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Unit V Enterprise Management for Entrepreneurship Mcom sem 3 Delhi University


Unit V Enterprise Management for Entrepreneurship Mcom sem 3 Delhi University

Unit V Enterprise Management for Entrepreneurship Mcom sem 3 Delhi University – This Course Aims at Instituting Entrepreneurial skills in the students by giving an overview of who the entrepreneurs are and what competences are needed to become an entrepreneur.

Unit V Enterprise Management for Entrepreneurship Mcom sem 3 Delhi University

Unit V Enterprise Management for Entrepreneurship Mcom sem 3 Delhi University contains following topics

Unit V- Enterprise Management: Managing growth and sustenance- growth norms; Factors for growth; Time management, Negotiations, Joint ventures, Mergers & acquisitions.

Entrepreneurship is the process of creating something different with value by devoting the necessary time and effort;assuming the accompanying financial, psychological,and social risks; and receiving the resulting rewards of monetary and personal satisfaction

CHARACTERISTICS OF AN ENTREPRENEUR

(1) An Individual or Group Individuals : Entrepreneur may be an individual or a group of many individuals. Present age belongs to large business houses and mass level of production. To commerce an enterprise on a very large basic, the capital or skills of a single individual is not sufficient. A group of individuals gathers, contributes their share of capital and resources and starts a business enterprise

(2) Need for achievement: It is the prime psychological drive that motivates the entrepreneur. His desire to excel in his venture and to achieve desired goal. As a high achiever, he competes with his rivals in the venture field as well as with his own previous performance.

(3) Independence or autonomy: Although there are various motivations for venturing out alone, the most frequent reason for becoming an entrepreneur is the desire for independence or autonomy—not wanting to work for anyone else. This desire to be one’s own loss ignites a fire in the heart of an entrepreneur to accept all social, psychological, financial, and technological risks and to work hard.

(3) Independence or autonomy: Although there are various motivations for venturing out alone, the most frequent reason for becoming an entrepreneur is the desire for independence or autonomy—not wanting to work for anyone else. This desire to be one’s own loss ignites a fire in the heart of an entrepreneur to accept all social, psychological, financial, and technological risks and to work hard.

(4) Risk Bearer : Entrepreneur has the risk bearing capacity. In fact it is the characteristics of risk bearing that distinguishes an entrepreneur from a manager. An entrepreneur is a manager but he has the distinction of performing risk bearing function. A manager also does more or less the same thing but he does not take risks.

(5) Innovation : An entrepreneur is basically an innovator by nature. He is always in search of new ideas and new opportunities. He tries to outshine others by taking initiative in doing new things i.e., exploring new products, new markets, new raw materials, new methods of production, etc.

Managing growth and sustenance of Enterprise Management

Unit V Enterprise Management for Entrepreneurship Mcom sem 3 Delhi University – Ensure Sustenance, Growth and Success with Infrastructure Management Infrastructure is the very foundation of any business enterprise. Only those enterprises that have a strong foundation can attain business growth and success. Hence, business enterprises should not only have arobust infrastructure but also manage and monitor their infrastructure securely and effectively so that they can be agile and flexible at all levels

5 Easy Steps to Manage Growth Within Your Business

Here’s a quick look at the key principles adhering which ensures effective management of business growth –

1. Establish a Scalable Management Model

With your business growing with time, you must focus on establishing a scalable management model. While the initial stage of management seems to be easy, the process tends to get complex as the business progresses with time. It is likely for everybody to have a defined role within the employees, but as the business grows, the roles and responsibilities are likely to get segmented. Therefore, it is recommended to establish a scalable management structure to focus on accountability against the business benchmarks.

Today, the business environment is quite uncertain, which further restricts you from involving standard management practices. This uncertainty often creates a gap between the results you expected and the results that you get. The solution rests with developing a realistic plan and working on them without much desire and hope bounding your expectations. Remember, you should ensure progress and focus on achieving a steady growth for your business.

2. Develop a Quality Control System

Business expansion or growth should never be achieved at the cost of quality. Compromising on the quality of your services or products just because you need to increase in size or manage growth is never recommended. While developing a quality control system, you should find out the elements that would dominate the system of quality control. You should also assign the responsibility of managing the quality on someone from the management. What you need to keep in mind is that quality control measurements is likely to differ among businesses. Integrating the quality control model within a business structure is likely to ensure growth of your business as a whole.

3. Ensure 100% Execution within the Systems

Following the creation of a scalable management system and the establishment of a quality control department, the next focus should rest with ensuring perfect work execution. Each individual present within the management and quality control team should have a clear knowledge of their roles and responsibilities. Additionally, you should also ensure that the assignments involving the departments are executed to perfection without any deviation in the 100% time frame. To ensure such execution, small and medium-sized businesses should focus on maintaining a comprehensive checklist on a daily or weekly basis. This will help ensuring that the assigned tasks are performed consistently.

4. Be Aware of the Number Game

After you have established a management model and a quality control team keeping pace with the growth of your organization, you should be aware of the number game that goes on within the industry. After all,numbers hardy ever go wrong. All you need to be aware of is ensuring proper usage of the same. It helps you determine where you need to bring upon the change within your organization to improve sales and quality of your products/services thereby, ensuring the efficiency of the same. In fact, they help you to manage growth within your business. If the numbers ever present a scenario of concern, make good use of team to determine the problem area and fix the same accordingly.

5. Focus on the Weaknesses and the Conventional Blind Spots

While the conventional mantra always says to focus on the strengths, businesses should realize that in today’s unpredictable environment, you should not only focus on your strengths, but also be aware of your weaknesses. Taking a balanced approach in today’s time always emerges as the most feasible approach for small and medium-sized businesses. This particular approach helps businesses to develop a complete and competent perspective of the problem areas and find out a solution to each problem area.

Must Read: Enterprise Management Quick revision notes

Joint ventures, Mergers & acquisitions of Enterprise Management

Unit V Enterprise Management for Entrepreneurship Mcom sem 3 Delhi University – There is the main difference between collaboration of firms which can be called as merger, joint venture and acquisition. In first type; merger, two different organizations get to be distinctly one organization whereas in joint venture two different organizations plan to get particular objective. In acquisition, an organization acquires the charge by purchasing the assets of another company.

Merger

Unit V Enterprise Management for Entrepreneurship Mcom sem 3 Delhi University – A merger is an arrangement to join two existing organizations into one new organization. Most mergers join two existing organizations into one recently named organization. Mergers are exchanges where the ownership of organization are exchanged or consolidated. From a legitimate perspective, a merger is a lawful union of two substances into one element

Acquisition

Unit V Enterprise Management for Entrepreneurship Mcom sem 3 Delhi University – A takeover or acquisition is the buy of one organization or business by another organization or different business entity. Particular acquisition objectives can be recognized through a horde of roads including research on market, exchange expos, or sent internal units, among others. Such buy might be of 100%, or almost 100%, of the ownership value or assets of the acquired business.

Joint venture

Unit V Enterprise Management for Entrepreneurship Mcom sem 3 Delhi University – A joint venture is an entity made by at least two gatherings, by and large described by shared possession, returns, risk and administration. Organizations normally seek after joint ventures for the given four reasons: to get to another market, especially developing markets; to pick up scale efficiency by consolidating resources; to low risk for real speculations; or to get to skills.

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Entrepreneurial Training for Entrepreneurship Mcom sem 3 Delhi University

Unit V Enterprise Management for Entrepreneurship Mcom sem 3 Delhi University

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