Entrepreneurship - a special kind of activity. Its constant conditions are limited resources, competition and uncertainty of the situation. The main tools of the entrepreneur are: thrift, cooperation and innovation. Consequently, enterprise is the independent economic entity, with rights of a legal entity, which is based on the use of labor collective property produces and sells products, works, and provides services. And so, even taking into account the fact that the HR department of the enterprise are recruiting employees who will perform specific tasks assigned to them for the benefit of businesses, dealing with employee training and increase their professional level, in fact, the personnel office does not play a significant role in the …show more content…
In other words, the very existence of management and power, which is being used are justified only if it provides the required economic results. Of course, this activity can bring outstanding results of non-economic nature such as the employees’ satisfaction with their lives and contribution to the welfare of society or culture. Nevertheless, it can be argued that if management does not ensure the achievement of certain economic results, its activities should be recognized as ineffective. Management failed, if the company does not deliver the goods and services necessary to the consumer at a price that consumers are willing to pay. Management of the enterprise failed, if the production potential was not improved or at least maintained the same level. It follows the first definition of management: an economic body, or rather exclusively economic body of industrial society. We can say that the first measurement of each action, each decision and management considerations is precisely the economic …show more content…
However, such an appointment of management sets it apart from all other governing bodies of all other public institutions. Government, army and church - in fact, all the major institutions - should have an appropriate department is somewhat reminiscent of the company's management. The aim of any company is production of goods and services. There is no doubt that in carrying out its primary functions, and in accordance with the political and ethical society, the company strengthens the economic power of this society. But these political and ethical principles are adverse conditions restricting, modifying, stimulating or, conversely, constraining economic activity of the enterprise. Basis of business, life principle, which determines its nature, is its
Effective managers optimize the use of resources. They gain a thorough understanding of each resource to maximize the value of an investment. For instance, they would ensure the owner’s manual for a new piece of equipment so that users can maximize the equipment’s benefits and features. They would also focus attention on the organizations most valuable resource – their human capital. Effective managers facility their teams success by fully developing employee talent through training and
Another strategy for start-ups to follow during recessionary environment is a “Lean start-up” strategy (Singh et al., 2009). Many start-ups do not manage to survive because they spend a lot of money and time trying to produce products that customers might not need or like and therefore will mathematically drive the company out of business. This is what professor of HBS, Eisenman (Nobel, 2012). Ries, 2011, said; “startup success is not a consequence of good genes or being in the right place at the right time. Startup success can be engineered by following the right process, which means it can be learned, which means it can be taught”. The methodology on start-up businesses is all about avoiding waste in terms of money and time. A good example is through the Toyota Production System (Dennis 2002).
· Enterprise or Entrepreneurship: The fourth factor of production, involving human resources that carry out the functions of raising capital, organizing, managing, bringing together other factors of production, and making fundamental business policy decisions.
There are several theories has been developed by different scholars for entrepreneurship development since couple of decades. A consistent universal theory does not present in entrepreneurship, but rather it contains of several approaches such as economics, psychology, sociology, anthropology, regional science. All theories has explored the rationality with the emergence of new entrepreneurs and theirs contribution in socio-economic development of a country (Sexton, 1997). Many of these studies assume that all entrepreneurs are similar including the owner of small enterprises and high growth innovative ventures. The following section some of theories explained and finding the literature gap and selecting the appropriate theory for this study.
Entrepreneurship is the activity of setting up a business or businesses, taking on financial risks in the hope of profit. (Retrieved from https://en.oxforddictionaries.com/definition/entrepreneurship);
The article of ‘’entrepreneurship and Comparative advantage’’ written by Carmen Elena Dorobat and Mihai-Vladimir Topan shows the relationship between comparative advantage and entrepreneurship and the role of entrepreneurship in the international trade. It also goes in depth to explain the importance and the need for the entrepreneurship in the modern society and the ways it can affect the certain aspects of the economy of a nation and furthermore explains in brief the history of entrepreneurship. The article also explains the relation of entrepreneurship and international specialization and the important concept of the entrepreneurial judgment.
Entrepreneurship has been described as the “capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit” (www.businessdictionary.com). Entrepreneurship takes the economy and the society to the state of progress and prosperity. A career in entrepreneurship provides opportunities for individuals to achieve financial stability and independence. It can also contribute greatly to the economy by creating new jobs, innovation, and increasing economic growth (Ramos, 2014).
