Are Entrepreneurship and Management co-related with each other? This question arises in almost every management mind. However no entrepreneur can run his business successfully without management in his work. So you can take management as an essential factor in entrepreneurship.

What is Entrepreneurship?

Entrepreneurship means creating and achieving something on your own. In entrepreneurship a person starts a business on his own. He is the whole and sole authority of all the incomes and expenses, profits and losses. In the business world, entrepreneurship holds a vast space and great respect. However entrepreneurship is not an easy task to start with more so if you are a fresher and you have no knowledge about the field. Lack of knowledge as well as resources can create plenty of hurdles in your way.



What is management?

Management is an activity in which a particular person takes several steps to get people to work together to achieve a common goal in some uncommon situations.
There are several steps involved in management. They are:

* Planning
* Organizing
* Staffing
* Directing
* Controlling

Planning: Before commencing any business planning is the most important thing which should be taken care of. You should plan all your present and future business prospects. In business each and every step should be taken after a planning properly about them.



Organizing: After planning the next step which comes is Organizing. In this step, the manager utilizes all his resources in best possible way.

Staffing: The third step which is involved in management is Staffing. This step involves recruiting the best and appropriate person for a particular job.

Directing: After planning, organizing and staffing, the next step which should be taken by a manager is directing. This step is highly important in any management activity. Orders and suggestions are the key roles of this step which helps in getting the work done by the employees in best possible way.



Controlling: The last step which is required to be taken by a manager is controlling. It involves analyzing the growth of the business, taking of the progress report of the employees and providing useful feedbacks to them.

Is their any difference between Management and Entrepreneurship?

Management and Entrepreneurship are two different areas which carry a separate meaning as well as identity. However is you will go through the nature of job of a manager and an entrepreneur, then you will find that both them tries to act almost similarly. This does not happen co-incidentally. The demand of the economy, which is getting more entrepreneurial, forces them to copy each others activity.

Management is required in almost every part of entrepreneurship. Whether it is time management, managing the resources or managing your own activities, management is required almost everywhere.

While starting a business it may become hard for an entrepreneur to decide which thing should be done first. But if you are an excellent time manager then such things can hardly create any hurdle for you.

Some tips for managing your time in entrepreneurship.

* Keeping a Do-List Diary really help a lot to manage you time while working. Write those things which have to be done on priority.

* If you have a secretary then it is fine but if you don’t have then plan out your time table on daily or weekly basis, considering the break timings as well.

* Follow your time table. Most of the people do take keen interest in preparing a time table but give less attention in following it.



* Do one work at a time. Do not try to take multiple tasks in hand as they can make things haphazard. You may think it can save your time but actually it is nothing like that.

* If you have many similar things to do then combine them in your do list and finish the similar tasks first.

* The most common wastage of time is ‘waiting’. Try to utilize that time.

* Do not overload your self with work to save time as it can make you weak. After all fitness is the most important thing for doing work on time.

Above mentioned tips can really help you to manage your time as according to your work in entrepreneurship.

Before starting your business as an entrepreneur, knowledge about entrepreneurship is must. These days there are plenty of institutes which are providing efficient courses regarding entrepreneurship and management. Some of them are mentioned below:

* Stanford School of Business: This is an institute which provides proper knowledge about entrepreneurship, leadership, global awareness and social innovation. It is one of the leading institutes of management.



* Harvard Business Schools: This is also one of the famous business schools. It was founded in the year 1908 in Boston. This institute provides almost all the courses which are relevant to entrepreneurship and management.

* Tuck School of Business: This institute holds a strong place among all the top business schools. It was established in the year 1900 in United States.

* Kellogg School of Management: Plenty of Entrepreneurship and management courses are available in this institute. It was founded in 1908 and it is located at Evanston.

* Tepper School of business: This institute specializes in entrepreneurship, finance, operation management and information technology. It was established in the year 1949 at Pittsburgh.

The above mentioned institutes can really help you to gain efficient knowledge about entrepreneurship which can avoid the risk of failure up to some extent.

