Management Process in an Entrepreneurship: Planning, Organizing, Leading and Controlling

Management refers to the ways of the personnel in charge of directing the organization, which in this instance is an entrepreneurship, through the utilization of resources such as labor, capital and assets whether tangible or intangible.

Being in the management connotes power and influence for the person. It is not unusual for an entrepreneur to do all the management functions at the start of the business. It is only later when the business grows that proper designation of functions can be made.

Managing an entrepreneurship means overseeing various functions such as:

Planning - making decisions with regards to the future and making those plans happen.

Organizing - utilizing the fullest potential of resources - people, capital and assets to ensure the success of the plans.

Leading/Motivating - inspiring others to do their part effectively in carrying out the organization's plans.

Controlling - step by step monitoring of the implementation process to see if changes are necessary to be made on the plans.

Entrepreneurs should establish and maintain an environment within the business to encourage efficiency among employees. The functions of management involve planning, organizing, directing, and controlling of resources. These functions are influenced by objectives set by the entrepreneur. They are closely related to each other and interdependent.

Planning pertains to arriving at an efficient process to attain the objectives of the company. It leads the company towards its goals. Organizing coordinates the resources that needed to implement the plan. In organizing, company structure is established, relationships are formed and resources are allotted appropriately to realize the objectives sought for. Directing refers to leading and supervising employees to attain the company objectives. Finally, controlling is confirming if the plan is carried out in actual situation.