FOCUSSANTAFE

Business enterprise failed due to poor management. Being industrious is not enough. It is efficient management that counts most in business success. The entrepreneur must have the ability to conceptualize and plan. the entrepreneur must view all the aspects of the business, such as products, price, cost, inventory, and many more that is related and coordinated manner. He must be able to plan for the total operation of the business. His ability to foresee future problems of his business is an excellent asset.

Ability to manage others. Managemnet is getting things done by others. As the business grows, more people are needed. The entrepreneur must be able to organize work properly so that his employees can perform their jobs efficiently and effectively. Good human relations and communications are very important for the entrepreneur. By letting others achieve the objectives of the enterprise, the entrepreneur has more time for conceptualizing and planning.

Ability to manage time and to learn. The entrepreneur is a generalist. Especially when the business is still small, the owner does everything; clerk, salesman and manager. In view of the various functions of the entrepreneur, he should be an expert on time management. He should also acquire basic training in small business management and specialized courses in accounting, finance, marketing and personnel relations. A real entrepreneur does not actually stop learning. He can do this by reading, attending seminars, or enrolling in college.

Ability to adapt to change. Not a few individuals resist change. They stick to traditional or established practices. This is the culture of many Filipino’s, particularly the unschooled. A businessman who refuses to adapt his operations to changing needs and tastes of consumers is most likely to fail. Entrepreneur, being innovative or creative, quickly respond to changes or comparative advantage.