Chapter Six – Elements of Management & Entrepreneurship

Elements of Management (POLC)

• Core tasks: planning, organizing, leading, controlling
• Supplementary tasks: coordination, communication, delegating, decision-making, disciplinary action, motivation

Business Plan Essentials

• Formal, yet flexible document defining goals and strategy
• Key planning tools: timelines, Gantt charts, action plans, work-breakdown structure
• Full implementation of each tool underpins successful entrepreneurship

Entrepreneurship vs Intrapreneurship

• Entrepreneur: accepts personal risk to start and run a venture, often informal or short-term
• Intrapreneur: applies entrepreneurial thinking inside an existing firm, with income stability and reduced risk

Entrepreneurial Process

• Environmental scanning → planning → resourcing → preparation → action → evaluation (cycle repeats as firm grows)

Levels of Management

• Top: strategic vision and long-term objectives
• Middle: tactical plans that realise top-level strategy
• Lower: operational supervision of frontline activities

Core Management Tasks

• Planning: define objectives, formulate action plans, anticipate problems
• Organizing: allocate resources, delegate authority, establish structure, maintain accountability
• Leading: energise staff through guidance, direction, motivation, communication
• Controlling: measure performance against standards, identify deviations, enforce corrective action, conduct audits

Entrepreneurial Qualities & Skills

• Passion, vision, creativity, calculated risk-taking
• Leadership, independence, perseverance, commitment, opportunity awareness
• Must recognise personal skill gaps and recruit accordingly

Types of Entrepreneurs

• Social entrepreneur: targets social problems; profit secondary
• Technopreneur: leverages technology for novel solutions
• Ecopreneur: prioritises environmental sustainability alongside profit
• Tenderpreneur: secures contracts (tenders) from public or private entities to supply specified goods or services

Functional Areas of Management

• Purchasing, production, marketing, finance, administration, human resources, risk management

General Manager Requirements

• Appropriate education and managerial training
• Ability to coordinate, think strategically, and innovate
• Strong human-relation skills; flexibility and accessibility
• Decisive guidance and sound decision-making