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Managers and entrepreneurs lesson 1 animated

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Managers and entrepreneurs lesson 1 animated

  1. 1. MANAGERS AND ENTREPRENEURS By Hastings Shantanga-DBAst.Msc HRM, BSC HRM FOR Masters students
  2. 2. LESSON OBJECTIVES will be able to:- Define the term "management" and explain the importance of efficiency and effectiveness in management. Explain why managers are important to organizations Identify and summarize 5 major drivers of change for today's managers. Distinguish between Managerial functions and skills Identify the eight core management functions. Demonstrate an understanding of Wilson's three managerial competencies and explain the practical importance of his research findings. Explain what Managers do and their roles Describe entrepreneurs
  3. 3. REFERENCES Ricky W. Griffin (2017) Management 12e Robins and Coulter(2009) Management 10e Robert Kreitner (2007) Management 10e Robert Kreitner(2009) Principles of Management 12e
  4. 4. INTRODUCTI ON Achieve Managers need to do everything possible to achieve the organizationa l mission in a competitive world Improve Need to strive to improve and overcome obstacles and resistance to change Teamwork Need for speed, teamwork and flexibility Relationships Need to be close to customers
  5. 5. MANAGEME NT DEFINED … What is Management and why it important to the organization? Management definition Management is the process of working with and through others to achieve organisational objectives in a changing environment (Kreitner (2007,p5) Management is a set activities directed at an organization's resources, with the aim of achieving organizational goals in an efficient and effective manner(Griffin (2017,p5) Central to the definition is balancing efficiency and effectiveness The key aspect of the Management process are 1. Getting the most out of the limited resources, 2. Working with and through others, 3. Balancing effectiveness and efficient 4. Achieving organizational objectives
  6. 6. Management Key aspects of Kreitner and Griffin definitions Change 4. Coping with the Changing environment –Anticipate changes and adjust/Forward thinking Optimizing 3. Making the most of the limited resources- Managers are trusted with limited resources to maximize the returns Objectives 2. Achieving Organisational Objectives- These act as measuring sticks for performance Collaboration 1. Working with and through others – Bringing individuals together for a collective purpose
  7. 7. 5.Balancing Effectiveness and efficiency • EFFECTIVENESS refers to “Doing the right things”  Doing work activities that will help to reach the organisational goals e.g., Swinging a hammer in the wall will be an effective way of killing a trouble some fly. Car moving a (10,000km) long distance will be effective, but very inefficient • EFFICIENCY “Doing things right”,  Refers to getting the most output from the least number of inputs. Managers need to optimize the use of resources so that not to waste company resources (people, Money, equipment etc).In the example above, killing a fly by a Fly swatter will be more efficient. Make every Ngwee count towards the org. objectives by thinking trough decisions, and balancing Efficient and effectiveness Efficiency Effective
  8. 8. SOURCES OF CHANGE FOR TODAYS MANAGER S Offshoring (outsourcing of jobs from developed countries to lower wage countries, Reddit, Samsung Electronics, Oracle, and Huawei, Ukraine) 2. THE EVOLUTION OF PRODUCT QUALITY –Fix it approach to quality (rework defective products identified by inspector), inspect it in approach(inspector sample work in process) Build it in (Everyone becomes responsible), design it in (customer and employee involvement) Pencils, Pens, Books, Cars…. 3. ENVIRONMENTALISM –Global warming, toxic waste, pollution, Global warming and the green movement (KCM pollution -2015- toxic discharge from Nchanga had poisoned water sources and destroyed farmland, result was court case in London-2,500 Zambian villagers are to receive an undisclosed settlement (https://www.bbc.com/news/world-africa-55725305- 9/04/2021) 4. AN ETHICAL REAWAKENING- Managers behaviors are always in check (Conflict of interest, theft, drugs, sexual harassment) Enron scandal, me too movement, Black lives matters etc. 5. INTERNET AND E-BUSINESS REVOLUTION- online business, virtual learning (Amazon, eBay, etc)
  9. 9. CLASS REFLECTION •Define Management •Explain why efficiency and effectiveness are important to the organization? •Identify and summarize five
  10. 10. WHO ARE MANAGERS? • A manager is someone who Coordinates and oversees the work of other people in order to accomplish the organisational goals -Robbins and Coulter (2009,p21) • A manager is someone whose primary responsibility is to carry out the management process –Griffin (2017,p6) • Manager’s work involves coordinating and overseeing the work activities of others so that their activities are completed efficiently and effectively. Michael Watkins once said, “Most new Managers fail because they don’t have a plan, they are not clear about the business situation and they assume that what made them successful in the past is going to work in the current job, they Wisdom reflection!
  11. 11. WHAT DO MANAGERS DO? Managerial Functions –are general administrative duties that need to be carried out in virtually all productive organizations to achieve desired outcomes. Managerial Skills are specific observable behaviors that effective managers exhibit –soft skills Functions tell us what managers generally do while skills tell us more precisely how they carry out those functions.
  12. 12. EIGHT (8) MANAGE RIAL FUNCTIO NS Managerial functions refer to the managerial job role from a task- based perspective, while managerial skills have to do with the manager's ability to execute the functions Planning –Formulation of future courses of action and deciding how best to meet them Decision Making –Choosing among alternative courses of action Organizing- division of labour by assigning responsibility, determining how best to group activities and resources Staffing –recruiting the right people with the right qualification for the right vacancies to do the job Communication –instruction, knowledge, rules and general information Motivation – satisfying needs and meeting expectations with valued rewards (Maslow –(physiological (food and clothing), safety (job security), love and belonging needs (friendship), esteem, and self-actualization) Leading –serving as role models making staff adapt to Management style. Helping staff to work in the best interest of the organization Controlling – compare desired results against the actual results and make amends. Monitoring and correcting ongoing activities to facilitate goal attainment
