1. Preparing and Planning to Manage 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. Section 14.1 Entrepreneur or Manager? 14.1

2. Preparing and Planning to Manage 2 To be successful in a new business, an entrepreneur must perform management functions and establish a positive working climate. Section 14.1 Entrepreneur or Manager? 14.1

3. Preparing and Planning to Manage 3 Entrepreneur and Manager Once you open your business, you wear two hats: that of an entrepreneur and that of a manager. manager a person who is responsible for directing and controlling the work and personnel of a business, or a particular department within a business Section 14.1 Entrepreneur or Manager?

4. Preparing and Planning to Manage 4 Performing Management Functions When managers are managing, they use a series of activities called management functions to achieve their objectives. Section 14.1 Entrepreneur or Manager? planning directing organizing controlling

5. Preparing and Planning to Manage 5 Planning The first step in managing is planning, determining your business’s 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 Section 14.1 Entrepreneur or Manager?

6. Preparing and Planning to Manage 6 Planning Section 14.1 Entrepreneur or Manager? The three levels of planning are: strategic plans tactical plans operational plans

7. Preparing and Planning to Manage 7 Planning Strategic plans are long-term plans that do not usually include a specific target date. strategic plans long-range objectives based on long-term goals used to map out a business for three to five years Section 14.1 Entrepreneur or Manager?

8. Preparing and Planning to Manage 8 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 Section 14.1 Entrepreneur or Manager?

9. Preparing and Planning to Manage 9 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- to-day operations Section 14.1 Entrepreneur or Manager?

10. Preparing and Planning to Manage 10 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 Section 14.1 Entrepreneur or Manager?

11. Preparing and Planning to Manage 11 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-on-one, while they work Section 14.1 Entrepreneur or Manager?

12. Preparing and Planning to Manage 12 Marketing Essentials Chapter 11, Section 11.2 Assessing Employee Performance Whenever a supervisor notices that an employee’s performance or behavior is substandard, it is the supervisor’s responsibility to discuss the matter with the employee. Directing

13. Preparing and Planning to Manage 13 Remedial Action Using preventive discipline or corrective discipline to encourage appropriate workplace behavior. Marketing Essentials Chapter 11, Section 11.2 Assessing Employee Performance Directing

14. Preparing and Planning to Manage 14 Remedial Action Preventive discipline focuses on managing employees in a way that prevents behavior that might require directly disciplining an employee. Marketing Essentials Chapter 11, Section 11.2 Directing

15. Preparing and Planning to Manage 15 Remedial Acti on Preventive techniques can include: Involving employees in establishing expectations Encouraging employees to meet expectations Providing training & resources to enable them to be successful Marketing Essentials Chapter 11, Section 11.2

16. Preparing and Planning to Manage 16 Remedial Action Corrective discipline is the next step after preventive discipline. Corrective counseling involves a discussion between the employee and a manager about the problem and what must be done to correct it. Marketing Essentials Chapter 11, Section 11.2

17. Preparing and Planning to Manage 17 Remedial Action Severe forms of corrective discipline include: Verbal warnings Written warning Suspension from duties (or responsibility reallocation Firing Marketing Essentials Chapter 11, Section 11.2

18. Preparing and Planning to Manage 18 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 Section 14.1 Entrepreneur or Manager?

19. Preparing and Planning to Manage 19 Establishing a Positive Climate The climate that exists in a new business is linked to the tone the manager sets. climate the prevailing atmosphere or attitude in a business Section 14.1 Entrepreneur or Manager?

20. Preparing and Planning to Manage 20 Establishing a Positive Climate The three elements of a positive business climate are: Section 14.1 Entrepreneur or Manager? image team building communication

21. Preparing and Planning to Manage 21 Image To begin building a positive business climate, strengthen your company’s 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 Section 14.1 Entrepreneur or Manager?

22. Preparing and Planning to Manage 22 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 Section 14.1 Entrepreneur or Manager?

23. Preparing and Planning to Manage 23 Communication Effective staff communication takes place in an atmosphere of respect and trust. communication the process of exchanging information Section 14.1 Entrepreneur or Manager?