MANAGERIAL COMPETENCE

sunandaC

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The success of a business enterprise depends largely on the resourcefulness, competence and integrity of its management. However assessment of managerial competence has to be necessarily qualitative calling for understanding and judgment. The managerial requirements are the experience and capability of the principal promoters to implement and run the project.

The adequacy of the management set up for day to day operations like production maintenance marketing finance etc. and also the homogeneity of the management set up. For a new entrepreneur it will always be advisable to build up a competent team of specialists in the required discipline to join hands with an entrepreneur who has the requisite organizational and managerial expertise in the implementation and operation of the project.


Managing a business requires more than just the desire to be your own boss. It demands dedication, persistence, the ability to make decisions and the ability to manage both employees and finances. Your management plan, along with your marketing and financial management plans, sets the foundation for and facilitates the success of your business.

The management appraisal involves the assessment of the following:
• The entrepreneur
• The board of directors
• The chief executive
• The departmental heads

Management plan should answer questions such as:
 How does your background/business experience help you in this business?
 What are your weaknesses and how can you compensate for them?
 Who will be on the management team?
 What are their strengths/weaknesses?
 What are their duties?
 Are these duties clearly defined?
 If a franchise, what type of assistance can you expect from the franchisor?
 Will this assistance be ongoing?
 What are your current personnel needs?
 What are your plans for hiring and training personnel?
 What salaries, benefits, vacations, and holidays will you offer? If a franchise, are these issues covered in the management package the franchisor will provide?
 What benefits, if any, can you afford at this point?
 
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