Entrepreneurship Essay Example | Topics and Well Written Essays - 1500 words - 10

Entrepreneurship - Essay Example its from the farm business continually; thus a farm manager needs to adjust his or her farm organization time by time to keep abreast of changes in methods of farming, prices variability, and the available resources among other factors. This means that for a farming business to succeed, a manager should, therefore, develop core functions to secure the success of the business. Some of the main functions that should be developed, in this case, a coffee farming business, include internal, external, and support functions (BROWN, 2008, p. 53-56). This paper will, therefore; discuss the roles and responsibilities of these functions and the significance of the functions to the sole traders and SME’s in the success of their businesses. First, internal functions consist of all necessary and essential business activities that help lay a foundation for a business. They are, therefore, required to continue the business objectives that are established by the business owner during an establishment of a business. Internal functions are also needed to continue the regular activities of a business and examples of the internal functions acquisition of finance, hiring of labour, purchasing raw materials, overhead expenses, and production of goods. In a coffee farming business, acquisition of finances is important since it will need high capital at the start-up and the running of the farm activities. Finances can be acquired from investors, banks, and other financial institutions and resources can be channelled to initiate some of the preliminary activities such as purchasing machineries such as processing plants, buildings, and land. Once this is done, the farm will need labour; people who will help cultivate the land, plant ing coffee and making sure the coffee plants are a conducive environment to grow. Additionally, the business also requires a management team, who will carry out function such as controlling the overhead expenses, controlling the production of coffee, and