Name: Gianne Denise Reynoso MBBA 2

MBBA 508 - Entrepreneurial Management Dr. Marites Regalia

Quiz No.1

1. Who is an entrepreneur?
An entrepreneur is a person who creates a business model, he or she is an initiator
as he or she is someone that creates something new. An entrepreneur is the driver as he or
she is the one that inspires a team to follow. An entrepreneur is the ultimate responsible
for the destiny of its company or venture.

2. How important is management?

No company will operate efficiently in the absence of management. The main
value of management is as follows:
1. Achieving organizational goals
The most significant role played by the management of an organization is
achieving organizational objectives. Several workers each has a different
role to play. Management aims to integrate individual objectives with
corporate priorities. Management guides all people's actions in the popular
goal of achieving the organizational goals.

2. Management improves efficiency

Managers aim to lower costs and increase efficiency with limited resource
wastage. Through planning, scheduling, staffing, directing and regulating,
management focuses on quality and efficiency in the job.

3. Management creates a dynamic organization

In dynamic environments, companies have to thrive so that managers
continue to make improvements in the organization to meet the changes in
the environment. Generally, the workers in the company are resistant to
change. Effective management allows workers to make changes
voluntarily by encouraging them that change not only benefits the
company, but also improves the job of the employee in the workplace.

4. Management helps in achieving personal objectives

An efficient manager is the one who offers optimum success for both
employers and employees. Managers direct the individuals in such a way
that the individual target of workers is often accomplished along with the
organizational purpose.
5. Impose rules of regulation of society
It is no secret that each company works to make money, and often they
end up breaking society's rules and regulations in the effort to make
profits. The importance of management becomes vital in such cases, as
they set rules that are in harmony with and in favor of society and the
environment. They keep a watch on the price of the product, for example,
or they ensure that no damage is done to the environment.

6. Creates a healthy work environment

In order to build a healthy work atmosphere in the company, management
is essential. When they are equipped with a supportive and stress-free
environment, the productivity of workers improves.
Whenever they encounter some form of challenge, workers should request
management assistance and management is responsible for supplying them
with solutions, so that they can concentrate on their job without
interruption.

7. Competitive strength
Another significance of management is that it gives the company a
competitive power. Organization members are well aware of the market's
competition, and they know the rivals' movements.
The company still works to develop its work strategies and approaches
with its vision, so that it can keep ahead of the competition and use the
tools available to create full benefit.