1. Understanding Management

2. The Functions of Management
Management is the process of:
Planning
Organizing
Leadership
Control of people and resources in order to reach a series of goals.

3. 1. Planning
Planning is what takes the business venture from where it is to where it wants to be.
Is the processes of setting short and long range goals. Managers need to be able to set a plan to reach goals, both short and long-term.
Managers must decide how best to achieve these set goals.

4. 2. Organizing
Organize the operation of the venture, bringing together the human, material, financial and technological resources needed to meet goals.
As ventures grow the organization of tasks become more difficult and may require additional management.

5. 3. Leading
Motivating followers to achieve a common goal is an essential task of leader.
Case Study - Portrait of Muhammad Yunus
Managers must direct, lead and motivate people to perform to the best of their ability:
Miracle - Coach Brooks Addresses Team Pre Game
Leaders have a vision
Martin Luther King, Jr.: I Have a Dream
Obama Speech on Victory (Part 4)
Good leaders depend on others to help them achieve their goals.

6. 4. Controlling
Controlling is the process of monitoring all functions of an organization to ensure that plans are being implemented effectively.
This includes addressing and readdressing all plans, goals and strategies at regular intervals

7. 4. Controlling Inventory control Production Controls
Monitoring that inventory is at required levels
Tracking raw materials, inventory and products
Computerized Inventory Control Systems are often implemented in many organizations.
Production Controls
Assuring production quantity and quality are consistent and up to standards
Quality control programs ensure industry standards are met
Financial controls
Monitor business financial success and failure
Cash flow

8. Types of Leaders Autocratic Leaders: Democratic Leaders:
Entirely goal oriented
Make all decisions for the company and expect employees to “do as they are told.”
Clash with “free thinkers”
May alienate staff
May be valuable in companies where decisions need to be made very quickly
Democratic Leaders:
Encourage employees to have some say
Workers feel ownership of the organization
Delegate the authority to make decisions to subordinates and foster an atmosphere of trust
People in higher positions have more say in terms of final decisions

9. Collegial Leaders: Laissez-faire leaders
Democratic leaders who tend to regard everyone as equal, rather than part of a hierarchy
Encourage all people to have say in decisions
Laissez-faire leaders
Very “hands off” style of leadership
Leadership responsibilities are shared by all
Employees given the freedom to determine what they should so and how they should do it.
Great in organizations where creative ideas are valued
Can be highly motivational
Can make decision making time- consuming
Organization may lack direction

10. Effective Leadership Pg 214
Motivating Others
Facilitating Communication
Resolving Conflict
Managing Personal Stress
Assignment:
Read the Venture Case page 213
Answer the 4 Questions
What type of leadership will you operate your Venture under and why?
How will you Motivate, Encourage, Communicate, deal with Conflict and manage personal stress?

11. Steve Jobs on Managing People
What type of leader was Steve Jobs?