With the above mentioned points we can conclude that management is an important part of being a successful entrepreneur. You cannot avoid this factor as it is needed in almost every area on entrepreneurship. If you want fruitful results from your business you must have the managerial skills to develop your business. So it can be said that management and entrepreneurship are complementary for each other.

All of us relish the different cuisines of the world, without ever thinking where it was cooked. Our homes have a small strip of place which we call as ‘kitchen’ which caters to the taste buds of all the people living in that house, but remains unnoticed by the family members most of the time. Similarly, we dine at the world’s most expensive restaurants, satiate ourselves, talk about the impeccable palate and move on to the next food joint. We notice the ambiance, lighting, service etc, at a restaurant, but none of us spare a moment to think of the place where our delectable platter was cooked.



Though most important but the value of a proper kitchen is not realized by most of us. Its importance is only to the person who cooks day in and out in that stuffy, hot place. With houses getting small, kitchens in it are getting smaller.

Of late the kitchen has broadened its horizons and from a mere cooking area, now its been merged with eating space as well. Depending on how much space is in hand a good kitchen can be planned.

However what shape would one like to give to its kitchen depends upon a few things.



* Assessing Kitchen Needs: Your neighbor’s kitchen might tempt you or you sister might show you photographs of glamorous kitchens, but always remember that before finalizing on a design, asses your needs. You might require a bigger slab for working but end up in making space for a bigger window. So, do not go by what others have in their kitchen, rather go by your requirement.

* Design a Budget: - Nobody wants to go broke after renovating or building up a kitchen. Designing a budget is very important. Choose things according to your budget, so that after the completion of it, one feels relaxed.



* Plan for Future: - Whichever design you choose, keep in mind that the future needs are also considered. If there are predictable changes like the family size would increase, do not overlook such factors and plan accordingly. Keep the pace of technology in mind; if today you have an appliance in your kitchen tomorrow you might be having three or four. So plan spaces and plug-points accordingly.



* Shape: - Always keep the shape of your kitchen in mind before selecting anything for your kitchen. Maybe just a bright colored wall would do wonders for your kitchen. Space utilization is very important as there are loads of things to be stored in the kitchen. A particular set-up might look great in an L- shaped kitchen but might look stuffy in a U- shape kitchen.



Finally when all the above mentioned things are decided, then go out and look for the best pick available in the market. When you’ve done your homework well, then go ahead and approach a professional for the same. The homework part is strongly recommended as it allows your mind to understand what the professional is talking about, and also helps the professional to understand your needs and design accordingly. Moreover with a survey of the market, one can choose things well within budget and happily make a dream kitchen. It always makes sense to accessorize your kitchen well including the doors and windows. Brass door handles or knobs last much longer and serve a good purpose in kitchens. Brass door handles and other accessories are easily available in the market. Make sure your kitchen looks just awesome. The secret to it is accessorize. Always jot dot down your requirements before deciding on any thing, keep in mind the involvement of other family members also into consideration. If your husband loves to cook, arranging two stoves in the kitchen is not a bad idea, after all who doesn’t want to sit back and enjoy a meal!!

Management has proved its mettle in almost all the areas pertaining to activities of interacting with social groups. Although initially the aspect of management was existent in the society but it never took shape till very long. Managers were considered a different clan of people who were not included amongst the rest of the professional. Managing affairs at home is the best example of a manager, but the poignant aspect is that till date it has not been recognized. Fortunately there are areas and people who have realized the importance of management, due to which we have seen various branches of management sprouting up in the recent past. With the start up of management to only business management, now we see a variety of options with specialized management courses. Human resource management, international business management, hospital management, retail management, crisis management, sports management and entrepreneurship, etc, there are variety of options available in the field of management from which one can choose.



What is Sports Management?

The importance of sports management was felt with the advent of globalization. Meticulous planning was required as sports activities expanded its horizons. Now, it has emerged as a specialized field of education and training which ultimately aims to cater to the business aspect of sports activities. It refers to all activities relating to sports apart from the game itself. Management of the team, marketing of the event, organizing the events, facilitating the players, etc, everything is a part of sports management. Though sports in itself means an activity which is managed by pre-set rules and regulations, but the relevance of sports management steps in to manage everything else apart from the game. Since initially the sports activities were not a global event, they were not managed by trained professionals who could handle the minutest of details with precision. But in present times where media has become omnipresent, it has become important to manage the entire game as an event.

