Entrepreneurs and Management Knowledge

Successful entrepreneurs generally possess a rich complement of personal traits, inherent skills, and business savvy that help them rise above the huge and growing tide of would-be entrepreneurs everywhere. Although some entrepreneurs have achieved great success in spite of a paucity of management knowledge, those cases are rare. Management knowledge is the bedrock that supports a rising star after the initial blaze of early success subsides and the matter of managing a real-world business comes into play. An entrepreneur who can design a great product but cannot manage employees, time, inventory, or finances will not be able to run a successful business. Many companies with an innovative idea or novel marketing scheme shoot up like a rocket and then peter out when they are unable to sustain growth and establish equilibrium. Management knowledge ensures that the enterpriseùonce launchedùwill be able to function successfully on a day-to-day basis and become a solid presence in the marketplace.

The types of knowledge that entrepreneurs need cover a wide range of topics. One of the most important and most overlooked is a knowledge of people. ôIt is often the major factor in a decision and it affects those myriads of personal encounters that fill a managerÆs dayö (1). In any company larger than one person, a knowledge of how to handle people is a major criterion of success. At the personal level, this knowledge manifests as inter

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f a seasoned leader. "The value of learning by doing is great," Friedman says. "People learn more when they're the ones who are pulling in the ideas, the people, and the resources" (11). No amount of training or simulation, however, can prepare an entrepreneur for every eventuality that may crop up during the running of a business. Therefore, the best training empowers the student to make his own decisions rather than submitting to the authority of a teacher (12). In the crucible of a real-life business, the entrepreneur learnsùusually the hard way, by making mistakesùhow to manage time, people, and a business. For entrepreneurs whose training period is over or for those who must start their business with no training, the real-life experience of managing a business should be approached with at least some effort to maximize the benefits of experience and minimize the risks. Therefore, in the process of managing the business, entrepreneurs need to make the most of their experience by keeping track of lessons learned, insights they have gained, and new initiatives developed in the course of discovering what does and does not work. Journaling or the use of a journal-type planner is one option for recording this type of informati
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Some common words found in the essay are:
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Approximate Word count = 5343
Approximate Pages = 21 (250 words per page)

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