Management
the process of accomplishing the goals of an ogranization
What do Managers do?
Plan, Organize, Staff, Implement, and Control
What are the levels of management in descending order
Executives, Mid- Managers, and Supervisors,
Management style
the way a manager treats and involves employees
What are the two types of management
Tactical and strategic management
What are the characteristics of tactical management
Working with part time or temporary employees
working with employees who are not motivated
working under tight time pressures
assigning a new task for which employees are not experienced
What are the characteristics of strategic management
employees are skilled and experienced
the work is routine with few ne challenges
employees are doing work they enjoy
the manager wants ti improve group relationships
Mixed Management
the combined use of tactical and strategic management
leadership
the ability to motivate individuals and groups to acomplish important goals
What are leadership characteristics
Understanding
intiative
dependability
judgement
objectivity
conficence
stability
cooperation
honesty
courge
communication
intelligience
What are ways to prepare to be a leader
study leadership
participate in organizations and activities
practice leadership at work
observe leaders
work with a mentor
do a self analysis and ask for feedback
What are important human relaation skills
self understanding, understanding others, communication, team building, developing job satisfaction
What are the types of communication
formal or informal, internal or external, vertical and oral or written.
What are the kinds of influences
position, reward, expert, and identity
informal influence
the leadership role is not part of a formal structure
formal influence
the leadership position is part of the organizations structure.
entrepreneur
someone who takes a risk in starting a business to earn a profit
entrepreneurship
the process of starting, organizing, managing, and assuming the responsibility for a business
What are characteristics of entrepreneurs
persistent, inquisitive, energetic, goal oriented, independent, self confident, creative, reliable, competitive`
venture capital
money provided by large investors to finance new products and new businesses that have a good chance to be profitable
innovation
an invention or creation that is brand new
improvement
a designed change that increaese the usefulness of a product, service, or process
what are the reasons as to why a entrepreneurs fails
lack of adequate capital, low sales, higher than expected expenses, competitive pressure, an owner unprepared to manage a growing business, operations requiring more time than the owner is willing to commit
small business
an independent business with fewer than 500 employees. The owner is usally the manager, it iperates in one or very few locations, it typically serves a small market, it is not dominant in it field
what are the reasons why a small business fails
not keeping adequate records, not having enough start up money, lack of management experience, lack of experience with they type of business, not controlling operating expenses, poor location for the business, failure to manage credit offered to customers
small business administration
a government agency that helps small business owners develop business plans and obtain financing and other support for their companies.
business plan
a written description of the business idea and how it will be carried out
what are the major elements of a business plan
description of the business, description of competition, customer analysis, operations plan, marketing plan, and financial plans
start up financing
the amount of money needed to open the business
short term financing
the money needed to pay for the current operating activities of a business
long term financing
the money needed for the main resources of a business. These costs will last for many years