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Chapter 14
14.1
Entrepreneur or Manager?
Management Styles and Skills
14.2
14.1
Discuss the difference between the entrepreneurial role and the management role of a new business owner. Identify the key management functions. List and explain the key elements in a positive business climate.
14.1
To be successful in a new business, an entrepreneur must perform management functions and establish a positive working climate.
14.1
manager planning strategic plans tactical plans operational plans organizing directing
directing
controlling
Planning
The first step in managing is planning, determining your businesss objectives and how you are going to reach them.
planning the act of setting goals, developing strategies, and outlining tasks and timelines to meet those goals
Planning
The three levels of planning are:
strategic plans tactical plans operational plans
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Planning
Strategic plans are longterm plans that do not usually include a specific target date.
strategic plans longrange objectives based on long-term goals used to map out a business for three to five years
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Planning
Tactical plans are medium-range plans that help ensure that you accomplish specific objectives to meet your plans.
tactical plans midrange objectives that focus on a period of one year or less, built on specific objectives with target dates
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Planning
Operational plans are short-term plans that bring tactical plans to life.
operational plans short-term objectives that help achieve tactical plans, including policies, rules and regulations, and budgets for day-today operations
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Organizing
Organizing people, equipment, materials, and other resources is an essential part of managing.
organizing the grouping of resources in combinations that will help you reach your objectives
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Directing
Directing the efforts of your people and resources will help your company accomplish its planned objectives.
directing the process of guiding and supervising employees, often one-onone, while they work
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Controlling
The final step in managing, controlling, helps you take corrective action if things are not working out as planned.
controlling the process of comparing expected results (objectives) with actual performance
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Controlling
A quality control program can prevent problems.
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
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Image
To begin building a positive business climate, strengthen your companys image with customers and in the community.
image the mental picture and feelings people have when thinking about a business or its products or services
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Team Building
Team building contributes to a positive climate by allowing employees to pursue common goals.
team building the act of encouraging teamwork through activities designed to foster respect, trust, cooperation, camaraderie, and communication among employees
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Communication
Effective staff communication takes place in an atmosphere of respect and trust.
communication the process of exchanging information
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14.1
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.
Section 14.1 Entrepreneur or Manager?
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14.1
The key management functions are planning, organizing, directing, and controlling.
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14.1
14.2
Name the three basic management styles. List the skills needed for managing. Explain the principles of management excellence.
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14.2
To manage successfully and excel in leadership situations, you must establish a management style and draw on a specific set of skills.
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14.2
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math
problem solving and decision making technical time management conceptual
Section 14.2 Management Styles and Skills
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Human Relations
Human relations skills, considered the most important of the management skills, are tied closely to communication skills.
human relations the study of how people relate to each other
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Communication
Nonverbal communication is one of the communication skills essential to effective planning, organizing, directing, and controlling.
nonverbal communication communication not involving words, transmitted through actions and behaviors, such as facial expressions, gestures, posture, and eye contact
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Networking
You can use business networking to discuss mutual opportunities, solve problems, and share or maximize resources.
networking the process of building and maintaining informal relationships with people whose friendship could bring business opportunities
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Time Management
Time management can help managers because at any given time, managers may have several objectives to accomplish.
time management the process of allocating time effectively
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Time Management
Time management techniques include:
Set and prioritize goals. Delegate work when possible. Plan to spend specific blocks of time on specific activities. Schedule activities on a planning calendar. Schedule most important work for times you do your best work. Group activities for most efficient use of time. Handle or eliminate interruptions.
Section 14.2 Management Styles and Skills
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Conceptual Skills
As a small business owner/manager, your conceptual skills enable you to appreciate how dayto-day decisions affect your businesss future.
conceptual skills skills that enable a manager to understand concepts, ideas, and principles
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14.2
The three basic management styles are poweroriented, routine-oriented, and achievementoriented.
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14.2
The skills needed for managing are human relations, communication, networking, math, problem solving and decision making, technical, time management, and conceptual.
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14.2
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Tech Terms
e-meeting a meeting that takes place online or via a telephone conference call groupware software designed to be used by more than one person at more than one location
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Tech Terms
instant messaging a software application that allows real-time communication between two or more people through a network telecommute to work outside an office on a computer linked to the workplace via a modem
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