Great Works! :))

1. MANAGERIAL
SKILLS

2. •Entrepreneurship involves an organization and a management of a business.
A business is any type of work, activity; or industry established to render
service to a community and provide employment to people through the profits
gained by the activity.
•Entrepreneurship is the act of being an entrepreneur, which is a French word
meaning "one who undertakes an endeavor". Entrepreneurs assemble resources
including innovations, finance and business acumen in an effort to transform
innovations into economic goods. This may result in new organizations or may
be part of revitalizing mature organizations in response to a perceived
opportunity.
The most obvious form of entrepreneurship
is that of starting new businesses;
however, in recent years, the term has been
extended to include social and political
forms of entrepreneurial activity. When
entrepreneurship is describing activities
within a firm or large organization it is
referred to as intra-preneurship and may
include corporate venturing, when large
entities spin-off organizations.

3. Important Factor(s) in Entrepreneurial Activity
Management in all business and human organization activity is the act of getting
people together to accomplish desired goals and objectives. Management comprises
planning, organizing, staffing, leading or directing, and controlling an organization (a
group of one or more people or entities) or effort for the purpose of accomplishing a
goal. Resourcing encompasses the deployment and manipulation of human
resources, financial resources, technological resources, and natural resources.
Managing a business organization involves :
-Planning
- Organizing
- Leading
- Controlling
Or
POLC

4. Planning
Planning in organizations and public
policy is both the organizational process of
creating and maintaining a plan; and the
psychological process of thinking about
the activities required to create a desired
goal on some scale. As such, it is a
fundamental property of intelligent
behavior. This thought process is essential
to the creation and refinement of a plan, or
integration of it with other plans, that is, it
combines forecasting of developments
with the preparation of scenarios of how to
react to them. An important, albeit often Two attitudes to planning need to be
ignored aspect of planning, is the held in tension: on the one hand we
relationship it holds with forecasting. need to be prepared for what may lie
Forecasting can be described as predicting ahead, which may mean contingencies
what the future will look like, whereas and flexible processes. On the other
planning predicts what the future should hand, our future is shaped by
look like consequences of our own planning and
actions.

5. Organizing
-is the act of rearranging
elements following one or more
rules.
-anything is commonly
considered organized when it
looks like everything has a correct
order or placement.
-is needed for resources like
human and material. They can be
directed to the entity’s goal of
profit, or service, or both.
Assigning the right person to the
job will be a good move on the
part of the manager. “In this world no one rules by love; if you are
but amiable, you are no hero; to be
powerful, you must be strong, and to have
dominion you must have a genius for
organizing.”
-John Henry Newman

6. Leading
-Is a way by which the
manager directs and
influences his/her
subordinates to perform
certain tasks.
- if he/she is a good
motivator, he/she can inspire
and direct them to do their
best for the organization.
-Good leaders are the key to large-scale community organizing. They do not tell other
people what to do, but help others to take charge. -They do not grab center stage, but
nudge others into the limelight. They are not interested in being The Leader, but in
trying to create more leaders. They recognize that only by creating more leaders can
an organizing effort expand.

7. Controlling - Control in
management
means setting
-Is one of the standards,
managerial measuring actual
functions like performance and
planning, organizin taking corrective
g, staffing and action.
directing. It is an - includes the wise
important function use of resources,
because it helps to budgeting the
check the errors expenses and the
and to take the income of the
corrective action so organization.
that deviation from
standards are
minimized and
stated goals of the
organization are
achieved in desired
manner.

8. A business plan is a formal
statement of a set of business
goals, the reasons why they are
believed attainable, and the plan for
reaching those goals. It may also
contain background information
about the organization or team
attempting to reach those goals
The business goals may be defined for for-profit or for non-profit
organizations. For-profit business plans typically focus on financial goals,
such as profit or creation of wealth. Non-profit and government agency
business plans tend to focus on organizational mission which is the basis for
their governmental status or their non-profit, tax-exempt status,
respectively—although non-profits may also focus on optimizing revenue. In
non-profit organizations, creative tensions may develop in the effort to
balance mission with "margin" (or revenue). Business plans may also target
changes in perception and branding by the customer, client, tax-payer, or
larger community. A business plan having changes in perception and
branding as its primary goals is called a marketing plan.

9. - Connotes title to and possession of the enterprise; the power to determine
policies and operation procedures; and the right to receive and dispose the
income of the business.
Business enterprises are classified into three:
(a) Those owned by private individuals
(b) Those owned by the government or by
the state and;
(c) Those owned by both the government or
the state and private individuals,
commonly called mixed ownership.

10. -It’s a business owned by one person.
-A sole proprietorship also known as a sole
trader, or simply proprietorship is a type of
business entity which is owned and run by one
individual and where there is no legal
distinction between the owner and the business.
All profits and all losses accrue to the owner
(subject to taxation). All assets of the business
are owned by the proprietor and all debts of the
business are their debts and they must pay them
from their personal resources. This means that
the owner has unlimited liability. It is a "sole"
proprietorship in the sense that the owner has
no partners (partnership).

11. - A partnership is a type of business entity in
which partners (owners) share with each
other the profits or losses of the business.
-Two or more persons bind themselves to
contribute money, property or other assets, to
a common fund, with intention of dividing
the profits among themselves.
- A type of unincorporated business
organization in which multiple
individuals, called general partners, manage
the business and are equally liable for its
debts; other individuals called limited
partners may invest but not be directly
involved in management and are liable only to
the extent of their investments.

12. -It is an artificial entity created by law, having
the rights of successions and the
powers, attributes and properties expressly
authorized by law or incident to it’s existence.
- Is an institution that is granted a charter
recognizing it as a separate legal entity having
its own privileges, and liabilities distinct from
those of its members.
- Exist as a product of corporate law, and their
rules balance the interests of its stakeholders;
the management who operate the corporation;
creditors who loan it goods, services or money;
shareholders who invest their capital; the
employees who contribute their labor; and the
clients they serve. People work together in
corporations to produce value and generate
income. In modern times, corporations have
become an increasingly dominant part of
economic life.

13. Factors that Affect Business Ownership:
Capital Requirement of the
business
 Merchandise to be handled
 Nature and scope of the market
 Competition. Pitting a new
business venture against a well-
entrenched competitor
 Registration papers

14. “The entrepreneur is our visionary, the creator in each of us. We're
born with that quality and it defines our lives as we respond to
what we see, hear, feel, and experience. It is
developed, nurtured, and given space to flourish or is
squelched, thwarted, without air or stimulation, and dies.”
Michael Gerber - Entrepreneurs - Inspirational
“Nobody talks of entrepreneurship as survival, but
that's exactly what it is and what nurtures
creative thinking.”
Anita Roddick - Entrepreneurs - Ideas