What Different Functions are Essential to Manage an Entrepreneurial Venture?
There are five key areas in most business plus the softer skills of management, leadership, hiring and creating a productive culture. The five key areas are:
- Marketing
- Sales
- Product/service development (innovation)
- Finance
- Operations & Customer service
A new venture needs slices of expertise in each area with a senior person that has 5+ years full-time experience in each on tap. Initially the development of the company is mainly about #1 and #3, which Peter Drucker the father of management says are really the two key functions. This is true because they require more creativity and top people.
In addition, under these categories of business there are about 30 to 40 more detailed level skills needed to grow any company. For example, marketing would include: branding, strategy, graphics design, SEO, PPC, copywriting, web page programming, etc.
I created a course to review these skills that is about one hour and free here:
This is about growing significant businesses and building a foundation that will allow you to attract capital, top co-founders and employees and more. Although they all apply you do not need all these skills to open a pizza shop, dry cleaner or restaurant. True entrepreneurship is doing something new and different that has never been done before with a new product or twist on the business model to differentiate you 100% from others.
We have offered The CEO Boot Camp (12 courses) since 2004 to give founders the perspective they need to understand the “strategy level” of each of these business areas but also recommend no one start a company until they have 5+ years experience managing people. This is because the arts of hiring, management and leadership to create a culture and vision will make or break any venture.
If you like my post, visit my blog at CEO & Entrepreneur Training, where we train founders and Entrepreneurs to be the top 5% in their fields. And give six certifications in Entrepreneurship for strategy, marketing, Founder/CEO, Management and scaling.
Bob Norton is a long-time Serial Entrepreneur and CEO with four exits that returned over $1 billion to investors. He has trained, coached and advised over 1,000 CEOs since 2002. And is Founder of The CEO Boot Camp™ and Entrepreneurship University™. Mr. Norton works with companies to triple their chances of success in launching new companies and products. And helps established companies scale faster using the six AirTight Management™ systems. And helps companies successfully raise capital.
Call (619) SCALE06 or email [email protected] for a complementary strategic consultation
