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14 Preparing and Planning to Manage Section 14.1 Entrepreneur or Manager? Section 14.2 Management Styles and Skills Glencoe Entrepreneurship: Building a Business SECTION 14.1 Entrepreneur or Manager? Section Objectives • • • Describe the difference between the entrepreneurial role and the management role of a new business owner. Identify the management functions. List and explain the key elements in a positive business climate. Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business SECTION 14.1 Entrepreneur or Manager? The Main Idea To be successful in a new business, an entrepreneur must perform management functions, establish a positive working climate, and maintain an entrepreneurial perspective. Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business SECTION 14.1 Entrepreneur or Manager? Content Vocabulary manager planning strategic plans tactical plans operational plans organizing directing Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business controlling quality control program climate image team building communication SECTION 14.1 Entrepreneur or Manager? Managers, Leadership, and Teamwork Each person in a business is a valuable resource. Everyone works together toward a common goal. Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business SECTION 14.1 Entrepreneur or Manager? Entrepreneur and Manager Once you open your business, you wear two hats: that of an entrepreneur and that of a manager. Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business manager a person who is responsible for directing and controlling the work and personnel of a business, or a particular department within a business SECTION 14.1 Entrepreneur or Manager? Performing Management Functions When managers are managing, they use a series of activities called management functions to achieve their objectives. planning organizing directing controlling Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business SECTION 14.1 Entrepreneur or Manager? Planning The first step in managing is planning, determining your business’s objectives and how you are going to reach them. Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business planning the act of setting goals, developing strategies, and outlining tasks and timelines to meet those goals SECTION 14.1 Entrepreneur or Manager? Planning The three levels of planning are: • • • strategic plans tactical plans operational plans Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business SECTION 14.1 Entrepreneur or Manager? Planning Strategic plans are longterm plans that do not usually include a specific target date. Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business strategic plans long-range objectives based on long-term goals used to map out a business for three to five years SECTION 14.1 Entrepreneur or Manager? Planning Tactical plans are mediumrange plans that help ensure that you accomplish specific objectives to meet your plans. Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business tactical plans midrange objectives that focus on a period of one to three years, built on specific objectives with target dates SECTION 14.1 Entrepreneur or Manager? Planning Operational plans are short-term plans that bring tactical plans to life. Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business operational plans short-term objectives that help achieve tactical plans, including policies, rules and regulations, and budgets for day-to-day operations SECTION 14.1 Entrepreneur or Manager? Organizing Organizing people, equipment, materials, and other resources is an essential part of managing. Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business organizing the grouping of resources in combinations that will help you reach your objectives SECTION 14.1 Entrepreneur or Manager? Directing Directing the efforts of your people and resources will help your company accomplish its planned objectives. Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business directing the process of guiding and supervising employees, often oneon-one, while they work SECTION 14.1 Entrepreneur or Manager? Controlling The final step in managing, controlling, helps you take corrective action if things are not working out as planned. Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business controlling the process of comparing expected results (objectives) with actual performance SECTION 14.1 Entrepreneur or Manager? Controlling A quality control program can prevent problems. Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business quality control program a set of measures built into the production process to make sure that products or services meet certain standards and performance requirements SECTION 14.1 Entrepreneur or Manager? Establishing a Positive Climate The climate that exists in a new business is linked to the tone the manager sets. Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business climate the prevailing atmosphere or attitude in a business SECTION 14.1 Entrepreneur or Manager? Establishing a Positive Climate The three elements of a positive business climate are: • • • image team building communication Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business SECTION 14.1 Entrepreneur or Manager? Image To begin building a positive business climate, strengthen your company’s image with customers and in the community. Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business image the mental picture and feelings people have when thinking about a business or its products or services SECTION 14.1 Entrepreneur or Manager? Team Building Team building contributes to a positive climate by allowing employees to pursue common goals. Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business team building the act of encouraging teamwork through activities designed to foster respect, trust, cooperation, camaraderie, and communication among employees SECTION 14.1 Entrepreneur or Manager? Communication Effective staff communication takes place in an atmosphere of respect and trust. Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business communication the process of exchanging information SECTION 14.1 Entrepreneur or Manager? After You Read 1. Discuss the difference between the entrepreneurial role and the management role of a new business owner. In the entrepreneurial role, the emphasis is on starting the business. The management role focuses on growing and expanding the business and involves coordinating the people, processes, and resources. Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business SECTION 14.1 Entrepreneur or Manager? After You Read 2. Identify the key management functions. The key management functions are planning, organizing, directing, and controlling. Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business SECTION 14.1 Entrepreneur or Manager? After You Read 3. List and explain the key elements in a positive business climate. The key elements in a positive business climate are image (the mental picture and feelings people have when they think about the business), team building (activities designed to encourage teamwork), and communication (the process of exchanging information). Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business SECTION 14.2 Management Styles and Skills Section Objectives • • • Name the three basic management styles. List the skills needed for managing. Explain the principles of management excellence. Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business SECTION 14.2 Management Styles and Skills The Main Idea To manage successfully and excel in leadership situations, you must establish a management style and draw on a specific set of skills. Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business SECTION 14.2 Management Styles and Skills Content Vocabulary situational management human relations nonverbal communication Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business networking time management conceptual skills SECTION 14.2 Management Styles and Skills Adopting a Management Style Management style is the manner in which you approach your management responsibilities. Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business SECTION 14.2 Management Styles and Skills Adopting a Management Style The three styles of management are: • • • power-oriented routine-oriented achievement-oriented Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business SECTION 14.2 Management Styles and Skills Adopting a Management Style Good managers use situational management as a supplement to their basic approach. Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business situational management the style of adapting the management approach to particular circumstances SECTION 14.2 Management Styles and Skills Developing Management Skills To manage activities successfully, you must draw on a specific set of skills. These skills can be gained through education and training and improved with practice and experience. Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business Developing Management Skills Fundamental Management Skills human relations communication networking math problem solving and decision making technical time management conceptual 32 SECTION 14.2 Management Styles and Skills Human Relations Human relations skills, considered the most important of the management skills, are tied closely to communication skills. Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business human relations the study of how people relate to each other SECTION 14.2 Management Styles and Skills Communication Nonverbal communication is one of the communication skills essential to effective planning, organizing, directing, and controlling. Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business nonverbal communication communication not involving words, transmitted through actions and behaviors, such as facial expressions, gestures, posture, and eye contact SECTION 14.2 Management Styles and Skills Networking You can use business networking to discuss mutual opportunities, solve problems, and share or maximize resources. Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business networking the process of building and maintaining informal relationships with people whose friendship could bring business opportunities SECTION 14.2 Management Styles and Skills Time Management Time management can help managers because at any given time, managers may have several objectives to accomplish. Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business time management the process of allocating time effectively SECTION 14.2 Management Styles and Skills Time Management Here are some useful time management techniques: • • • • • • • Set and prioritize your goals. Delegate work to others whenever possible. Plan to spend specific blocks of time on specific activities that help you achieve your goals. Schedule your activities on a planning calendar. Schedule your most important work for times when you do your best work. Group your activities for the most efficient use of time. Handle or eliminate interruptions so they take up as little time as possible. Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business SECTION 14.2 Management Styles and Skills Conceptual Skills As a small business owner/manager, your conceptual skills enable you to appreciate how dayto-day decisions affect your business’s future. Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business conceptual skills skills that enable a manager to understand concepts, ideas, and principles Principles of Management Excellence Take action. Keep operations under control. Listen to customers. Keep organization simple, flexible, efficient. Encourage employees to act independently. Keep business focused on what it does best. Stress respect. Instill commitment to values and objectives. 39 SECTION 14.2 Management Styles and Skills After You Read 1. Name the three basic management styles. The three basic management styles are power-oriented, routineoriented, and achievement-oriented. Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business SECTION 14.2 Management Styles and Skills After You Read 2. List the skills needed for managing. The skills needed for managing are human relations, communication, networking, math, problem solving and decision making, technical, time management, and conceptual. Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business SECTION 14.2 Management Styles and Skills After You Read 3. Explain the principles of management excellence. The principles of management excellence are take action rather than overanalyze plans; listen to customers and put yourself in their shoes; encourage employees to act independently, be innovative, and treat the business as if it were their own; stress respect for the individual; instill commitment to values and objectives by staying in touch with employees; keep the business focused on what it does best; keep the organization simple, flexible, and efficient and do not overstaff; and keep operations under control and keep an eye on detail. Chapter 14 Preparing and Planning to Manage Glencoe Entrepreneurship: Building a Business 14 Preparing and Planning to Manage End of Chapter 14 Section Section 14.1 14.2 Preparing and Entrepreneur or Manager? Planning to Management Styles Manage and Skills Glencoe Entrepreneurship: Building a Business