Management Entrepreneurship

All businesses must be managed or they will cease to exist.

The four functions of management are planning,leading,organizing,and controlling.

Management is getting things done through available resources.

More time will be spent by the business owner performing the basic tasks of running the business,such as cleaning machinery,as the business is beginning than will occur later in the life cycle of the business.

The four management functions of planning,organizing,leading,and controlling are continuous and interrelated.

The negotiator role of managing an organization involves continuously going to bat for the resources needed for the success of the company.

Managers tend to work on a wide variety of activities that are brief and have little continuity throughout an eight-hour work day.

Managers have no regular duties that must be performed throughout the day.

Managers are people who must depend on judgment and intuition more than they depend on technology.

Effectiveness and efficiency,defined,are interchangeable words.

Growth is a natural,usually desirable,consequence of being in business.

Growing businesses do not necessarily need changes in management techniques.

A growing business will experience five different stages of growth.

The distinguishing characteristic of the existence stage of growth is that the business owner is running the business alone.

The distinguishing characteristic of the second stage of growth is that the key problem shifts to cash flow.

The distinguishing characteristic of the third stage (the success-disengagement stage)of growth is that the business owner is removing a level of supervision.

The distinguishing characteristic of the take-off stage of growth is that the business has been reduced to a single department with one supervisor.

The greatest concerns in the resource maturity stage are to consolidate and control the finances generated by rapid growth.

The takeoff stage of small business growth is the stage that all business owners should aspire to reach rapidly and maintain indefinitely.

When transitioning a small business to professional management,it is important to avoid delegation.