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Organizational plan for Entrepreneurship Mcom sem 3 Delhi University

Organizational plan for Entrepreneurship MCOM sem 3 Delhi University:- we will provide complete details of Organizational plan for Entrepreneurship MCOM sem 3 Delhi University in this article.

Organizational plan for Entrepreneurship Mcom sem 3 Delhi University:-Organisational Planning

Organisational planning refers to the process of identifying organization’s objectives and formulating and monitoring specific strategies to achieve them. It also entails staffing and resource allocation and is one of the important responsibilities of a management team.

Organizational structures need to be formulated and implemented with a view to achieve organizational goals in an efficient manner. Thus, having a suitable organizational structure in place is a prerequisite for long term success.

Organizational plan for Entrepreneurship Mcom sem 3 Delhi University:-Developing goals and objectives

Before shaping the organisational structure, the goals and objectives need to be clearly established.

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Good goals should:

  • be statement of ends, not of means
  • reflect what you want, not what you are doing
  • be realistic enough to be implemented
  • be realistic enough to be implemented within organisation’s resources
  • be qualitative as well as measurable

Good objectives should specify:

  • a particular intended outcome
  • a timeframe within which outcome will be reached
  • methods by which outcome will be pursued
  • a minimum of acceptability

Organizational plan for Entrepreneurship Mcom sem 3 Delhi University:-Useful tips for effective organisational structure

No one structure, set of systems, or method of staffing is appropriate for every organization as organizations operate in different environments with different products, strategies, constraints, and opportunities. However, effective organizational structure requires various factors to be taken into consideration, such as:

  • Relative strengths and weaknesses of various organizational forms
  • Legal advantages and disadvantages of organizational structure options
  • Advantages and drawbacks of departmentalization options
  • Likely growth patterns of the company
  • Reporting relationships that are currently in place
  • Reporting and authority relationships that you hope will be implemented in the future
  • Optimum ratios of supervisors/managers to subordinates
  • Suitable level of autonomy to be granted to employees at various levels of the organization
  • Structures that will produce greatest worker satisfaction
  • Structures that will produce optimum operational efficiency

Once all these factors have been objectively examined and blended into an effective organizational structure, the small business owner will then be in a position to pursue his/her business goals with a far greater likelihood of success.

Organizational plan for Entrepreneurship Mcom sem 3 Delhi University:-The organization plan

The organization plan must include location of your organization, describe the area in which it works – is it just your country territory or maybe its reach is beyond borders. In the plan, introduce an organizational structure of your organization, present professional experience and achievements of people who are to manage the project, this will authenticate your intentions. Present the emplyment plan for the next few years. How many people you are going to hire and with what skills. Try to answer more general, but extremely important questions: Where had the members of the team worked previously? How much experience in this or other industry do your colleagues have? Is their previous experience relevant to the type of the venture you want to undertake? What has been achieved? What are the achievements of the team? What is the opinion of the members of the team in the industry? Are they capable of accurately assess the chances of the success of the whole project? What knowledge, skills or special qualifications are they able to provide? How much are they willing to devote to this project? What is the motivation to act for the individual team members?

Organizational plan for Entrepreneurship Mcom sem 3 Delhi University:-Importance of planning in management are:

Planning is the first and most important function of management. It is needed at every level of management. In the absence of planning all the business activities of the organisation will become meaningless. The importance of planning has increased all the more in view of the increasing size of organisations and their complexities.

Planning has again gained importance because of uncertain and constantly changing business environment. In the absence of planning, it may not be impossible but certainly difficult to guess the uncertain events of future.

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The following facts show the advantages of planning and its importance for a business organisation:

(1) Planning Provides Direction:

Under the process of planning the objectives of the organisation are defined in simple and clear words. The obvious outcome of this is that all the employees get a direction and all their efforts are focused towards a particular end. In this way, planning has an important role in the attainment of the objectives of the organisation.

For example, suppose a company fixes a sales target under the process of planning. Now all the departments, e.g., purchase, personnel, finance, etc., will decide their objectives in view of the sales target.

In this way, the attention of all the managers will get focused on the attainment of their objectives. This will make the achievement of sales target a certainty. Thus, in the absence of objectives an organisation gets disabled and the objectives are laid down under planning.

(2) Planning Reduces Risks of Uncertainty:

Planning is always done for future and future is uncertain. With the help of planning possible changes in future are anticipated and various activities are planned in the best possible way. In this way, the risk of future uncertainties can be minimised.

For example, in order to fix a sales target a survey can be undertaken to find out the number of new companies likely to enter the market. By keeping these facts in mind and planning the future activities, the possible difficulties can be avoided.

(3) Planning Reduces Overlapping and Wasteful Activities:

Under planning, future activities are planned in order to achieve objectives. Consequently, the problems of when, where, what and why are almost decided. This puts an end to disorder and suspicion. In such a situation coordination is established among different activities and departments. It puts an end to overlapping and wasteful activities.

Consequently, wastages moves towards nil, efficiency increases and costs get to the lowest level. For example, if it is decided that a particular amount of money will be required in a particular month, the finance manager will arrange for it in time.

In the absence of this information, the amount of money can be more or less than the requirement in that particular month. Both these situations are undesirable. In case, the money is less than the requirement, the work will not be completed and in case it is more than the requirement, the amount will remain unused and thus cause a loss of interest.

(4) Planning Promotes Innovative Ideas:

It is clear that planning selects the best alternative out of the many available. All these alternatives do not come to the manager on their own, but they have to be discovered. While making such an effort of discovery, many new ideas emerge and they are studied intensively in order to determine the best out of them.

In this way, planning imparts a real power of thinking in the managers. It leads to the birth of innovative and creative ideas. For example, a company wants to expand its business. This idea leads to the beginning of the planning activity in the mind of the manager. He will think like this:

Should some other varieties of the existing products be manufactured?

Should retail sales be undertaken along with the wholesales?

Should some branch be opened somewhere else for the existing or old product?

Should some new product be launched?

In this way, many new ideas will emerge one after the other. By doing so, he will become habituated to them. He will always be thinking about doing something new and creative. Thus, it is a happy situation for a company which is born through the medium of planning.

(5) Planning Facilitates Decision Making:

Decision making means the process of taking decisions. Under it, a variety of alternatives are discovered and the best alternative is chosen. The planning sets the target for decision making. It also lays down the criteria for evaluating courses of action. In this way, planning facilitates decision making.

(6) Planning Establishes Standards for Controlling:

By determining the objectives of the organisation through planning all the people working in the organisation and all the departments are informed about ‘when’, ‘what’ and ‘how’ to do things.

Standards are laid down about their work, time and cost, etc. Under controlling, at the time of completing the work, the actual work done is compared with the standard work and deviations are found out and if the work has not been done as desired the person concerned are held responsible.

For example, a labourer is to do 10 units of work in a day (it is a matter of planning), but actually he completes 8 units. Thus there is a negative deviation of 2 units. For this, he is held responsible. (Measurement of actual work, knowledge of deviation and holding the labourer responsible falls under controlling.) Thus, in the absence of planning controlling is not possible.

Organizational plan for Entrepreneurship Mcom sem 3 Delhi University

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