Industrial management and entrepreneurship development are correlated to each other. Their association makes the whole entrepreneurship process smooth.
Key Points
- Industrial management and entrepreneurship development are related because of the current demand of the time.
- Management is not an easier task but with authority and proper planning, division of labor and group coordination can be monitored easily.
- Many entrepreneurial ventures are growing into industries because of their focus on the end goal of growth.
- Reinforcement is an essential part of entrepreneurship development which works throughout industrial management where you correct and think of new ways continuously.
- Innovative technology is the future of the business market and consumers know this as well hence the focus is on industrial growth.
Significance Of Management
Management is an essential component of human life that is needed in every single phase. The modern world has seen a quick change in attitudes due to the presence of technology.
One can never deny the fact that technology has impacted the thinking pattern of human life. Besides, it has left some strong imprints on the traditional management system. The establishment of large business setups and the creation of large-scale industries for that purpose have influenced the general business world a lot.
Also Read: “7 Comprehensive Steps of The Entrepreneurship Process in (2021)”
The Interrelatedness Of Industrial Management And Entrepreneurship Development
Well, you don’t have to go through complex thesaurus books to understand their relationship with each other. Somehow, the basic definition of entrepreneurship clearly provides answers to all the management-related queries.
Let’s go back to that part. We all know that entrepreneurship means the setting up of businesses in a specific geographical region. The 21st century has changed the modes of business for businessmen around the globe. All thanks to the latest scientific technology which is stepping up in every single sphere and pricing its efficacy.
With the latest technology, things have gone much easier as compared to the conventional times, and because of this reason large-scale industries are contributing to the establishment of business setups. Yes, you got it right. Today, industries are the foundation of entrepreneurship, and business ventures follow the order through which industrial development takes place.
Impact Of Industries On Asia Pacific
This is the reason we find the Asia Pacific region of the globe growing quickly when it comes to the economy because over there the industrial setup is up-to-date, so every other individual doesn’t want to lose a golden opportunity of establishing a business of one’s own. Therefore, entrepreneurship is an ideal career in these regions.
Why Are Industries The BackBone Of Entrepreneurship?
Well, this question is often posed by many emerging entrepreneurs who believe that doing a little can help in the field. Yet, the fact is you need industries in every sphere of your venture. From the strategic planning to the actual implementation of your plan, everything is directly supported by the industries.
This is because these are the hubs for managing the labor force, providing raw materials and technology to promote your venture on a bigger scale. Even many entrepreneurs who once settle into the competitive environment tend to start industries of their own so that their dependence on the indirect industries and the cost price for that could decrease.
What Is Industrial Management?
Let us tackle the first part of this umbrella concept. Industrial management refers to managing the industrial flow in the perfect order so that everything works in a regular manner and one does not have to go out of the way in order to ensure the completion of certain processes.
Management is a huge task. You not only require managerial authority by some other responsibilities also add up on your account once you decide to be a part of this system.
Components Of Industrial Management
For your ease, we are breaking down the components of you can say little fragments of management which combine together to constitute an entire unit ensuring proper functioning.
- Authority
- Division
- Strategy
- Collaboration
- Delivery
- Assessment
Authority
The basic component which forms the whole process is the authority to manage. Not everyone can turn out as a good manager. Years of experience and knowledge along with the practical skills of using the best of strengths for the achievement of a particular goal are all the qualities necessary for a manager.
As a manager, your responsibility is the most primal of all. You cannot back off or say no to challenges unlike other members of the group because once you are reluctant to accept a challenge, the team or your subordinates will automatically lose their morale. This is the reason that in industries that are known for their efficacy and performance, the authority is always at the finest level of knowledge and control.
Once your authority is capable enough to manage and look for the solution to problems, you can easily go ahead and fulfill the aims which you have laid down for your entrepreneurial venture.
Division
Whenever we talk about the division in the industrial sector, it refers to the division of labor which is entrusted by the authority to the subordinates. Division of labor is the basic force that aims to provide results that can act as the powerhouse of the whole industry. In industry, every individual is handed over a task based on the skills possessed by him.
