IT Entrepreneurship And Management

Every person who starts, owns, or is part of the management team of a venture, should strive to construct sustainable benefit. A sustainable benefit is valuable to value production because money flows become predictable and dependable over long time periods. Because of this, it is much easier to plan for investments in new jobs and also to maintain contingency reserves for downturns. Building sustainable advantage requires competence in the areas of entrepreneurship, leadership, and direction. Collectively, these 3 disciplines embrace enterprise. Enterprise is both a science and an art. Art is an occupation which requires both skills and knowledge, science is a method for systematizing knowledge. Through the knowledge and skills, the enterprise provides a systematized method of building sustainable ventures by applying the techniques of entrepreneurship, leadership, and direction. Entrepreneurship is a competency for supposing risk for a venture, creating, and beginning. A direction is a competency for aspiring others. A direction is a competency for controlling and directing events and activities - direction as a team has the ability and liability for your enterprise. Being proficient in all 3 competencies requires experience. Entrepreneurs may lack the direction and management principles, leaders may lack management and entrepreneurial competencies, and supervisors may lack the entrepreneurial and leadership principles to construct a sustainable enterprise. Mobile entrepreneurs have to show they can build markets. Lifestyle company owners, such as dry cleaners, hairdressers, specialist service suppliers, restaurateurs, and retailers, are responsible for everything inside their companies. Executives and managers in large companies are under constant pressure from investors to generate quality earnings on a continuing basis. The enterprise depends on the use of all 3 enterprise competencies as do the employees, clients, suppliers, and investors. When entrepreneurs start ventures, they tend to focus on the advantages and characteristics of their products and\/or services. Intrapreneurs, who're agents of change in established enterprises, have a tendency to do the same thing. However, focusing on products and\/or services alone is insufficient for building a sustainable advantage over time. Without people, there's nothing in business. Processes must be effective and efficient in providing quality products and\/or services conveniently. If an enterprise cannot deliver, a competitor will. Hence, the management team collectively must be proficient in entrepreneurial, leadership, and managerial roles that dictate successful people oriented, process oriented, and product and\/or service capabilities. The entrepreneurial role is the process-oriented and product oriented, through which innovative ideas are transformed into appreciating at every stage of an enterprise's development. The direct role is people oriented, through which leadership is set that others will follow to achieve outcomes - equally applicable to top-level executives, staff leaders inside functions, or anyplace in between. The managerial function is process oriented, through which resources are applied to activities to achieve results.