Although there are many reasons why these businesses fail, but the writer is of the opinion that inadequate market research and planning resulting from little knowledge of marketing by business owners is mainly responsible for the failure of their businesses.
This paper therefore discusses the meaning, functions, and importance of marketing in a business organization and recommends comprehensive marketing training for potential and current entrepreneurs as this is believed to be capable of reducing business failure greatly.
Most students find it hard to make up a topic that would interest the professor.
The easiest solution is check the available college paper examples available online for free use.
Management therefore refers to the process of by which managers coordinate the individual efforts of their employees to fulfil organisational goals and objectives which are the driving force for every Business or firm using the scarce but available economic resources in the most efficient and effective way so as to maximise output per worker while minimising the cost of production.
On the other hand, entrepreneurship refers to the process of identifying a business opportunity, mobilising resources towards the venture putting into considerations the business and market risks associated with it.
Controlling refers to the stage wise checks put in place to monitor the progress of the firm against the set plans so as to ensure that every action undertaken by the employees meets the intended purpose.
Entrepreneurship has been a very important field of study due to the various roles which it has served to fulfil in our society.
It began with the masterpiece of Classical/traditional management theorists, neo classical theorists and finally the Scientific/modern theorists.
Henry Fayol revolutionised the field of management by coming up with the famous fourteen principles of management.