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Managerial Process

Dynamics of entrepreneurship- commitment &determination,
Dynamics of entrepreneurship-Opportunity ,Obsession , tolerance of
Dynamics of entrepreneurship-ambiguity &uncertainty, self-reliance
& ability to adapt
Dynamics of entrepreneurship-support from significant others,
motivation to excel
Intraprenurship, Entrepreneurship projects
Entraprenurship projects
Methods of generating ideas
Creative problem solving techniques
Lateral thinking
Analytical skills
The Essentials of Managing Change Harvard
Business School Press
Organization Behaviour Fred Luthans
Management is a not simple task, because it
needs knowledge and experience.
Therefore, there is hierarchy, and possibilities
to go through it.
There is not existing individuals that after
receiving educational skill become a top
What are Managerial Skills?

Knowledge to fulfill some activities or tasks.

Knowledge can be learned. But, it also can be acquired
through practical fulfillment of these activities.
Therefore, skills can be acquired through learning and
experience of individuals.
Skills as some type of talent.
Talent is something personal in an individual and
represent a native gift from nature about something in
that individual. All individuals cannot be artists.
Usually artists are born with the gift of art and after that
they develop their talent in quality art skills through
educational systems.
Managerial skills those are skills used from
managers that enable them maintaining
efficiency in the way how employers
performing working tasks.
Because of that managers must have a skill
with which they will manage people and
technology with the purpose of effective and
efficient fulfillment of their working tasks.
Robert Kaz identifies three types of skills that
are essential for a successful management
Conceptual and
Human skills.
Technical Skills

As the name of these skills tells us, these are skills about
technique of fulfillment of tasks. These are not only for
working on machines, but also can be skills to performing
sales, about marketing and so on.
For example, some individual work in a sales department
and have skills about sales that were developed through
education and experience. This person is perfect to become
some day sales manager because have great technical skills
from sales.
Technical skills are most needed for first-level managers,
but for the top managers, there is not needing for this type
of skills. As we go through a hierarchy the bottom to upper
levels the technical skills lose their signification.
Conceptual Skills

Conceptual skills are ability or knowledge of managers

for abstract thinking that mean to see the whole through
analysis and diagnose of different states and to predict
the future state of the business as a whole.
Why is needed this skill? Firstly, one business is
composed from several business elements as selling,
marketing, finance, production. All of these business
elements have different objects even completely
opposed as marketing and production.
This skill helps top managers to look outside from
single objects of business elements and to take
decisions that will bring fulfillment of overall business
Conceptual skills are most needed for top
managers, little for mid-level managers, and it
is not needed for first-level managers. As we
go from a bottom of the managerial hierarchy
to the top, significance of these skills is
Human Skills

Human skills are knowledge of managers to work with

people. The most important task for managers is to
work with people. Without people, there is not needed
for management and managers.
These skills will enable managers to become leaders, to
motivate employees for better accomplishment of their
tasks, to make more effective use of human potential in
the business.
These are most important skills for managers. Human
skills are needed equally on all hierarchical levels of
These are the basic managerial skills needed for a
successful management as a process. Lets take an
example with skills about controlling. This is one of the
functions of management, and we accomplish
controlling function through the human skills that we
described previously.
Other additional skills that are skills about a decision
making. This is the process and not the skills. When we
have conceptual skills we will make a better decision.
Furthermore, when we have technical skills we will
make a better technical decision.
What is Entrepreneurship?
Capacity to take risks
Ability to own and organize
Desire and capability to innovate and diversify
(Stepanek, 1962)

What is an Entrepreneur?
An Entrepreneur (ahntra pra nur) is a
person who organizes and manages a
business undertaking, assuming the
risk for the sake of profit. Any person
(any age) who starts and operates a
business is an entrepreneur.
Who is an entrepreneur?
Person conducting own business (Webster)
Person who sets up business deals in order to
make profits (Collins Cobuild)
Organizer of an economic venture, one who
owns, organizes, manages, and assumes the
risks of the business (Chandrashekhar)

