An entrepreneur identifies business opportunities and takes risks to take hold of the idea and make the idea a reality, in the hope of making a profit from the opportunity presented.
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'Management and Entrepreneurs'
Once the entrepreneur has laid the foundation of the enterprise, this person is no longer an entrepreneur but is now a business owner / manager. Having become the manager of the enterprise, the entrepreneur will need to manage the enterprise successful. This entrepreneur, if smart, and aims to be successful, he will need to implement an effective management system, as a poorly managed company is almost destined to fail.
Industry Knowledge: For the entrepreneur to be successful of his new established enterprise, he would need a very deep understanding of the industry, how the industry operates, how the markets work, what drives the market, without an understanding of the industry, the entrepreneur will be setting himself up for failure.
Business Planning: Once the business is established, and the entrepreneur has gained a deep understanding of the industry, the entrepreneur will need to draw up a solid business plan, and how his vision can become reality through proper and analytical planning and controlling of company resources. Through solid planning and knowing where the weaknesses lie, can the manager implement the correct measures to keep the enterprise moving forward. A solid business plan can assist in getting further funding from investors, as the plan tells the investor what the vision and expectations are.
Financial Management: Understanding where the business is heading, the entrepreneur will be in a better position to make financial decisions, based on the inputs to expected outputs, understanding the costs involved in maintaining the business through calculated decisions based on financial controls, optimizing the limited finances in the small enterprise is crucial in future success.
People Management: By not only having a clear vision and finances the entrepreneur still needs to be a people’s person, as the enterprise grows so will the need to increase personnel to ensure the enterprise can keep up with the demands of output. The entrepreneur, will need to determine which management style he would like to adopt when growing the business, not only knowing which management style he would need, he would also need to be an influential leader who can motivate the growing workforce. The entrepreneur will also need to focus on customer management, and how to deal with the different types of customers he may encounter.
Sales and Marketing Management: Having setup the enterprise, and getting the finances in order, the entrepreneur would need to work on getting the product to the attention of the consumer, a strong sales and marketing campaign can make or break the business venture, through these campaigns, the business can generate hype around the product, and getting the product noticed. Arousing emotion through marketing and sales campaigns leads to direct sales.
Reassess / reinvent business: Once the business is established and operational, the entrepreneur can go back to the business plans every quarter or longer, to assess where the company is financially, or in market demand. If the company is heading in the right direction or should there be some adjustments / tweaking in any of the departments should adjustments be required.
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Based on the points mentioned above, we can see that in order for the entrepreneur to be successful in his enterprise, he would have to adopt a number of management processes in order to bring direction, stability and future growth to the business, as with systems in place, can the company get the structure it needs to grow and thrive in an ever changing environment.