  13. 13. WILSON’S MANAGERIAL SKILLS SKILL CATEGORY SKILLS DESCRIPTION TECHNICAL Applying your education training and experience to effectively organize a task or job 1.Technical Expertise Skills you have acquired by education and experience; to understand and communicate key technical details 2. Clarification of goals and objectives Your ability to organize and schedule the work of your unit so it is achieved when expected and meets established standards 3. Problem solving The ability to resolve issues you confront in the days work; to develop team collaboration in facing problems 4. Imagination and creativity you demonstrate an ability to originate ideas, to correct and develop ways to improve productivity TEAMBUILDING Listening carefully and communicating clearly to develop and coordinate an effective group or team 5. Listening for insights Keeping aware of the activities of your team and units close to you, underpinning your ability to continue being a Manager 6. Directing and coaching Meeting your objectives and standards; keeping your teams' skills up to target level 7. Solving problems as teams An important role is helping your team contribute ideas to improve their performance 8. Coordinating and cooperating Demonstrating a willingness to work with others; your group individuals and units close to you DRIVE Setting goals, maintaining standards, and evaluating performance to achieve effective outcomes involving costs, output, product quality and customer service 9. Standards of performance Your effort to keep your part of the organization moving, your willingness to be busy and keep aimed toward new accomplishments 10. Control of details Overseeing the performance of work at close level to meet performance goals and standards 11. Energy Demonstration to your team and colleagues a readiness and willingness to work and that you expect their cooperation 12. Exerting Pressure Urging others to perform, by shaping your activity to be perceived as team work not domination
  14. 14. Managerial ROLES-refers to specific actions and behaviors expected of a manager • INTERPERSONAL ROLES-involve dealing people • Figurehead- taking victors to dinner, attending official meeting, more ceremonial and symbolic • Leader – hiring, training and motivating employee's productivity to inspire achievement of org. goals. • Liaison – serving as coordinator and link among people, groups or organizations to them keep informed • INFORMATIONAL ROLES-Collecting, receiving and dissemination of information • Monitor – Seeking information of value and be more informed • Disseminator – Transmitting relevant information to others in the workplace • Spokesperson – relays information in and outside the organization • DECISIONAL ROLES –Making decisions and choices • Entrepreneur - Initiates business change and lead investment decisions • Disturbance handler- Handling difficult staff, strikes, problems in public relations or corporate image • Resource allocator – Manager decides how resources are allocated and distributed • Negotiator – Enters with other groups or organizations as a representative e.g. Unions and deals
  15. 15. MANAGERS LOSE THEIR RIGHT TO DO MANY THINGS WHEN YOU ACCEPT TO BE A MANAGER YOU MUST BE READY TO LOSE YOUR RIGHT TO; 1. Lose your temper 2. Be one of the gangs 3. Bring your personal problems to work 4. Vent your frustrations and express your opinion at work 5. Resist change 6. Pass the buck on tough assignments 7. Get even with adversaries 8. Play favorite 9. Put your self interest first 10. Ask others to do what you wouldn’t do 11. Expect to be immediately recognized and rewarded for doing a good job
  16. 16. HOW DO MANAGERS LEARN TO MANAGE? In the Honeywell study of 3600 Managers , 20% of the respondents – Relationship 30% of the respondents – Formal training and education 50% of the respondents - Job assignment (School of hard knocks) •Making a big mistake •Being overstretched by a difficult assignment •Feeling threatened •Being stuck in an impasse or dilemma •Suffering an injustice at work •Loosing out to someone else •Being personally attacked They can also learn by integrating theory and practice and observing role models
  17. 17. SMALL BUSINESS MANAGEMENT WHY ARE SMALL BUSINESS IMPORTANT TO THE NATION? Small business: an independently owned and managed profit seeking enterprise with fewer than 100 employees MYTHS ABOUT SMALL BUSINESSES 80% end in failure- Study by Kirchhoff found 18% failure They are low wage jobs- study by David Birch, 4% of small businesses produced 70% of job growth. “Success of the of the small business sector depends on the right mix of money, Talent, hard work, social connections, luck and opportunities”.
  18. 18. ENTREPRENUERSHIP Entrepreneurship is the process by which individuals either on their own or inside organizations pursue opportunities without regard to the resources they currently control –Kreitner (2009,p21) Entrepreneurship is the process of planning, organizing, operating and assuming the risk of a start up venture –Griffin (2017,p275) The process of starting a new business generally In response to an opportunity –Robbin and Coulter (2009) An entrepreneur is someone who engages in entrepreneurship (Griffin 2017),  Job creation  Drive innovation  Contribute to the economy  Potential to become big org  Identifying niches in established markets  Leading to New markets
  19. 19. Difference between an entrepreneur from a general Manager Entrepreneur Administrator/Manager Visionary and bears all financial risks Works for salary with no financial risk Emphasize external/Market dimension Internal Reward for effort is profit earned Renumeration High Risk Low to moderate risk Motivation is from a need to achieve Need to lead others Process technical knowledge and experience in innovation area Managerial knowledge Focus is on starting a business Smooth functioning of the organization
  20. 20. REFLECTIO N! 1. Distinguish between Managerial functions and skills and identify the eight basic Managerial functions? 2. Demonstrate your knowledge of Wilsons three Managerial skill categories and explain the practical significance of his research findings? 3. Identify and discuss the managerial roles played by Managers and how they contribute to the organization? 4. Explain how Managers learn to manage and debate differentiate Managers and entrepreneurs? 5. Challenge two myths about small business and describe entrepreneurs? Can you remember? Excuse me?

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