It is the talent of the subordinates which brings them forward and makes them a star. On the basis of the talent, groups are made and individual tasks are handed over to them in a certain period of time. Once they are on the verge of completing their tasks, their performance is monitored and then approved.
Strategy
Whether it’s entrepreneurship or industry, a strategy serves as the soul in both areas. Of course, you can never accomplish a specific aim if you haven’t created a strategy to deal with it the right way. Once the groups are constituted, it is the responsibility of the leader of the group to devise a perfect strategy that can mark the completion of their task.
It is the strategy that later on becomes a voice of reasoning for those who find it hard to accomplish certain aims. The best strategy is always simple. So, within industrial management, a group leader always tries to devise a strategy that can be easily interpreted by all the members of the group so that they can work together in a single unifying fashion.
Collaboration
Have you ever noticed our solar system? I know this might be a childish example for you to interpret but still haven’t you observed that every single planet works in coordination with that of others. It is this coordination that becomes the reason for stable planetary conditions on our planet.
If those planets didn’t work in order, everything would get devastated in no time.
This is how collaboration works on an industrial level. When you are a team, then it means that no matter what comes, you are always going to stick together and work to deliver the finest goals. A good team is one where every member understands his/her duties and fully corresponds to the efforts made by the other member. When this happens, overcoming difficulties and achieving some impossible goals no longer remains difficult.
We have the case of Elon Musk who made his organizational Space X powerful on the basis of the efforts made by his team on an individual level.
Delivery
Delivery incorporates the end results of the individual and collective efforts. It is a sum total of all the goals which were needed to accomplish in a particular industrial venture. This is why it is very important to have a proper delivery system because the clientele is only going to explore the magic when it reaches out to them.
Many industrialists don’t pay heed to create a safe and sound environment for those who deliver the products to the main markets. It is their timely effort with which an entrepreneurial venture becomes successful.
The end results must be good and for that person, the passage must be clean of all the big and little hindrances and this is made sure through the impactful modes of delivery throughout the country where a product reaches the far-flung areas in almost no time.
Assessment
As minuscule as this phase looks, it is the most important of all. This is the phase during which the end products prepared by a specific industry are assessed. However, this time the judges are different. It is not the manager or the entrepreneur who assesses these products but directly the consumer finds out their value.
They check for the quality, stability, and packaging. On the basis of these facts, they then pass an approval or review a specific product according to their own experience. This is the phase where the value of a commodity is ascertained and on the basis of this assessment, a standard is then established for all other products as well.
What To Do If You Are Not An Industrial Entrepreneur?
A number of entrepreneurs also question that if they want to start from the very basic i-e: the point where they have the least amount and resources to sustain their ventures then how can they be able to make their venture successful because they are unable to invest or establish some giant industries.
So, to answer this, there isn’t any need to panic because this falls under the general rule of the universe. In this world, everything grand originally begins as an idea which is then fuelled by creativity and hard work. So, the newbies can trust their skills and take one step at a time without considering the big fish.
Once they are fully able to understand the market, they can later on experience new things on the way. If your venture is successful at the critical moments, then you are easily able to grow just like all the grand ventures which have now turned into industries of their own.
Conclusion
Industrial management and entrepreneurship development work side by side. You can never expect the industry to work solely without any ambition and when the ambition sets profitable goals, it becomes an entrepreneurship venture.
The real task is to manage all the workload and analyze the efforts. As an entrepreneur, it becomes a duty of yours to keep an eye on the latest technology and think of measures to incorporate that in your venture. This is because progressive ventures with individual uniqueness are highly valued in the business market making the star of your fortune brighter than expected.
The author is an M.Phil scholar conducting her thesis in Literature. As a sucker for literature, she swoons over Greek and South Asian fiction while reviewing books in her spare time. Her love for writing has made her expand her subject matter and now she pens her opinions frequently on business, finance, entrepreneurship, lifestyle, history, and literature. For a special connection with entrepreneurship, she opens up the details occasionally about it.