hi everyone I am engineer chair near zotero and today I will be discussing the introduction to entrepreneurial management so these are the topics to be discussed first definition followed by the entrepreneurial process so what is an entrepreneur an entrepreneur is defined by the personal risk they take on in pursuit of a new business Innovation or some other form of Enterprise in exchange for taking on the trees they often most significantly from their Enterprises success there is some debate over the exact definition of an entrepreneur some have a wide definition that includes anyone who works for themselves on the other hand either have a narrower viewpoint suggesting that an entrepreneur doesn't just work independently for their own business but their business must also involve Innovation and Leadership so what is management so management is a process it is a process of directing and facilitating the work of people who are organized for a common purpose it is a process of combining the efforts and resources of individuals with a common interest to achieve a desired objective so aside from being a process management is also a function it is a function of getting things done through the efforts of others it is the application of authority and the Assumption of responsibility it is an art uh the art of handling people management properly applied give individuals in the same organization the feeling of security of recognition of opportunity and belonging so after we Define entrepreneur and management let's now Define what is an entrepreneurial management to entrepreneurial management is the practice of giving the Innovation inherent in entrepreneurship a more solid management structure many new entrepreneurs have idea for businesses they want to start and or products they want to create but don't know how to manage a small business effectively however managing a new Venture and managing an existing company requires different methods and principles so through entrepreneur management we can manage a growing Business Without limiting the creativity or passion of a startup so why is it important for us to have an entrepreneur management plan having an entrepreneurial management plan provides benefits like uh establish clear goals coordinate actions improve Resource Management create performance standards and balance risk so how can we establish clear goals by having an entrepreneur management plan So within within an entrepreneur management plan to establish goals you want to achieve with your startup this includes short-term goals such as launching your first product and long-term goals like generating a certain number of sales having a clear goal can help you can help everyone involved with startups stay motivated as they'll know what they are working to achieve in addition it helps you determine what actions you need to take to reach those goals so next uh coordinate actions so it is easier to achieve goals when everyone coordinate their actions with an entrepreneur management plan you determine what actions your startup needs to take and who performs them mapping this mapping these actions can also help you identify any missing actions before beginning and ensure that you assign each action to at least one person so improve our Resource Management so how can we improve resource management by having an entrepreneurial management plan so limited resources such as funds stuff and time may be typical for a new business ventures since owners are working uh to grow a customer base is INS therefore it is important for entrepreneurial managers to ensure that they are using their resources effectively through an input through an entrepreneurial management plan you can determine where to spend your resources before you commit them this ensures you are using all your available resources and using them in the best possible way to port create performance standards so how can we create performance standards by having an entrepreneurial management plan so through an entrepreneur management plan you'll Define your desired outcomes and when you want to achieve them you can use this as your performance standards and uh just if your business is unscheduled so for example if you set a goal to launch your product in six months you can check your progress in three months to ensure you're halfway done if you're not you can adjust your methods to make uh achieving your goals more likely and lastly balance risk so an entrepreneur management plan establish how the entrepreneur will balance their personal risk with their role with the company so learning how to balance personal risk can help entrepreneurs better prepare for unexpected issues so for example if we outline how much more or how much of their own money the entrepreneur can safely invest so after defining what is an entrepreneurial management let's now proceed to entrepreneurial process so entrepreneurship is a continuous process that needs to be followed by entrepreneur to plan and launch uh the new Ventures more efficiently so here is the entrepreneurial process so first is Discovery followed by developing a business plan third is resourcing Port managing company her and lastly is harvesting so that's just just like what I've said earlier no so this is a continuous process so it is a never-ending process Discovery an entrepreneur process begins with the idea generation we're in the entrepreneur identifies and evaluates the business opportunities the identification and evaluation of opportunities is difficult tasks an entrepreneur seeks inputs from all persons including employees consumers Channel Partners technical people to reach an Optimum business opportunity once the opportunity has been decided upon the next step is to evaluate it so developing a business plan once the opportunity is defined an entrepreneur needs to create comprehensive business plan A business plan is critical to the success of any new Venture since it acts as a benchmark and evaluation criteria to see if the organization is moving towards its set goals the third step in the entrepreneurial process is resourcing wherein the entrepreneur identifies the sources from where the finance and the human resource can be arranged here uh the entrepreneur finds the investor for their new Venture and the Personnel to carry out the business activities then once the funds are raised the employees are hired the next step is to initiate the business operation to achieve set goals first of all an entrepreneur must decide the management structure or the hierarchy that is required to solve the optional problems when they arise and the final step is harvesting we're in an entrepreneur decides on the future Prospect of the business its growth and development so here uh the Apple growth is compared against the plant growth and then the decision regarding the stability or the expansion of business operation is undertaken accordingly by an entrepreneur so this entrepreneur process is to be followed again and again whenever a new Venture is taken up by an entrepreneur therefore this is an never-ending process so here's my references and the continuation of the topic will be discussed by sir petrosito so thank you