Moreover, apart from being a mere game of few hours, sports have taken a business route as well. In fact many have started finding and building up on new opportunities that sports and games can provide building up what is called sports entrepreneurship. Now each game involves big money. This means a detailed planning of everything so that big sponsors can be sought. Media has made each sport a massive event. The craze of sports has increased manifolds, which attracts the big brands to sponsor entire game or certain events in the game, for example we often see in the game of cricket that ‘sixes and fours’ are sponsored by a particular brand. All this has given birth to sports managers.



Sports Managers are responsible for arranging all the required facilities for the players, organizing the event, which includes where the game would be played, publicizing the game, arranging for chief guest, security aspect, trophy, contingency management  etc. One can easily imagine what level of management is required when we see games happening at such massive levels on our television sets. People hosting such events are now equally interested in the financial gains from the game, which was earlier restricted to only pleasure of the game.



There is a wide variety in sports to suit all types of people. From high energy games, to games which require a cool mind, from long duration games to games of few minutes, outdoor games, indoor games, online games there is a wide array to choose from, depending on an individual’s taste and preference. Each of it has a different approach and a different format. Sports management would therefore be different for each kind of sport. There cannot be a set of rules for managing all kinds of sports, but for sure a proper training in this field shapes up an individual to learn the basic guidelines of this field. How well does one manage the event can never be taught, it depends purely upon one’s prescience, planning and creativity. In the times to come sports management will be a very lucrative field for the aspiring managers.

Entrepreneurship is all about managing the activities or starting up a new business venture, or rejuvenating an existing company to the identified profitable business opportunities. Although seemingly simple, entrepreneurship is a rather difficult nut to crack, since a vast number of business fail.

Entrepreneurship starts from conception of an idea to the final strategy of reaping profits.
Depending upon the scale of operations, on which an entrepreneur is willing to start a business, the other arrangements of pre-requisites is premeditated.



There are general requirements of arranging office space, manpower, etc, and there are certain specific legal requirements. The legal aspects of entrepreneurship should be taken seriously as it has long term impact on the organization. Even before a professional assistance is sought, an entrepreneur should be aware of the framework of legal aspects which needs to be addressed. The legal aspects hold relevant importance as it gives us guidelines to mange the enterprise. Proper documentation is relief for managing future affairs of the business. The legal issues make the entrepreneur aware of his limitations and scope for expansion. The rights, duties and liabilities of all those who are contributing to the business become defined after the legal aspects are properly viewed.

The general legal steps before starting up a business venture are:

* Selecting a name for the venture
* Paying the entire essential fee with the chosen state.
* Working out a capital model for structuring the equities.
* Documenting the employee agreements.
* Managing issues with the previous employer, if any.
* Submitting all the required documents to the secretary of the chosen state.

There are few general mistakes of the Entrepreneurs:

* Failing to address how the jointly possessed patents of the business are to be licensed and utilized in joint development situations.
* Failing to utilize non disclosure agreements mutually and to all.
* Failing to keep in mind international patent protection preceding to disclosure.



Apart from the general guidelines above, there are certain other basic decisions which every entrepreneur needs to make. Like the aspect of Corporate Structuring. This is one of the primary issues, which need to be decided at the onset of every new business. Basically there are three forms of business: sole proprietorships, partnerships and Limited Liability Companies or LLCs and C corporations. The correct legal structure might save an entrepreneur from future problems and can even help in arranging finances for the business.

Capital Structuring is another important facet of legal aspects related to business. Since the main thrust lies in helping an entrepreneur raise adequate funds, capital structuring becomes very important.

Securities Law and Private Financing Aspect




It is strongly advised that before offering, or accepting any sort of invitation of sale, purchase or investment from entrepreneur or investor, proper registration is ensured. It is considered illegal to offer sale, or for that matter even solicit potential investors for any sort of security without registering the offer with the federal and state agencies which control such offerings, or filing for the offer under a federal or state agencies for exemption from such registration.