Answer to Question #79546 in Management for ibn hasan

Question

how can entrepreneurs utilise the functions of management in general to increase their success rate. (20marks)

Answer 1

Entrepreneurs are individuals that develop, organize and manage a business venture irrespective of the risks involved in the business with the aim of making a profit. It is observed that entrepreneurs utilise functions of management to enhance the success of the business by minimizing risks. Notably, entrepreneurs are involved in planning, organizing, directing and controlling. Planning is a management function that enables entrepreneurs to determine what they want to achieve and the resources needed to realize a particular goal. Organizing facilitates the development of a structure through which the business operates. On the other hand, directing helps entrepreneurs to determine the strength of the organization and its capacity to improve its performance. Further, controlling is a crucial function that enhances risk reduction. This is done through monitoring business performance that helps entrepreneurs to establish problems and develop strategies that seek to improve the performance of the business.