Final answer:
The management team's main functions are executing the business plan, identifying and responding to changes, and maintaining profitability, but not initially helping to write the business plan.
Step-by-step explanation:
Help the entrepreneur write the business plan. The primary functions of a management team within an established firm include executing the business plan, identifying changes in the business environment, and making necessary adjustments to maintain profitability. However, assisting the entrepreneur in writing the business plan is typically a preliminary task, completed before the management team focuses on execution and adaptation.
As firms become established, the business plan becomes widely known among investors, reducing the need for personal connections with individual managers. Instead, the availability of information regarding the company's products, revenues, costs, and profits becomes more significant, as this allows external investors like bondholders and shareholders to provide financial capital based on the perceived viability of the business rather than on personal relationships with the management. The core responsibilities of the management team are aligned with steering the company towards profitability, adapting to market changes, and executing strategies effectively.