ENTREPRENEURIAL MANAGEMENT
- Maintaining proper relations with
: as the practice of taking entrepreneurial
knowledge and utilizing it for increasing the
effectiveness of new business venturing as well
as small and medium- sized businesses
ENTREPRENEUR- a person who organizes,
operates, and assumes the rest in a business
venture
STRATEGIC ORIENTATION
 Components of Strategic
Management
 ENVIRONMENTAL SCANNING:
process of collecting, scrutinizing and
providing information for strategic
purposes. It helps in analysing the
internal and external factors
influencing an organization:
SWOT Analysis; TOWS Matrix and
PESTLE Analysis
 STRATEGY FORMULATION: process
of deciding best course of action for
accomplishing organizational
objectives and hence achieving
organizational purpose
 STRATEGY IMPLEMENTATION:
implies making the strategy work as
intended or putting the organization’s
chosen strategy into action
 STRATEGY EVALUATION: makes
sure that the organizational strategy
as well as its implementation meets
the organizational objectives
 The key strategy evaluation activities
are: appraising internal and external
factors that are the root of present
strategies, measuring performance, and
taking remedial actions
FUNCTIONAL AREAS:
1. Human Resources Management
2. Marketing Management
3. Financial Management
4. Operations Management
HUMAN RESOURCES MANAGEMENT
- Process of recruitment and selecting
employees
- Providing orientation and introductions
- Training and development
- Assessment of employee
- Providing compensation and benefits
employees and with trade unions
6 HRM COMMON ISSUES
1) Stepped-Up Competition for Talent
 Talent refers to the “internal
people” in an organization
 As HR professional, there’s a need
to step up your efforts to help you
find and attract top talent
2) New Developments in Technology
- Recruiting
- Training
- Data storage and retrieval
- Performance management
3) A Rising Sense of Insecurity
Job loss disrupts more than just income
flow; it disrupts individual’s status, time
structure, demonstration of competence
and skill, and structure of relations
Job Security- probability that an
individual will keep their job
Job Insecurity- fear of loss of
employment
TWO TYPES OF JOB INSECURITY
1. JOB TENURE INSECURITY: refers to
anxiety about the loss of employment
2. JOB STATUS INSECURITY: relates to
anxieties about the threat of loss of
valued feature of the job
4) The Impact of Economy
Economic recession is a period of
economic slowdown featuring low output,
illiquidity and unemployment. This
implies that the global economic
recession is already resulting in a
dramatic increase in the number of
people joining the labor market and
swelling the rank of the unemployed,
creating a “labor market epidemic”
5) Demographic Changes
DEMOGRAPHY- study of changes- size,
growth or decrease in human populations
DEMOGRAPHICS- statistical data of
population
DEMOGRAPHIC FACTORS- most common
and most decisive predictors in the
turnover
6) Data-Driven HR Practices
- Impacting the way businesses
understand their customers,
market to new audiences, and
 communicate with existing and  Team is inexperienced or
prospective employees understaffed: lack of employees
- BIG DATA gives HR a fact-based  Can’t “close the loop” with the sales
view of the current workforce, team: you can’t get the interest of the
identifying emerging trends so customers it can be because of the sales
businesses can adopt lady or the one who give you the
- Predictive analysis allow for preferences (sales talk)
better risk-management decisions
- Assess potential employees based PORTER’S FIVE FORCES
on real information  Potential entrants: people who
MARKETING MANAGEMENT: is the analysis, wants to establish business like yours
planning, implementation and control of  Bargaining power of suppliers:
programmes. It relies heavily on designing the adjust for the suppliers
organizations offering in terms of the target  Bargaining power of buyers:
markets needs and distribution to inform, adjust for the customers
motivate and service the market – Philip Kotler;  Industry competitors: direct
identifying the needs and wants of the people; competitors in the business
conducting different programs; language of  Threat of substitutes: many
business substitute for a certain product
SPECIFIC MARKETING FUNCTIONS FINANCIAL MARKETING: means planning,
organizing, directing and controlling the
Market Research Improve their ways financial activities such as procurement and
Market Planning Who we aren’t still
utilization of funds of the enterprise
reaching?
Buying and Finding suppliers; SPECIFIC FINANCIAL FUNCTIONS
Assembling features
Branding Brand awareness Estimation of capital A finance manager has
Physical distribution Disseminating the infos requirements to make estimation with
Labelling Labels to use regards to capital
Customer Support Entertaining the requirements of the
Service customers company. Estimations
Standardization and Standard policies in have to be made in an
Grading selling the product adequate manner which
Product planning and Products to offer increases earning
development capacity of enterprise
Packaging Determination of Short term and long
Promotion Promoting your product capital composition term debt equity
analysis, this will depend
CHALLENGES IN MARKETING
upon the proportion of
MANAGEMENT
equity capital a company
 Keeping abreast of competitors’ is possessing and
actions: you should know your additional funds which
have to be raised from
competitors; you should know their
outside parties
strategies
Investment of funds Decide to allocate funds
 Scarcity of resources: should have into profitable ventures
many ideas; many ideas but they don’t so that there is safety on
have money and time investment and regular
 Difficulty interpreting marketing returns is possible
report data: only the marketing team Management of cash Cash is required for
knows some of the words they use. EX. many purposes like
Out of home (OOH), Click through rate payment of wages and
(CTR), Dashboard (report) salaries
Financial control Not only to plan,
 procure, and utilize the standards; should ensure that
funds but also has to everyone is using the same
exercise control over methods, following the same
finances policies and communicating
CHALLENGES IN FINANCIAL MGT. openly
Sustainability Operating managers are tasked
Obtaining financing banks are relevant to with creating long-term
lend money to new customer and employee
businesses and potential strategies that acknowledge the
investors may steer of organization’s impact on the
budding entrepreneurs social, cultural and economic
with little or no prior environment
business experience Social operation managers looks
Negative cash flow Cash flow refers to the responsibility specifically at how the business
amount of money engages with its local
coming into the business community beyond trying to get
by means such as consumers to buy its products
revenue from sales
versus the amount
leaving the business in
the form of expenses
Mismanaging May be tempted to
marketing funds spend money on one
expensive advertising
medium like television,
thinking it is the best
way to reach huge
number of people
Inadequate insurance A business owner’s large
coverage liability claim can cause
the financial ruination of
a business

OPERATIONS MANAGEMENT: responsible for

managing the process of creation of goods and
services. It involves planning, leading,
organizing and controlling all the resources
needed to produce a company’s goods and
services; the central core function of every
company
SPECIFIC FUNCTION OF OPERATIONS MGT.
Input:
Energy,
Transformation Output:
materials,
people, role of OM Products
equipment,
information
, capital

CHALLENGES IN OPERATIONS
MANAGEMENT

Competing Can end competing practices by

practices instituting companywide