and business acumen in an effort to transform innovations into economic goods. This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity. The most obvious form of

entrepreneurship is that of starting new businesses; however, in recent years, the term has been extended to include social and political forms of entrepreneurial activity. When entrepreneurship is describing activities within a firm or large organization it is referred to as intra-preneurship and may include corporate venturing, when large entities spin-off organizations.

Important Factor(s) in Entrepreneurial Activity

Management in all business and human organization activity is the act of getting people together to accomplish desired goals and objectives. Management comprises planning, organizing, staffing, leading or directing, and controlling an organization (a group of one or more people or entities) or effort for the purpose of accomplishing a goal. Resourcing encompasses the deployment and manipulation of human resources, financial resources, technological resources, and natural resources.Managing a business organization involves :

-Planning- Organizing- Leading- Controlling

Or

POLC

Planning

Planning in organizations and public policy is both the organizational process of creating and maintaining a plan; and the psychological process of thinking about the activities required to create a desired goal on some scale. As such, it is a fundamental property of intelligent behavior. This thought process is essential to the creation and refinement of a plan, or integration of it with other plans, that is, it combines forecasting of developments with the preparation of scenarios of how to react to them. An important, albeit often ignored aspect of planning, is the relationship it holds with forecasting. Forecasting can be described as predicting what the future will look like, whereas planning predicts what the future should look like

Two attitudes to planning need to be held in tension: on the one hand we need to be prepared for what may lie ahead, which may mean contingencies and flexible processes. On the other hand, our future is shaped by consequences of our own planning and actions.

Organizing

-is the act of rearranging elements following one or more rules.-anything is commonly considered organized when it looks like everything has a correct order or placement.-is needed for resources like human and material. They can be directed to the entity’s goal of profit, or service, or both. Assigning the right person to the job will be a good move on the part of the manager.

“In this world no one rules by love; if you are but amiable, you are no hero; to be powerful, you must be strong, and to have dominion you must have a genius for organizing.” -John Henry Newman

Leading

-Is a way by which the manager directs and influences his/her subordinates to perform certain tasks.- if he/she is a good motivator, he/she can inspire and direct them to do their best for the organization.

-Good leaders are the key to large-scale community organizing. They do not tell other people what to do, but help others to take charge. -They do not grab center stage, but nudge others into the limelight. They are not interested in being The Leader, but in trying to create more leaders. They recognize that only by creating more leaders can an organizing effort expand.

Controlling

-Is one of the managerial functions like planning, organizing, staffing and directing. It is an important function because it helps to check the errors and to take the corrective action so that deviation from standards are minimized and stated goals of the organization are achieved in desired manner.

- Control in management means setting standards, measuring actual performance and taking corrective action.- includes the wise use of resources, budgeting the expenses and the income of the organization.

BUSINESS

PLAN

A business plan is a formal statement of a set of business goals, the reasons why they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals

The business goals may be defined for for-profit or for non-profit organizations. For-profit business plans typically focus on financial goals, such as profit or creation of wealth. Non-profit and government agency business plans tend to focus on organizational mission which is the basis for their governmental status or their non-profit, tax-exempt status, respectively—although non-profits may also focus on optimizing revenue. In non-profit organizations, creative tensions may develop in the effort to balance mission with "margin" (or revenue). Business plans may also target changes in perception and branding by the customer, client, tax-payer, or larger community. A business plan having changes in perception and branding as its primary goals is called a marketing plan.

Ownership - Connotes title to and possession of the enterprise; the power

to determine policies and operation procedures; and the right to receive and dispose the income of the business.

Business Ownership Patterns

Business enterprises are classified into three: (a)Those owned by private

individuals(b)Those owned by the government

or by the state and;(c) Those owned by both the

government or the state and private individuals, commonly called mixed ownership.

Sole or Single

Proprietorship

-It’s a business owned by one person.-A sole proprietorship also known as a sole trader, or simply proprietorship is a type of business entity which is owned and run by one individual and where there is no legal distinction between the owner and the business. All profits and all losses accrue to the owner (subject to taxation). All assets of the business are owned by the proprietor and all debts of the business are their debts and they must pay them from their personal resources. This means that the owner has unlimited liability. It is a "sole" proprietorship in the sense that the owner has no partners (partnership).

Partnership

- A partnership is a type of business entity in which partners (owners) share with each other the profits or losses of the business.-Two or more persons bind themselves to contribute money, property or other assets, to a common fund, with intention of dividing the profits among themselves.- A type of unincorporated business organization in which multiple individuals, called general partners, manage the business and are equally liable for its debts; other individuals called limited partners may invest but not be directly involved in management and are liable only to the extent of their investments.

Corporation-It is an artificial entity created by law,

having the rights of successions and the powers, attributes and properties expressly authorized by law or incident to it’s existence.- Is an institution that is granted a charter recognizing it as a separate legal entity having its own privileges, and liabilities distinct from those of its members.- Exist as a product of corporate law, and their rules balance the interests of its stakeholders; the management who operate the corporation; creditors who loan it goods, services or money; shareholders who invest their capital; the employees who contribute their labor; and the clients they serve. People work together in corporations to produce value and generate income. In modern times, corporations have become an increasingly dominant part of economic life.

Capital Requirement of the business Merchandise to be handled Nature and scope of the market Competition. Pitting a new business venture against a well-entrenched competitor Registration papers

Factors that Affect Business Ownership:

“The entrepreneur is our visionary, the creator in each of us. We're born with that quality and it defines our lives as we respond to what we see, hear, feel, and experience. It is developed, nurtured, and given space to flourish or is squelched, thwarted, without air or stimulation, and dies.”

Michael Gerber - Entrepreneurs - Inspirational

“Nobody talks of entrepreneurship as survival, but that's exactly what it is and what nurtures creative thinking.”

Anita Roddick - Entrepreneurs - Ideas

By Ralph G.(RLUG)