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1. Organizing: Organizing in the managerial context refers to setting specific and attainable goals and objectives to be achieved by different departments and by each employee. It is about arranging, directing, guiding, coordinating, and controlling the key business activities.
2. Directing: Directing is about initiating planned action and ensuring that each employee is performing effectively. This also includes doing continuous performance reviews and organizing tasks according to plans.
3. Staffing: Staffing refers to different sub-processes around human resource management, such as manpower planning, recruitment, selection, placement, training, transfer, salary, promotion, payroll, appraisal, etc. The objective of staffing is to fill a particular position with the right employee at the right time.
4. Leadership: Leadership is more of a skill than a function for an entrepreneur as he or she has to lead, guide and supervise people who work for the business. As a leader, an entrepreneur guides, directs and influences the work of others to attain specific goals. An entrepreneur acts as a mediator between the individual and the organization to ensure mutual benefit satisfaction.
5. Communication: Communication enables the exchange of feelings, ideas, emotions, information, and knowledge between two or more persons. An entrepreneur has to communicate every single day, in the form of writing, responding, drafting emails, verbal instruction, discussion, etc. On average, entrepreneurs spend 75%-90% of their work time communicating with others.
6. Supervision: Supervision is a key skill as even overseeing that things are being executed well is important. An entrepreneur might delegate tasks and give instructions, but it is important to ensure that these instructions are carried out well. For example, some tasks entrepreneurs supervise are tracking utilization of resources, correcting subordinates where they go wrong, getting the required work done as directed, ensuring all functions of the business are running smoothly, etc.
7. Motivation: Along with guiding employees, an entrepreneur also plays the role of motivating them and encouraging positive behavior and culture within the organization. Motivating employees is about creating an urge in them to exhibit the desired behavior and positive attitude towards work. Employees with high motivation automatically do other things along with it to perform successfully, such as being productive, flexible, competitive, comprehensive, efficient, etc.
8. Co-ordination: Co-ordination between different departments of the business helps to ensure that work happens in a timely manner. Activities of all employees must be channelized towards goal achievement. An entrepreneur has to set certain targets, measures, goals, etc. with different departments to ensure all are coordinating and working effectively internally as well.
9. Controlling: Sometimes controlling is necessary for the entrepreneur to set company rules and policies. The controlling function helps the entrepreneur to set performance standards, measure and compare productivity and performance, identify variations, take corrective action, etc.
10. Negotiation: An entrepreneur negotiates terms and conditions for many parts of the business such as payment terms and timelines, salaries of employees, vendor quotations, etc.
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