Introduction of Entrepreneurial Management Assignment Sample
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Entrepreneurship is a procedure of developing an organization by taking a risk to generate a profit and management. Entrepreneurship helps achieve the goals by managing the organization’s activities. Entrepreneurial leadership has a significant significance on the growth and development of any organization, which can lead to the progress of the economic condition of a country. Moreover, Entrepreneurial management refers to providing innovation inherent in entrepreneurship activities and a solid management structure. Entrepreneurial management involves developing a better organizational system so that the entrepreneurial activities can achieve the organization’s goals. Using proper management skills, the entrepreneurs create better organizational structures, which involve planning, organizing the activities, engaging staff, guiding and directing them, controlling and developing coordination among their activities.
Entrepreneurial management for business development
As found from Rae (2001), the organizational managers properly manage the entrepreneurial business with a solid strategic focus. Managers of EasyJet, an entrepreneurial company, focus on the corporate mission, strategies, operational goals, and values. They communicate each of these missions and importance to the organizational activities in the entrepreneurial business. They develop strategies to enact the employees. As a result, the managers have lessened the hierarchy system in the organization.
By developing a robust organizational synergy, coordination, and communication system among the employees and managers, the entrepreneurial managers stimulate the rate of success. They have also created self-managing teams and a culture that follows no blame (Rae 2001). These features have helped the managers make a good relationship with the investors, customers, government agencies, and suppliers through which all the organizational procedures and functions have become effective. By these, it has become easy for the managers to capture growth by improving the organization’s performance level.
According to Korpysa (2020), focusing on managing and capturing people and staff, implementing necessary financial resources, and operating the technological development appropriately within the entrepreneurial business, the managers play a crucial role in providing the company with what it requires to meet the customers’ demands and implement growth. The most influential side of entrepreneurial management is the economic model of systematic value management. With the help of systematic value management, the managers optimize resource demands and profit of the organization by creating appropriate pricing strategies and controlling the cost. Cost-controlling decisions are also important that the entrepreneurial managers make to allow the business to operate efficiently in the market compared to the competitors. The managers also develop effective strategies to operate the organizational processes to help them achieve maximum efficiency at a low cost.
Eisenhardt (2013), has stated that effective entrepreneurial management is the situation for achieving success in the market. Entrepreneurial management or leadership focuses on strategic management and helping the SMEs grow and develop. Entrepreneurial management consists of the responsibility for developing entrepreneurial behaviours among the staff. The manager of SMEs guide and manage and direct the employees so that they can grasp the behaviours of an entrepreneur and lead the organization towards success. The managers motivate the employees to decrease the organization’s weakness and increase the productivity of the resources that can bring opportunities for the organization. The managers also developed a good culture in the organization by maintaining all the staff’s values of conduct and norms. Entrepreneurial management also develops objectives and goals and makes them intelligible to the staff. The managers try to encourage and motivate the employees to teamwork and maintain good entrepreneurial behaviours by doing so (Eisenhardt 2013). Managers of the entrepreneurial business also play a crucial role in developing a healthy communication system within the organization to help the employees get assistance and support in their needs.
Most importantly, the managers of entrepreneurial SMEs develop Strategies for the organization. As per the strategies, they try to improve the ability of the employees to use the available resources in the SMEs and bring positive success to the SMEs (Eisenhardt 2013). Using a good company culture, providing reward policies, maintaining a good organizational structure, and generating a relation-oriented strategy, the managers try to increase the motivation and improve the behaviour of the employees to meet the entrepreneurial goals.
As supported by Guo (2006), management system model indicates that managers need to interact within the organization and the external environment. The external environment for organizational survival is connected with political, legal, economic, cultural, and ethical factors. Therefore, entrepreneurial business managers must understand how they can develop, implement, innovate, and make effective changes within the organization for its growth and sustainability. Entrepreneurial management also largely impacts healthcare organizations by managing change and bringing innovations to the healthcare sector. The managerial activities consist of 3 different functions, including developing communication systems within the work environment. These activities also include the roles of gathering, collecting, and sharing information with the Employees regarding different entrepreneurial activities in the Healthcare organization.
Furthermore, the managers monitor the performance of the employees and implement necessary strategies as per the outcome of the performance evaluation. By doing this, the managers try to enhance the employees’ skills and improve their entrepreneurial behaviour so that they can provide their best efforts to help the organization succeed. Decision-making is another important role of entrepreneurial management that also helps organization development (Guo 2006). Make effective decisions whenever any difficulty or crisis comes in the entrepreneurial business in terms of the Healthcare organization. Their decision-making ability is crucial because it can help them overcome various challenges. Making the right decision at the right time, the managers also take a huge risk in the entrepreneur business, which also stimulates the company’s growth.
Scientific management theory
Scientific management theory focuses on the management practices that analyse the workflows. The main aim of the scientific management theory is to improve the economic stability of the organization bringing productivity among employees. As per this theory, the managers can identify the problems and based on the problems effective scientific theory is developed (Palla and Billy 2018). The principles of scientific management theory include:
- Using science or technical skills and developing harmony among the employees.
- Increasing cooperation and coordination within the workplace.
- Developing efficiency and productivity of every employee.
By using the scientific management theory, the managers can choose the right person who has the potential to meet the needs of the company. Providing necessary training and skill development courses for the person the managers in power to perform his best level for the work. Scientific management theory helps the managers identify the basic methods of the work, define particular job descriptions, and provide detailed information regarding the skills to complete the work (Palla and Billy 2018).
