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Business Management

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The Scope of Management What is management? What are the specific tasks and responsibilities of management?

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What is Management? D EFINITION T ASKS / R ESPONSIBILITIES Ensuring that the business works Making sure people want your products Making sure business is running well prices, profit, customer service Process multiple steps & keeps going Quality Pricing Customers needs Imports / exports Marketing Need for product

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Todays Objectives Describe management roles, functions, and skills.

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What is Management? List a word that comes to mind when you hear the word management.

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Four Functions of Management Planning Organizing Implementing Controlling

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Planning Analyzing information and making decisions about what needs to be done

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Organizing Determining how plans can be accomplished most effectively Arranging resources to complete work Includes staffing

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Implementing Carrying out the plans Helping employees to work effectively More day-to-day management activities

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Controlling Evaluating results to determine if the companys objectives have been accomplished as planned

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Which of the four functions did you see in your article?

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Management Skills What are the skills used to efficiently channel resources and resolve conflict? What types of skills do you think managers should have?

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Skills Managers Need Communication Skills Human Relations Skills Teamwork Skills Problem-Solving Skills Organizational Skills

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Summary What is management? What are the Functions of Management?

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It is the responsibility of the business owner & managers to define the goals of the company and shape its purpose. Consider the vision & mission statements of some of todays biggest companies.

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Business Management

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Last Class... Describe management roles, functions, and skills

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Todays Objectives Identify benefits and limitations of a variety of leadership and management styles. Analyze leadership & management styles in a variety of business situations. Compare self-assessment of personal traits.

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Think About It What makes a good manager? Are managers & leaders the same thing? Think of a good manager/leader you have worked with. What were some of their attributes that made them good?

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Whats the difference? Management Leadership The skills used to efficiently channel resources and resolve conflict. The skills that motivate others to accomplish common goals.

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How do you become a leader? Lets consider leadership theories... Someone may become a leader by: Authority Power Charisma

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Authority This type of leader has been given the right to achieve the objectives or goals of an organization. This leaders power is obtained via appointment. Managers are the appointed leaders of a business.

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Power This type of leader has extensive knowledge or expertise in the field. This leaders power is derived from respect. Experts in finance, for example, are the respected leaders of their field.

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Charisma This type of leader is able to bring others together and motivate them, usually for a cause. This leaders power is derived from emotion. Many successful activities earned the spotlight because of their charisma.

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Regardless of how someone obtained their leadership, each leader demonstrates characteristics of a leadership style. Whats your style? Take the survey!

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Leadership Styles Survey All leadership styles are good one is not more important or better than another. It is important to understand leadership styles in order to be able to work with all personality types effectively. In your group, come up with 3 attributes of your groups leadership style and a famous person who might share the same style.

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Autocratic Characterized by giving clear and precise directions as to what is to be done. Considered classic leadership. Managers retain as much power and decision-making as possible.

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Using Autocratic Leadership Most Effective When... Should Not Use When... New, untrained staff Detailed orders and instructions Limited time to make a decision Managers power is challenged by staff Staff becomes tense, fearful, or resentful Staff expects their opinions to be heard Low staff morale or productivity High turnover and absenteeism

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Democratic Characterized by encouraging workers to share their ideas Allows employees to make some decisions or give input Keeps staff informed about everything that affects their work

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Using Democratic Leadership Most Effective When... Should Not Use When... Want to provide opportunities for staff to develop Want to encourage job satisfaction Large, complex problems Changes must be made or problems solved that affect the staff Want to encourage team building and participation Not enough time to get everyones input Easier or more cost- effective for the manager to make the decision Cant afford mistakes Staff safety is a critical concern

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Open Also known as Laissez- Faire leadership Characterized by giving little or no direction to the employees Employees are trusted to make decisions and resolve problems on their own.

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Using Open Leadership Most Effective When... Should Not Use When... Staff is highly skilled, experience, and educated Staff have pride in their work and the drive to be successful Outside experts or consultants are used Staff is trustworthy Staff feels insecure that the manager is not accessible Manager cannot provide regular feedback Manager is unable to thank staff Manager does not understand his/her own responsibilities

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Leadership Style Variations

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Situational A good leader changes intuitively between styles according to the people they work with and the current situation at hand. Select a style that best fits the circumstances of the moment!

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Given the four situations on your worksheet, decide which style of leadership (autocratic, democratic, or open) would be most effective.

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Summary Management vs. Leadership Leadership Theories How does someone become a leader? Leadership Styles