Different Concepts of Management, Organization, and Entrepreneurial

Behavior (An Overview)

Question: How does an enterprise exist successfully?

- An enterprise should be managed effectively to exist successfully.

I. Origin of Management

- The verb manage comes from the Italian word maneggiare (to handle), which in
turn derives from the Latin manus (hand)
- The French word mesnagement (later ménagement) influenced the development in
meaning of the English word management in the 17th and 18th centuries.

II. Meaning of Management

- It is the process of using organizational resources to achieve objectives through

the functions of planning, organizing and staffing, leading, and controlling.
- A science that acquires knowledge, principles, theories, and systems.
- It is called an art because managing requires certain skills and creativity which
are personal possessions of managers.

III. Functions of Management

- POSLC (Planning, Organizing, Staffing, Leading, Controlling)

1. Planning – deciding in advance – what to do, when to do, and how to do. It
bridges the gap from where we are and where we want to be.
2. Organizing – It is the process of bringing together physical, financial and
human resources and developing productive relationship amongst them for
achievement of organizational goals. To deliberately arrange people to
further utilize its resources.
3. Staffing – It involves manning the organization structure through proper and
effective selection, appraisal, and development of personnel to fill the roles
designed on the structure.
4. Leading – It is the part of managerial function which actuates the
organizational methods to work efficiently for achievement of organizational
purposes. You have to motivate your workers.
 5. Controlling – It implies measurement of accomplishment against the
standard performance and correction of deviation if any to ensure
achievement of organizational goals.
Planning is looking ahead while controlling is looking back

IV. Levels of Management

V. Organizational Behavior
Peter Drucker is the Father of modern management

Frederick Winslow Taylor is the Father of scientific management

- An organization is a consciously coordinated social unit, composed of two or more

people that functions on a relatively continuous basis to achieve a common goal or set
of goals.
The smallest unit of society is family

VI. What is Behavior?

- It is a response of an individual or group to an action, environment, person, or

stimulus.
- Human behavior, the potential and expressed capacity for physical, mental, and
social activity throughout human life.
- It is the way a person acts in various situations.

VII. Definition of Organizational Behavior

- A field of study that investigates the impact that individuals, groups and
structure have on behavior within organizations, for the purpose of applying
such knowledge toward improving an organization’s effectiveness.

- The study of what people do in an organization and how their behavior affects
the organization’s performance.

- The simplest definition of OB: It is how man behaves in the organization

VIII. Associated word for Entrepreneurship

- Idea
- Goal
- Innovations
- Scalability
- Business Plan
- Money
- Team

IX. Meaning of Entrepreneurship

- The process of creating something new with value by devoting the necessary
time and effort assuming the accompanying financial, psychic, and social risk
and uncertainties; and the resulting rewards of monetary and personal
satisfaction.

- It refers to the economic activity of a person who STARTS, MANAGES, and

ASSUMES the risk of a business enterprise.
X. Who is an entrepreneur?

- The person who undertakes entrepreneurial activities. (Entrepreneurship is

derived from the French word entreprendre, which means “to undertake”)
- The entrepreneur identifies an economic need, considers offering a business
solution, proceeds to assemble the resources required, and assumes the risk of
either succeeding or failing.
- A businessman markets the product while an entrepreneur markets the product
AND innovates.
- The most important element of an entrepreneur is to seek opportunity in the
midst of crisis.

XI. Key elements of an entrepreneur

 XII. Insight

Entrepreneurship has shown extreme changes in almost all economies of the world
providing the mankind with new domains of globalization. It has turned the world into
a global village and has made the world a better place to live in.