Management success is expanding through accomplishment of mission and objectives of the organization. Managers and leaders fail when they do not achieve mission and objectives established. Success and failure are attached in a straight line to the reasons for being in business, mission and objectives. On the other hand, accomplishing mission and objectives is not enough. Success requires equally effectiveness and efficiency. Managers, leaders and supervisor who achieve their mission and objectives are believed to be effective. Efficiency describes the connection between the amount of resources used (the input) and the amount to which objectives were accomplished (the output). However, management is complete only if the manager or team leader has become familiar with the specific situation in which he or she can develop and applied each one of the four function of management.
Nowadays, entrepreneurship becomes most popular career, where our government encourages our graduated student to involve in business so that unemployment will not happen in our country. Policymakers, academics, and researcher agree that entrepreneurship is a vital route to economic advancement for both developed and developing economics (Zelealem et al., 2004). Entrepreneurship has many types for example small business and others. Today small business, particularly the new ones, is the main vehicle for entrepreneurship, contributing not just to employment, social and political stability, but also to innovation and competitive power (Thurik & Wennekers, 2004).
Management is not just about making decisions, watching over employees, and bossing others around. Good management result is satisfied customers, who provide better customer service. In order for new managers to be successful they need to be about to have good communication, human skills, and ability to motivate others. The ability to do these skills effectively makes a big difference in a manager and the company’s overall success. Companies depend on managers to fulfill skills and knowledge to help their company excel. The knowledge managers need to possess is technological inclined and globalization. Effective management can enhance a company’s performance by contributing to employees and customer satisfaction, productivity, development (Noe, Hollenbeck, Gerhart, & Wright, 2010).
Many people dream of becoming entrepreneurs someday. But it made me realize that there other factors that needs to be taken into consideration. We need to ask ourselves are we ready to take the challenge to the outside world. Not everyone have the vision, innovation and creativity to become an entrepreneur. The individual must have a positive attitude and accept the responsibility, have discipline to meet their goals, and take action when the opportunity presents itself. Many prefer a job security and rely on a weekly paycheck, while entrepreneurs will take risks and doesn 't have that luxury to know the amount of their income.
Enterprise is the organization that applies the innovative attitudes, skills and behavior (Gibb, 2000). According to Bridge, O’neil, and Martin (2009), ‘enterprise’ was defined as the activity of people to create jobs. There were two meanings of enterprise. The first one is ‘narrow’. It indicates that enterprise equal to the entrepreneurship. In other words, ‘enterprise’ and ‘entrepreneurship’ are interchangeable. In addition, the enterprise is a process for a company which comprise of 1) start-up a new business; 2) being in business; 3) growing and developing a business.
Being an entrepreneur, is advanced citizenship, you have to want it real bad. Entrepreneur is not entitlement. Being an entrepreneur is a life commitment. Like in the movie Wall Street, a famous line was "You can 't be a little bit pregnant." The fact is you can 't be an on again, off again entrepreneur.
The theory of the Entrepreneur focuses on the heterogeneity of beliefs about the value of resources (Alvarez and Busenitz, 2001: 756). Contemporary writers in management and business have presented a wide range of theories of entrepreneurship. Many of the leading thinkers remain true to the Say-Schumpeter tradition while offering variations on the theme. For instance, in his attempt to get at what is special about entrepreneurs, Peter Drucker starts with Say’s definition, but amplifies it to focus on opportunity. Drucker does not require entrepreneurs to cause change, but sees them as exploiting the opportunities that change (in technology, consumer preferences, social norms, etc.) creates. He says, “this
Entrepreneurship can be defined as the process of buiding ,creating,sustaining and initiating a venture from pratically nothing, in the sense of uncertainty and risk ,and having the ability to succeed against all difficulties. Entrpreneurship is essentially important to the economic and social development of south Africa .Entrepreneurs use innovation to create new, competitive markets and job creation by establishing businesses, which as a result have a positive effect on the economy (First National Bank, n.d.).South Africa stands against a evolving and culturally diverse enterpreneurial growth but it still lags behind many other comparabe countries.Unemployment and poverty has massively increased and shows no sign of slowing down.These increasing levels can be affectively sustained through the advancement of entrepreneusrship.However,to achive enterpreneurial growth,committed change in public perception and culture need to be obtained,whereby,self employment is a way of ending long trem unemployment.