Principles of Management
Principles of Management ABM 204
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This 6 page Class Notes was uploaded by Mckayla Corwin DVM on Thursday October 29, 2015. The Class Notes belongs to ABM 204 at University of New Hampshire taught by Gerald Howe in Fall. Since its upload, it has received 6 views. For similar materials see /class/231696/abm-204-university-of-new-hampshire in Business Management at University of New Hampshire.
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Date Created: 10/29/15
CHAPTER 6 STARTING YOUR OWN BUSINESS Businesses are started by entrepreneurs Entrepreneur who are people who seek a pro table opportunity and take risks to pursue it Classic entrepreneur identi es a business opportunity and allocates the resources to tap the market Intrapreneuris a person who develops innovations within the context of a large organization Change agent is a person who revitalizes an established rm to keep it competitive Why do it 1 Be your own bos 2 Financial success 3 Job security 4 Quality of life The environment for entrepreneurs is now global and schools have programs for educating wannabes Information technology is changing the playing eld The changing demographics and economic trends are creating opportunities for entrepreneurs What is the impact of entrepreneurship 1 Innovation new products new industries and new life for old companies Generate jobs Fast growing start ups gazelles 3 of all rms create two thirds of all new jobs Great opportunities for minorities and women What re the characteristics of an entrepreneur Vision 39 High energy level 39 Need to achieve 39 Self con dence 39 Tolerance for failure 39 Creativity 39 Tolerance for ambiguity 39 Internal locus of control Select an idea Do you like to do it get something you like Is there a need in the market place Learn as much as you can about the industry Learn about the demographics in your area Evaluate existing goods You can buy an existing business or buy a franchise How do you get money Seed capital initial funding to launch a new venture Debt nancing borrow money which you have to repay Equity nancing you sell part of the company like stock Venture capital people who invest in new or growing businesses Angel investors wealthy individuals who invest directly in a new venture in exchange for an ownership share Some large companies have intrapreneurship programs which promotes innovation within the structure of an existing organization CHAPTER 9 HUMAN RESOURCE MANAGEMENT Human resource management is the process of attracting developing and retaining suf cient numbers of quali ed employees to perform the activities necessary to accomplish organizational goals You have to plan for human resources They must be developed based on the organizations competitive strategies Recruiting and Selecting How do you nd them Internal and external internal is less expensive External methods fairs colleges and employee referral Management development program is training designed to improve the skills and to broaden the knowledge of current and potential executives Performance appraisal how you evaluate an employees job performance by comparing actual results with desired outcomes Compensation Wages salary commission pro t sharing deferred compensation bonuses gain sharing Bene ts Rewards other than wages and salaries insurance tuition cost share Flexible bene ts it is a range of options Flexible work plan employment that allows employees to adjust their working hours and places to accommodate their personal lives Job Sharing Flex time Compressed work week Home based Separating employees Get an exit interview Downsizing reduce workforce to reduce costs and improve ef ciency Outsourcing Contracting outside the rm for something you had previously done internally Maslows Hierarchy Physiological food dielter Safety physical and economic protection Social being accepted Esteem attention recognition feel good Self actualization seek ful llment Employees must be motivated that is your job Job enrichment is changing job duties to increase the employees responsibility and skills Managers can have three basic attitudes Theory X employees dislike work and will try to avoid it Theory Y employees enjoy work and seek social esteem and self actualization fulfillment Theory Z employee involvement is key to productivity and quality of work life Demographic trends Workforce trends contingent workers are those who work part time temporarily or for the length of time to fulfill a specific contract Economic trends Worldlife trends health family situation CHAPTER 8 MANAGEMENT AND LEADERSHIP Management The process of achieving organizational objectives through people and other resources LEVELS Top management CEO CFO Mayor governor etc goals Middle management Regional manager division head dean etc This is where subject expertise comes into play operations an detailed plans Supervisory group leader supervisor section chief first line of management assignment and evaluation of staff implement plans and provide technical assistance SKILLS NEEDED FOR MANAGEMENT Technical skills understand and apply and equipment especially for supervisor Human skills communication motivation etc get stuff out of employees Conceptual skills see organization as a unified whole MANAGERIAL FUNCTIONS Planning the ability to anticipate the future events and conditions and determine a course of action to achieve desired goals Organizing blend human and material resources into a structure that works break down tasks and assign Directing Motivating employees to achieve the goals Control Assess the success of the planning function VISION Perception of marketplace needs and methods an organization can use to satisfy them PLANNING This is all important to success Ifyou don t know where you are going any road will get you there TYPES Strategic Planning Determine the primary objective then adopting a course of action and allocate resources to attain it Done by upper management Tactical planning Implement the activities speci ed by the strategic plan Middle Mgt Operational planning detailed standards to guide implementation of the tactical plan Supervisory production staffing etc Adaptive planning uid enough and forward looking enough to allow for changes in the environment all levels Contingency planning allows for business disruptions allows a return to business or resume operations Mission Statement a written statement that tells what the organizations intentions and aims are SWOT Strengths weaknesses opportunities threats Forecasting estimating or predicting a company s future sales or income SET BUSINESS OBJECTIVES Objective guideposts by which managers de ne the organizations desired performance in such areas as pro tability service growth and employee satisfaction Competitive differentiation unique combination of a company s abilities and approaches that place it ahead of competitors You plan then you implement then you evaluate or monitor and adapt Decision making recognizing problems or opportunities and then evaluating alternative responses and then selecting and implementing an alternative and assessing the results LEADERSHIP The ability to direct or inspire people to attain organizational goals STYLES Autocratic Manager has the power Decisions by manager Communication top down Democratic Power is shared Decisions by manager and employees Two way communication FreeReign Power with employees min supervision Decision making by employees Communication is wide spread as needed Empowerment Managers lead employees by sharing power responsibility and decision making with them it creates ownership Corporate culture Is the organizations system of values principles and beliefs Departmentalization is the process of dividing work activities into units within the organization WAYS Product Geographic Customer Functional Process this is when some products require multiple work processes to complete production Delegation is the act of assigning work activities to subordinates Span of management is the number of subordinates a manager can supervise effectively Chain of command is the set of relationships that indicates who directs what and who reports to who
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