ENTREPRENEURIAL MANAGEMENT

Entrepreneurial Management

Entrepreneurial Management

Introduction

From the beginning of industrialization in the nineteenth century, there was decrease in small firms in UK, and big business were established, but with the passage of time, there was shift in the economic, social, and cultural factors after second World War. During first and second world war, when men were away, there were major problems faced by the UK economy, during that time, women took jobs to support their family and state's economy (Lewis, 1992). After the end of Second World War, change, in social, political, and cultural conditions resulted in affecting the State's economic condition. People were more independent and have their rights, there were more small firms in UK and these firms became major part of the EU economy (Burns, 2001). According to Carter and Jones-Evans (2012), “Contemporary interest in entrepreneurship essentially dates from the 1970's and 1980's ....loss of confidence in large scale industry and growing popular and government interest in small business” (p.2). There were major changes in the late twentieth century, “In 1979 there were only 2.4 million SME's in UK. By 2007 this had grown to 4.7 million” (Burns, 2011, p.21).

Source: Burns, 2011, p.21

This major shift resulted in providing opportunities for more people to join entrepreneurship, but there were various risks and barriers associated with it. Major concern was with the women who were never accepted for the role of entrepreneur and manager. Since women have been successfully proven their abilities in every field, they still face many hurdles in the managerial and entrepreneur responsibilities, especially due to barriers of gender and family. Therefore, it is very essential for every entrepreneur to understand what are the managerial and entrepreneurial qualities required to become a successful entrepreneur. It will also assist in analysing how barriers can be overcome.

Entrepreneur and Entrepreneurial Management

There are various concept and approaches associated with defining entrepreneurship. Two main approaches that address the concept and meaning of entrepreneur are functional and indicative approach. The functional approach is associated with the duties and responsibilities of entrepreneur; this theory is associated with the functions of entrepreneur. On the other hand, indicative approach is associated with description of entrepreneur through “his legal status, his contractual relations with other parties, his position in society, and so on” (Casson, 2003, p.19).

Entrepreneurial Management is a very complex process, which involves a combination of various skills and abilities for the success and profit maximization of the firm, irrespective of gender or social biases.

Managerial and Entrepreneurial Qualities

There are many managerial and entrepreneurial qualities that are required to become success. These various qualities and skills can be categorized in four major areas in order to groom the entrepreneurial management skills. Personal traits are the most essential requirements not only for entrepreneurial management, but also to become an effective and influential leader. Without developing these qualities it is not possible for anyone to become successful in entrepreneurial management. Some other essential characteristics are interpersonal skills, managerial skills, practical experiences and abilities to deal ...