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