Entrepreneurship is all about creating a new business and making it a success. The entrepreneurial process entails three distinct kinds of functions to be carried out by the entrepreneurs.
Management Functions:
Function to be carried to run entrepreneurial enterprise
- Planning
- organizing
- Staffing
- Controlling
- Motivating
Additional Functions
A new enterprise depending on the progress it makes or challenges it needs to face, entails the following functions
- Expansion- growing business - ( see Yahoo has bought Maktoob )
- Diversification- entering into a new segment ( Nokia has entered Laptop business)
- Employee issues - recruitment/attrition
- Co-ordination with external world
While entrepreneurship is a universal phenomenon, any instance of it happens in a local conditions. In developing countries such as India, entrepreneurs may have to deal with following functions
- Management of scare resources ( talent, raw material)
- Dealing with Public ( eg. Tata's challenge in West Bengal)
- Engineering
- New products
- Parallel opportunities
No comments:
Post a Comment