2. POSDCORB’
P – PLANNING
O – ORGANIZING
S – STAFFING
D – DIRECTING
CO-ORDINATION
R – REPORTING
B – BUDGETING
3. Planning
Planning requires the entrepreneur to have
objectives that they set. They will determine in
advance how the objectives will be seen to. In the
planning stages it is very important that goals are
outlined in a clear and concise manner so that the
rest of the team can follow how the goals will be
met
4. Organizing
It is the process of bringing together physical, financial and
human resources and developing productive relationship
amongst them for achievement of organizational goals.
According to Henry Fayol, “To organize a business is to
provide it with everything useful or its functioning i.e. raw
material, tools, capital and personnel’s”. To organize a
business involves determining & providing human and non-
human resources to the organizational structure.
5. STAFFING
It is the function of manning the organization
structure and keeping it manned. Staffing has
assumed greater importance in the recent
years due to advancement of technology,
increase in size of business, complexity of
human behavior etc.
6. DIRECTING
It is that part of managerial function which actuates
the organizational methods to work efficiently for
achievement of organizational purposes. It is
considered life-spark of the enterprise which sets it
in motion the action of people because planning,
organizing and staffing are the mere preparations
for doing the work.
7. CONTROLLING
It implies measurement of accomplishment
against the standards and correction of
deviation if any to ensure achievement of
organizational goals. The purpose of
controlling is to ensure that everything occurs
in conformities with the standards.
8. COORDINATION
Coordination is the function of
management which ensures that
different departments and groups work
in sync. Therefore, there is unity of action
among the employees, groups, and
departments.
9. REPORTING
The reporting to management is a process of
providing information to various levels of
management so as to enable in judging the
effectiveness of their responsibility centers
and become a base for taking corrective
measures, if necessary.
10. BUDGETING
Budgeting, when done properly, can serve as a
planning an controlling system. The company’s goals
and performance objectives are documented in
financial terms. Once formulated, these plans are
used throughout the year. Monthly performance
reports compare budgeted results with actual results
11. MY REFLECTION
I have learned about the different management
functions of an entrepreneurs and the difference
between these. It is important to remember while
making a business because it can help you to do the
task or business at a specific time.
