N5 Entrepreneurship 1. Introduction


Management can be explained in many ways, but should be seen as a process of directing the resources and efforts of a business towards opportunities to achieve profit. Some businesses start off small but develop and grow over time, becoming successful and prosperous businesses. Other businesses that have started stay the same size and never seem to get beyond the one- person business. If you intend your business to grow beyond a one-person business, you need to become a more professional manager. The job of the professional manager is to perform the different functions of a manager, and manage the resources in a business.


Management is the process of directing all the resources and efforts of a business towards opportunities to generate profit. This takes place by planning and organising, and by applying leadership and control.


The different resources managed by a manager Human


Workers, supervisors, managers


Financial Resources Physical


Buildings, assets, equipment, stock


Technological


Production process, Internet, recipes, patents


Own capital, loans investments, cash-flow


The objectives of a business can vary but the bottom line is that a business must make a profit. This, will of course, be achieved through the setting of various other objectives, such as satisfying the needs of the customer, etc. There are four important functions that are designed to assist managers. Managers, who perform these functions in their business, will achieve their objectives. The functions are:


Planning


This deals with compiling a detailed business plan including goals and objectives and the means to achieve them. The compilation of your own business plan was therefore a management function.


Organising


Ensures that your business plan is implemented. In other words, organising your workers, materials, equipment etc. to achieve your objectives.


Leadership


Refers to doing the right things and influencing others to follow suit. The effective leader encourages suggestions to make others perform more productively.


Controlling


This is all about comparing actual results with your business plan and to take corrective action where necessary. Control keeps your business on the right track.


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