Functions of Management, Rewards and Challenges Flashcards
A () is defined as an
organization or enterprising entity
engaged in commercial, industrial,
or professional activities. ()
can be for-profit entities or non-profit
organizations.
(www.investopedia.com)
Business
- An art of observing correct practices in managing and operating a self-owned wealth-creating business
enterprise by providing goods and services that are valuable to the customers.
(Reference: (_) in a Philippine Setting, Nick l. Aduana) - A person who organizes, operates, and assumes the risk of business ventures.
(Reference: American Heritage Desk Dictionary)
ENTREPRENEURSHIP
- Refers to a business or enterprise that correctly adopts and practices the principles of entrepreneurship. It is owned by
one person with a limited workforce of not more than 20 employees. - The term also includes the small and medium enterprises (SMEs) that have been strongly promoted by both government and non-government organizations to improve the lives of the Filipino people through entrepreneurship.
SMALL BUSINESS
- Pertains to a business enterprise managed and operated by an owner who is not an advocate of and does not practice the concepts and principles of entrepreneurship.
ORDINARY BUSINESS
- People working together and coordinating their actions to achieve specific goals
- Goal: A desired future condition that the organization seeks to achieve.
ORGANIZATIONS
- As a science, (_) evolved from a number of theories that involve extensive studies, statistical data and experiments.
- As an art, a good (_) must be able to look at situations and use creativity and imagination in coming up with solutions to a problem.
- (_) is how businesses organize and direct workflow, operations, and employees to meet company goals.
MANAGEMENT
Management
Four ways of Management?
- Planning,
- Organizing,
- Leading, and
- Controlling
the activities and resources of an organization effectively and efficiently to achieve its goals.
Management
FUNCTIONS OF
MANAGEMENT
Give atleast 5
- Planning
- Organizing
- Staffing
- Directing
- Controlling
Resources are organizational assets
and include:
- People,
- Machinery,
- Raw materials,
- Information, skills,
- Financial capital.
(_) are the people responsible
for supervising the use of an
organization’s resources to meet its
goals.
Managers
REWARDS OF ENTREPRENEURSHIP
Give 5 atleast
- Freedom and Financial Independence
- Personal achievement and pride
- The ability to create a legacy
- The ability to create opportunities
for others - The reward of helping other people
(_) are the benefits that come from owning a
business. The are also the things that
motivate people to become entrepreneurs.
Rewards
- entrepreneurs are motivated by the idea of being their own boss.
Freedom and Financial Independence
– starting a successful business is a real accomplishment.
Personal achievement and pride
– many entrepreneurs are motivated by the thought of building a business they can bequeath to their
children.
The ability to create a legacy
– entrepreneurs create jobs and other economic opportunities.
The ability to create opportunities
for others
– often entrepreneurs choose to share their
knowledge with other aspiring entrepreneurs
The reward of helping other people
(_) is going to have its ups and its downs, and you will face challenges. At times, it may feel like these challenges are blocking your path to success – but preparation can help you overcome the challenges of entrepreneurship.
Every business
COMMON CHALLENGES ENTREPRENEURS FACE
Give atleast 4
- Financial challenges
- The risk of taking on too much
- The fear of failure
- Difficulties achieving work/life balance
– entrepreneurs have to deal with expenses and other financial risks that are part of building a
business.
Financial challenges
– entrepreneurs sometimes try to do
everything themselves
The risk of taking on too much
– entrepreneurs are often afraid that their business will fail
The fear of failure
– entrepreneurs often struggle to balance
their work responsibilities with their personal responsibilites.
Difficulties achieving work/life balance
THOUGHTS, LEARNING, EXPERIENCES
- After identifying the rewards and
challenges of being an entrepreneur,
are you ready to become one? Why? - Will the rewards outweigh the
challenges?
Press 5
Your answer, Your Essay