An entrepreneur is a person who has possession of a new
enterprise, venture or idea and is accountable for the
inherent risks and the outcome.
The term was originally a loanword from French and was
first defined by the Irish-French economist Richard
Entrepreneur in English is a term applied to a person who is
willing to launch a new venture or enterprise and accept full
responsibility for the outcome. Jean-Baptist Say, a French
economist, is believed to have coined the word
"entrepreneur" in the 1800's - he defined an entrepreneur as
"one who undertakes an enterprise, especially a contractor,
acting as intermediatory between capital and labour.
Leadership attributes
The entrepreneur leads the firm or organisation
and also demonstrates leadership qualities by
selecting managerial staff. Management skill
and strong team building abilities are essential
leadership attributes for successful
Scholar Robert. B. Reich considers leadership,
management ability, and team-building as
essential qualities of an entrepreneur.
Entrepreneurs emerge from the population and become
leaders because they perceive opportunities available
and are well-positioned to take advantage of them.
An entrepreneur may perceive that they are among the
few to recognize or be able to solve a problem. Joseph
Schumpeter saw the entrepreneur as innovators and
popularized the uses of the phrase creative destruction
to describe his view of the role of entrepreneurs in
changing business norms.
Creative destruction encompasses changes
entrepreneurial activity makes every time a new
process, product or company enters the market.
Influences, personality traits, and
The most significant influence on an individual's decision to
become an entrepreneur is workplace peers and the social
composition of the workplace. Entrepreneurs also often
possess innate traits such as extroversion and a propensity
for risk-taking.
According to Schumpeter, an entrepreneur characteristically
innovates, introduces new technologies, increases
efficiency, productivity, or generates new products or
An entrepreneur acts as a catalyst for economic change and
research indicates that entrepreneurs are highly creative
individuals who imagine new solutions by generating
opportunities for profit or reward.
There is a complexity and lack of cohesion between research studies
that explore the characteristics and personality traits of, and
influences on, the entrepreneur. Most studies, however, agree that
there are certain entrepreneurial traits and environmental influences
that tend to be consistent.
Although certain entrepreneurial traits are required, entrepreneurial
behaviours are dynamic and influenced by environmental factors.
Shane and VenKataraman (2000) argue the entrepreneur is solely
concerned with opportunity recognition and exploitation; however,
the opportunity that is recognised depends on the type of
entrepreneur which Ucbasaranet al. (2001) argue there are many
different types dependent on their business and personal
Psychological studies show that the psychological propensities for
male and female entrepreneurs are more similar than different.
Perceived gender differences may be due more to gender
There is a growing body of work that shows that entrepreneurial
behavior is dependent on social and economic factors. For example,
countries which have healthy and diversified labor markets or
stronger safety nets show a more favorable ratio of opportunity
driven rather than necessity-driven women entrepreneurs. Empirical
studies suggest that women entrepreneurs possess strong negotiating
skills and consensus-forming abilities.
New research regarding the qualities required for successful
entrepreneurship is ongoing, with work from the Kauffman Institute
forming the statistical basis for much of it.
Types of entrepreneurs
Social Entrepreneur
Serial Entrepreneur
Lifestyle Entrepreneur
Social Entrepreneur
Social entrepreneur is motivated by a desire to help,
improve and transform social, environmental, educational
and economic conditions. Key traits and characteristics of
highly effective social entrepreneurs include ambition and a
lack of acceptance of the status quo or accepting the world
"as it is".
The social entrepreneur is driven by an emotional desire to
address some of the big social and economic conditions in
the world, for example, poverty and educational
deprivation, rather than by the desire for profit.
Social entrepreneurs seek to develop innovative solutions to
global problems that can be copied by others to enact
Social entrepreneurs act within a market aiming
to create social value through the improvement of
goods and services offered to the community.
Their main aim is to help offer a better service
improving the community as a whole and are
predominately run as non profit schemes. Zahra et
al. (2009: 519) said that social entrepreneurs
make significant and diverse contributions to their
communities and societies, adopting business
models to offer creative solutions to complex and
persistent social problems.
Serial Entrepreneur

A serial entrepreneur is one who continuously

comes up with new ideas and starts new
businesses. In the media, the serial entrepreneur is
represented as possessing a higher propensity for
risk, innovation and achievement.
Serial entrepreneurs are more likely to experience
repeated entrepreneurial success. They are more
likely to take risks and recover from business
Lifestyle Entrepreneur
A lifestyle entrepreneur places passion before profit when
launching a business in order to combine personal interests
and talent with the ability to earn a living. Many entrepreneurs
may be primarily motivated by the intention to make their
business profitable in order to sell to shareholders.
In contrast, a lifestyle entrepreneur intentially chooses a
business model intended to develop and grow their business in
order to make a long-term, sustainable and viable living
working in a field where they have a particular interest,
passion, talent, knowledge or high degree of expertise.[
A lifestyle entrepreneur may decide to become
self-employed in order to achieve greater personal
freedom, more family time and more time
working on projects or business goals that inspire
A lifestyle entrepreneur may combine a hobby
with a profession or they may specifically decide
not to expand their business in order to remain in
control of their venture.
Common goals held by the lifestyle entrepreneur
include earning a living doing something that they
love, earning a living in a way that facilitates self-
employment, achieving a good work/life balance
and owning a business without shareholders.
Many lifestyle entrepreneurs are very dedicated to their
business and may work within the creative industries or
tourism industry,[ where a passion before profit
approach to entrepreneurship often prevails.
While many entrepreneurs may launch their business
with a clear exit strategy, a lifestyle entrepreneur may
deliberately and consciously choose to keep their
venture fully within their own control.
Lifestyle entrepreneurship is becoming increasing
popular as technology provides small business owners
with the digital platforms needed to reach a large global
Why entrepreneurship?
Process of creating something different, with
value, by devoting necessary time and effort,
by assuming the accompanying financial,
psychological, and social risks, and receiving
the resulting rewards of monetary and
personal satisfaction (Bowen and Hisrich,

Role of the Entrepreneur
An innovator who combines technical innovations
and financial finesses.
Important role in producing competitive products,
processes, and services.
Generation of new employment
Local and regional economic development
Improved allocation of resources and transfer of