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MGT 301 February 4th (Day 6)

by: Hannah Leggett

MGT 301 February 4th (Day 6) MGT 301

Marketplace > University of Kentucky > Economcs > MGT 301 > MGT 301 February 4th Day 6
Hannah Leggett
GPA 3.56

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In class notes from February 4th.
Business Management
Gordon Holbein
Class Notes
MGT 301 Holbein UK
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This 3 page Class Notes was uploaded by Hannah Leggett on Tuesday February 9, 2016. The Class Notes belongs to MGT 301 at University of Kentucky taught by Gordon Holbein in Spring 2016. Since its upload, it has received 16 views. For similar materials see Business Management in Economcs at University of Kentucky.


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Date Created: 02/09/16
nd MGT 301-Febuary 4 2016 (Day 6) WALL STREET JOURNAL I. The purpose of business is the same as the purpose of life—to add value to other people’s lives II. If you are not relentlessly focused on making other people better off, you wont sell much III. In order to understand who, you are, you need mindfulness a. Definition: Emotional intelligence, the ability to manage your thoughts and emotions b. “ACC and STAT can be from a textbook, but being able to challenge yourself from a personal growth perspective is much harder to do on your own” IV. Both make money and do good for the world a. Example: Microsoft V. Get rid of the old idea of philanthropy- don’t get rich and then donate, always be donating. VI. Summary: a. Capitalism is a way to allocate resources to their highest and best use using monetary price mechanism of a market place b. Why do two parties exchange? i. Because both believe they are better off doing it c. How do we gain the most revenue/income possible? i. By creating unique value for others IN CLASS LECTURE NOTES I. Ethics (Maxwell Ch. 1 &6) a. Follow b. Trust c. Respect d. Character i. Not what people think of you or what you love, it’s your choices and actions e. Courage i. Being afraid but doing it anyways a. “Am I becoming the type of human being that others want to follow?” II. Ethics begins with the idea of multiple Stakeholders a. Those people who have a direct financial interest (or stake) in our company i. Stockholders/owners a. Want growth i. Lenders/creditors b. Want stability i. Employees (wage earners) ii. Managers (decision making authority) iii. Community/public iv. Customers v. Partners III. Other firms you work with a. Because we have diverse stakeholders, different stakeholders will call certain things ethical or unethical depending on which of the seven categories they fall under b. Known as ethical dilemma IV. Ethics in business management are “principles or beliefs about what is right or wrong, good or bad, prioritized or devalued” a. Help guide decision makers when the best course of action is unclear V. Three reasons why we strive to act ethically in business a. To avoid harming others b. To maintain and enhance our reputation c. Because it is right! VI. Three things to ask yourself when facing a decision a. Does my decision fall within the usual and expected standards of my profession? b. Don’t base off of firm c. Am I willing to personally and openly communicate my decision to all affected parties? d. Will more than one party benefit? Or is this just to benefit me? VII. Holbein Mantra as a manager: “Close the spreadsheets, shut down the computer, get out of the office, go down to the shop floor, get out in the field. Walk slowly through the crowd, look into their eyes hear them breath, see them sweat and get in tough with your people. You will never fully use your capabilities if you’re not in touch with your people. That’s leadership, that’s powerful, then they’ll want to follow you.”


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