Entreprenuer
Assignment
Q1. There are three characteristics which distinguish the entrepreneurial venture from the small business, innovation, potential for growth and strategic objectives, explain why the Entrepreneurial venture is distinct from the small business?
A1. A small business has several unique characteristics that differentiate it from a large business. The differences include aspects of ownership, management, resources, organizational structure and flexibility to changes.
Small business entrepreneurs are mostly owner-operators. In order to manage a small business efficiently, an owner-operator needs to understand and be able to apply management functions.
Managerial functions of owner-managers include planning, organizing, leading and controlling. A small business develops through stages from start-up until it grows and expands into a formal organization. During these stages the owner-manager of a small business will usually shift his focus in terms of time spent on attending to activities of operation in the early stage to managing activities as it grows into a more formal and structured entrepreneurial venture.
The owner-operator and his managers need to pay attention to structuring the organization for it to function efficiently. Entrepreneurial venture can be structured based on work shifts, number of workers, functional, product, regions and clients.
The owner-operator needs to pay attention to personnel development in order to have a motivated and productive workforce. Personnel management includes personnel planning process, recruitment process and development of a remuneration and compensation package. The owner-operator needs to adhere to government regulations on employment such as compulsory contribution to EPF and SOCSO. In addition, both the employer and employee should be familiarized with the Employment Act 1955.
Difference between Entrepreneurial Venture and Small Business: 䦋 Small Business
Q1. There are three characteristics which distinguish the entrepreneurial venture from the small business, innovation, potential for growth and strategic objectives, explain why the Entrepreneurial venture is distinct from the small business?
A1. A small business has several unique characteristics that differentiate it from a large business. The differences include aspects of ownership, management, resources, organizational structure and flexibility to changes.
Small business entrepreneurs are mostly owner-operators. In order to manage a small business efficiently, an owner-operator needs to understand and be able to apply management functions.
Managerial functions of owner-managers include planning, organizing, leading and controlling. A small business develops through stages from start-up until it grows and expands into a formal organization. During these stages the owner-manager of a small business will usually shift his focus in terms of time spent on attending to activities of operation in the early stage to managing activities as it grows into a more formal and structured entrepreneurial venture.
The owner-operator and his managers need to pay attention to structuring the organization for it to function efficiently. Entrepreneurial venture can be structured based on work shifts, number of workers, functional, product, regions and clients.
The owner-operator needs to pay attention to personnel development in order to have a motivated and productive workforce. Personnel management includes personnel planning process, recruitment process and development of a remuneration and compensation package. The owner-operator needs to adhere to government regulations on employment such as compulsory contribution to EPF and SOCSO. In addition, both the employer and employee should be familiarized with the Employment Act 1955.
Difference between Entrepreneurial Venture and Small Business: 䦋 Small Business