An Entrepreneur is the operations manager, the human resource
director, and the marketing manager at the same time. Entrepreneurs are
confronted with a lot of choices to make, and some of these choices are more
crucial to the success of the business than others.
1.
Business finance decisions
Entrepreneurs continually makes a lot of choices when it comes
to business finances. For new companies, choices about how to finance the
business and the most suitable source of financing are critical. For an
existing business, choices about how to manage cash flow and secure resources
are equally important.
2.
Business structure
Legitimate business structures incorporate sole proprietorship,
partnership, and limited liability corporations. Each of these business structures
has their own features and obligations. Structural decisions are long term
choices and they entail a great deal of risk. It incorporates decisions about
developing new products or getting into strategic alliances.
3.
Work force
An entrepreneur must make decisions about selecting and
employing a competent work force. The entrepreneur must set criteria for hiring
the most competent workers. Entrepreneurs should also make decisions on job
expectations, roles and obligations. Also, the entrepreneur has to determine
the remunerations and benefit structures for his workers.
4.
Operational decisions
Entrepreneurs need to make decisions on how they will manage the
business. Operational decisions incorporate picking the right suppliers, and
the appropriate strategy for distributing and marketing the product.
These four decisions are crucial to the success of any business.
Stephen Souky is a Controller at MHC. He is an experienced accounting professional with
more than twenty three years of success in a variety of senior level management
positions. He is the President of the Niskayuna Girls Basketball Team and AAU
programs.
