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Chapter 1(Lecture Outl ine andLine A rt Presentat ion)
Managers and
Entrepreneurs
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Chapter Objectives
1. Define the term managementand explain themanagerial significance of the terms effectiveness and
efficiency.
2. Identify and summarize five major sources of change
for todays managers.3. Contrast the functions and role approaches to
explaining what managers do.
4. Summarize the ten facts of managerial life.
5. Explain how managers learn to manage.
6. Challenge two myths about small business and
describe entrepreneurs.
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Four Realities of
Managing Today
1. The only certainty today is change.
2. Speed, teamwork, and flexibility are the orders
of the day.
3. Managers at all levels need to stay close tothe customer.
4. Without continuous improvement and lifelong
learning, there can be no true economic
progress.
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Management Defined
Management The process of working with and through others to
achieve organizational objectives in a changing
environment.
Management entails the effective and efficient use of
limited resources.
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Figure 1.1Key Aspects of the Management Process
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Working with and
Through Others
Management is a social process in whichmanagers get things done by working with and
through others.
Shortcomings of derailed managers Problems with interpersonal relationships
Failure to meet business objectives
Failure to build and lead a team
Inability to change and adapt during a transition
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Achieving Organizational
Objectives
An objective is a target to be strived for andattained.
Challenging yet achievable objectives provide
guidance for effective and efficient actions by
individuals and organizations.
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Balancing Effectiveness
and Efficiency
Effectiveness Entails promptly
achieving a stated
organizational
objective.
Managers are held
responsible for
attaining objectives.
Efficiency Entails balancing the
amount of resources
used to achieve an
objective against whatwas actually
accomplished.
Managers must not
waste scarce andcostly resources.
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Figure 1.2Balancing Effectiveness and Efficiency
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Figure 1.2Balancing Effectiveness and Efficiency (contd)
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Figure 1.2Balancing Effectiveness and Efficiency (contd)
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Making the Most of
Limited Resources
We live in a world of scarcity.
There is a lopsided use of resources.
Our planet is becoming increasingly crowded.
Over 80% of the worlds population lives in poorand less-developed countries.
Managers are responsible for the efficient and
effective use of the basic factors of productionland, labor, and capital.
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Coping with a
Changing Environment
Five Major Sources of Change for TodaysManagers
Globalization
Environmentalism
An ethical reawakening
The Internet and the e-business revolution
The evolution of product quality
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Ethical Problems
in the Workplace
Lying to supervisors
Lying on reports or falsifying records
Stealing and theft
Sexual harassment
Abusing drugs or alcohol
Conflict of interest
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The Evolution Of
Product Quality
The fix-it-in approach Checking for defects in finishedproducts
The inspect-it-in approach Checking for defects by
randomly choosing a product during production
The build-it-in approach Make every person
responsible for his actions in the production line
The design-it-in approachAsk for consumers opinion
(Part of Total Quality Management)
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What Do Managers Do?
Managerial Functions General administrative duties that need to be carried
out in virtually all productive organizations to achieve
desired outcomes.
Managerial Roles
Specific categories of managerial behavior that
managers use to achieve desired outcomes.
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Figure 1.3Identifiable
Functions in theManagement
Process
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Managerial Functions
Planning Formulating future courses of action.
Decision making
Choosing among the alternatives for action.
Organizing
Deciding on the HR structure of the organization.
Staffing
Recruiting, training, and developing people.
Communicating
Providing information, direction, and feedback.
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Managerial Functions (contd)
Motivating Providing meaningful work and valued rewards to
individuals pursuing collective objectives.
Leading
Serving as role models and adapting management
styles as the situation demands.
Controlling
Comparing desired results with actual results andtaking corrective action as needed.
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Figure 1.4Mintzbergs Managerial Roles
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Figure 1.4Mintzbergs Managerial Roles (contd)
Fi 1 4
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Figure 1.4Mintzbergs Managerial Roles (contd)
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Managerial Roles (Mintzberg)
Interpersonal Roles Figurehead
Leader
Liaison Informational Roles
Nerve center
Disseminator
Spokesperson
Decisional Roles Entrepreneur
Disturbance handler
Resource allocator Negotiator
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Merging Functions and Roles
What Managers Lose the Right to Do Lose their temper.
Be one of the gang.
Bring personal problems to work. Vent frustrations and express opinions at work.
Resist change.
Pass the buck on tough assignments.
Get even with adversaries.
Play favorites.
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Merging Functions and Roles (contd)
What Managers Lose the Right to Do (contd) Put self-interests first.
Ask others to do what they wouldnt do.
Expect to be immediately recognized and rewardedfor doing a good job.
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Learning to Manage
How Do Managers Learn to Manage? By attending the 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.
Losing out to someone else.
Being personally attacked.
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Figure 1.6The Honeymoon
Study: How
Managers Learn to
Manage
How Can Future
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How Can Future
Managers Learn to Manage?
Future managers can learn by integrating management theory (i.e., formal training
and education) and managerial practice (e.g., work-
study and internships).
observing role models.
learning from experiences in the school of hard
knocks.
Figure 1 7
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Figure 1.7Acquiring the Ability to Manage by Merging Theory and Practice
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Small-Business Management
What is a Small Business? An independently owned and managed profit-seeking
enterprise with fewer than 100 employees.
Exploding Myths About Small Businesses
The 80-percent-failure-rate myth
Research shows a failure rate of only 18 percentfor small businesses over an 8-year period.
Low-wage-jobs myth
Rapidly growing small businesses (gazelles)accounted for 56% of new job growth and added tothe majority of high paying jobs from 1980 to 1990.
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Entrepreneurship
Entrepreneurship The process by which individualseither on their own
or inside organizationspursue opportunities without
regard to the resources they currently control.
Entrepreneurs Dilemma
Either grow with the company or have the courage to
step aside and turn control over to professional
managers with the requisite administrative skills.
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Entrepreneurship
Traits of Entrepreneurs Focus is on envisioned futures.
Emphasize external/market dimensions.
Display a medium-to-high tolerance for ambiguity.
Exhibit moderate-to-high risk-taking behavior.
Obtain motivation from a need to achieve.
Possess technical knowledge and experience in the
innovative area.
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