more The development of Bulgarian entrepreneurial practice goes through several stages, following the historical vicissitudes that accompany our lands.Despite the difficult path of entrepreneurship development in Bulgaria, it brings the Bulgarians' strong spirit of change, prosperity and welfare.An organisation needs key planners to help boost the performance of the business.Tags: How To Write A College Acceptance EssayHookah Business PlanThesis Dissertation DatabaseHow Does Homework Help YouBenefits Of Financial Planning In BusinessWorld War 2 Research PaperCritical Essay Library
Therefore, entrepreneurs are considered to be very important for the national and regional growth of any country.
According to Henry Fayol, the management skills were derived from the work which managers do.
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Forecasting involves using the previous performance trends to determine what is to happen in future and therefore very essential in any business, organisation or firm.
Planning refers to the prior arrangements by employees on what is to happen next.
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.
However, encouraging people to acquire vocational or technical skills in order to establish their own business can only provide permanent solution to unemployment if the entrepreneurs are well equipped with marketing skills to make their business relevant for a long period of time rather than a short period as statistics have shown that as high as 80% of small business fail during their first five years.
The high rate of business failure would only compound the unemployment situation rather than solve it.