Name: ogundeinde a.m
Program: business computing
Term paper on: entrepreneurship
Organic business function
ENTREPRENUERSHIP AND ORGANIC BUSINESS FUNCTION
Every organisation, be it private or public required individuals to pilot the ship of operation to achieve desired objectives of the organisation.
Entrepreneurship is the activity of an entrepreneur who uses the human capital in combination with other hired inputs to produce goods and service and also receives the residual income.
Also, an Entrepreneur is one who assumes the responsibility and the risk for a business operation with the expectation of making a profit. The entrepreneur generally decides on the product, acquires the facilities, and brings together the labor force, capital, and production materials. If the business succeeds, the entrepreneur reaps the reward of profits; if it fails, he or she takes the loss.
The Austrian-American economist Joseph A. Schumpeter stressed the role of the entrepreneur as an innovator, the person who develops a new product, a new market, or a new means of production and in order to achieve all this functions, responsibilities, and roles, the Entrepreneur needs to organise the following organic business functions;
1. Human resource management
Human resource management
When we talk about HRM we mean the field of business concerned with recruiting and managing employees
Businesses rely on effective human resource management (HRM) to ensure that they hire and keep good employees and that they are able to respond to conflicts between workers and management.
It is one of the duties of an entrepreneur in collaboration with HRM specialists to determine the number and type of employees that a business will need over its first few years of operation. They are then responsible for recruiting new employees to replace those who leave and for filling newly created positions.
The entrepreneur adds grate value to this aspect of business by taking responsibilitiy of the following;
1. Planning of human resources
Finance is the science of funds management. The general areas of finance are business finance, personal finance, and public finance. Finance includes saving money and often includes lending money.
Finance is that managerial activity which is concerned with the planning and controlling of the firm’s financial resources.
The entrepreneur sees to the efficient and effective management of the monetary resources of the organization
Also, finanace is a branch of business concerned with providing funds to individuals, businesses, and governments. Finance allows these entities to use credit instead of cash to purchase goods and invest in projects.
Production, in economics, manufacture and processing of goods or merchandise, including their design, treatment at various stages, and financial services contributed by bankers. Various economic laws, price data, and available resources are among the factors in production that must be considered by the entrepreneur.
In order to maintain effective and efficient production, the entrepreneur as to immensely involved in the activities of the manufacturing sub-unit.
Planning, implementation, and control of industrial production processes to ensure smooth and efficient operation. Production management techniques are used in both manufacturing and service industries. Production management responsibilities include the traditional “five M's”: men and women, machines, methods, materials, and money. Entrepreneur are expected to maintain an efficient production process with a workforce that can readily adapt to...
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