Implementing and Managing the Venture: Implementing and managing the venture

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represents the 4 step within the typical entrepreneurial process. Before this step, ideas
would have generated and opportunities identified, the business concept would have been
established and resource would have been determined. At this stage of the process the
entrepreneur initiates the business operations to achieve the set goal. Initially, the
entrepreneur must decide the management structure or the hierarchy that is required to solve
the operational problems when they arise. At implementation level the entrepreneur needs to
consider the following:

Establishing the organisational goals – Goals are the outcomes expected by

individuals, departments and the organisations. Objectives are more specific and
measurable outcomes which unifies the organisation and all its employees towards a
common purpose. More importantly, objectives act as benchmarks and standards to
measure performance; therefore it is necessary that the entrepreneur clearly defines
the goals and objectives of the venture upon implementation.

Strategy Development – To achieve goals and objectives, the entrepreneurs must

develop suitable strategies. The strategy is action plan and outlines how the goals are
to be achieved.

The Production And Operations Management Functions – This function is one of

the critical functions to venture success. It is responsible for transforming inputs into
outputs whether product or service oriented. Within this functional area, the
entrepreneur must be concerned about managing operations capacity, product quality,
speed of production, cost of production, reliability of production and flexibility of
production.

The Marketing Function – Effective entrepreneurial marketing continues to be a

challenge for many entrepreneurs. This is because the entrepreneur lacks the skills,
knowledge and knows how, does not employ a professional and is unwilling to invest
in marketing. However, entrepreneurial marketing is necessary to communicate the
brand, to persuade customers to purchase, to appropriately price and effectively
distribute the products or services of the venture. Entrepreneurial marketing assist
the entrepreneur in finding ways of differentiating their brand and better satisfy the
needs of the target market.