Strategic management theory
Entrepreneurial managers can use the strategic management theory to bring growth and development within the organization. As per this theory, the managers focus on developing an integrated approach in the company to identify the problems and develop strategies to overcome the challenges (Bogerset al. 2019). Based on this theory, entrepreneurial management can make affected Strategies for operating the business functions effectively. Effective management operations in the entrepreneurial business can lead the company towards better success. Managing every activity in the organization can also help the managers achieve a good outcome, meeting all the objectives and goals of the company.
According to Kuhn, Sassmannshausen and Zolin (2010), the top management teams can influence the performance of the results of the entrepreneurial business. Entrepreneurial firms may fail without maintaining the roles and responsibilities of the members within the organization. The managers play a crucial role in allocating the tasks to the Employees as per their capabilities and responsibilities. The top management teams developed Strategies for generating good teams in which the employees possess enough skills and efficiency to perform the entrepreneur activities. The managers of the entrepreneurial farms develop things in which they focus on diversity and experience. Employees from different backgrounds and skills are engaged in the team through which they can share knowledge and skills with others. It thus helps the team members generate a healthy work environment (Kuhn, Sassmannshausen and Zolin 2010). The team members can also gather good experience and provide their best efforts for organizational success. A team in which all the members are highly skilled and cooperative in completing the task can effectively accomplish the desired goals. Is there by can help the entrepreneurial firm achieve a good performance. Thereby, the entrepreneurial managers can help the entrepreneurial firm grow and develop.
In the study of Kuhn, Sassmannshausen and Zolin (2010), Stevenson’s conceptual dimensions have been analyzed. In this model, entrepreneurial management focuses on some core areas, including strategic orientation, opportunity development, commitment to resources, controlling resources, developing management structure, providing rewards, growth orientation, and entrepreneurial culture. By following these activities, the managers interpret businesses can lead organizations to growth and development. (Sakhdariand Farsi2018) The managers of the business intend to bring rapid growth to the organization. Therefore, they made strategies that can accelerate faster the growth of the company. They also develop an entrepreneurial culture within the organization. They motivate the employees to generate new ideas, implement experiments and engage in different creative activities to produce unique outputs. Thus, they develop an entrepreneurial culture within the organization that improves the entrepreneurial behavior of the employees through which the organization can witness rapid growth.
Five dimensions of entrepreneurial orientation
It is defined as whether or not a person or group of people inside an enterprise has the liberty to expand an entrepreneurial concept, after which they see it via the finishing touch. In a business enterprise that gives excessive freedom, human beings are provided with the independence needed to convey a brand new concept to fruition with the aid of the shackles of company paperwork (Santos et al., 2020). When people and groups are unhindered with the aid of organizational culture and terms, they may be capable of extra successfully checking out and championing innovative thoughts.
Innovativeness is the habit of generating experimentation and creativity or the production of new things. A few improvements construct present capabilities to create incremental enhancements, at the same time as more radical innovations need current-new abilities and might create current abilities out of date (Achtenhagen, 2020).
Competitive aggressiveness is the habit of deeply and without delay projecting rivals in place of looking to ignore them. Competitive actions could consist of fee-slicing and growing spending on advertising and marketing, pleasant, and manufacturing potential (Hernández-Linares and López-Fernández, 2018).
Proactiveness is the habit of assuming and performing on destiny desires in preference to reacting to occasions once they spread. A proactive business enterprise is one which endures a possibility-searching angle (Achtenhagen, 2020). Such corporations act earlier in transferring marketplace desires and are frequently one of the primary ones to go into a new marketplace.
Risk-taking is defined as the tendency to have interaction in formidable as opposed to careful movements. Despite the fact that a common perception regarding marketers is that they may be continual chance takers, studies indicate that marketers no longer understand their moves as unstable and maximum undertake motion only after the usage of making plans and forecasting to lessen uncertainty (Santos et al., 2020).
The extent to which I demonstrate and follow one of the above dimensions is innovativeness; it is the only thing that will generate development as an entrepreneur. On the other hand, innovativeness will help in increasing the growth of the organization in a large sphere (Adeani et al., 2020). It further will assist the employees of the organization in increasing their skills, thereby, more productivity for the company in future.
I always had a very positive and motivating feeling when I became successful in enhancing innovativeness within myself as an entrepreneur. Moreover, I, too, feel very joyous when the innovation is also brought up by my own employees.
It has been evaluated that innovativeness is geared toward growing new merchandise, offerings, and techniques. The ones who can be a success in their innovation attempts have a tendency to experience more potent productivity and expansion than the ones who do not (Markkanen et al., 2020).
It has been analyzed that in the absence of innovativeness, I cannot be able to expand my business or entrepreneurship in other parts of the world, thereby failing to make the organization a multinational. It further helps in increasing competitiveness as an entrepreneur against rival companies in the market (Soundiraraj and Babu, 2022).
It has been concluded that innovativeness will help in increasing the growth of the organization in a large sphere. Moreover, it has been recognized that innovativeness is geared toward growing new merchandise, offerings, and techniques.
If I again get the chance to demonstrate the dimensions of entrepreneurial orientation, then next time, I will select risk-taking along with innovativeness which will help me in achieving a bigger vision in future.
Throughout this entire discussion, it can be stated that entrepreneurial management plays a crucial role in helping the company obtain its goals. By creating an entrepreneurial culture and behavior, the business managers can motivate all the employees to give their best efforts to increase the chances of success. Therefore, managers are very important role players in every organization because they manage the organizational activities and direct and guide the employees and enhance their potential for meeting the company’s expectations. It had also been analyzed that Despite the fact that a common perception regarding marketers is that they may be continual chance takers, studies indicate that marketers no longer understand their moves as unstable and maximum undertake motion only.
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