CBSE BoardEnglish MediumSTD 11 CommerceEntrepreneurshipEntrepreneurship: Concept and Functions5 Marks
Question
Explain any four managerial functions of an entrepreneur?
✓
Answer
Managerial functions of an entrepreneur:
Planning: It is the basic managerial function of an entrepreneur. It helps in determining the course of action to be followed to achieve various entrepreneurial objectives. Planning is concerned with the mental state of the entrepreneur. It is decision making in advance: what to do,when to do, how to do and who will do a particular task.
Organizing: Every business enterprise needs the service of a number of persons to look after its different aspects. The entrepreneur sets up the objectives or goals to be achieved by its personnel. The function of organising is to arrange guide, co-ordinate, direct and control the activities of the factors of production.
Staffing: The function involves making appointments for the positions created by the organisational process. It is concerned with the human resources of an enterprise. It consists of human resources, manpower planning, recruitment, selection and placement of manpower, human resource development, promotion, transfer, appraisal and determination of employee’s remuneration.
Directing: It is concerned with carrying out the desired plans. It initiates organised and planned action, and ensures effective performance by subordinates towards the accomplishment of group activities.
Leadership: It is the process by which an entrepreneur imaginatively directs/ guides and influences the work of others in choosing and attaining specified goals by mediating between the individual and organisation in such a manner that both will get the maximum satisfaction.
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