Principles of Management – Notes for 2.6.13

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Principles of Management – Notes for 2.6.13




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Presentations text content in Principles of Management – Notes for 2.6.13

Slide1

Principles of Management – Notes for 2.6.13Chapter 1, Section 1, continued from last class

A

principle

is a basic truth or law

Most management principles are developed through observation and deduction

Likely to be interpreted differently by different people

Management principles are best viewed as guides to action rather than rigid laws

Dress codes, work schedules…

Slide2

Why so few women and minorities?As recently as the 1960’s encouraged to hold support roles (e.g. secretaries, teachers, waitresses, sales clerks)

Glass Ceiling

: invisible barrier that prevents women and minorities from moving up in the world of business

an unofficial but real impediment to somebody's advancement into upper-level management positions because of discrimination based on the person's gender, age, race, ethnicity, or sexual preference.

Read: Breaking

the Glass Ceiling…”Avon Case Study”

P

g.

6 in

text

Be ready to discuss next class!

Slide3

BUSINESS MANAGEMENTEntrepreneurship & Small Business

Chapter 1 – Section 2

Slide4

Is this for YOU?If you were to start your own business or company, what would it be and why?

Would you rather join a company already in existence and work your way up? Why?

Slide5

Professional ManagerProfessional managers are paid to perform management functions within a company

Senior, middle, and supervisory managers

Receive salaries for the work they do

Work for companies, but do not own them

Slide6

What are entrepreneurs?

People who launch and run their own businesses

Read Case

Study… “Nestlé's Sweet Organizational Structure”

Pg. 11

Be ready to discuss next class!

Slide7

Entrepreneurs

Much riskier than being professional manager

Can be more rewarding than working for a company

Opportunity of high income and personal accomplishment

Usually more independent

Often less formal education

Make own decisions

own boss

Long hours and lots of decisions about all aspects of a business

Risk of losing entire personal investment

Create exciting developments/innovations

Entrepreneurs

– people who launch and run their own businesses

Pros

and

Cons

?

Slide8

ActivityAre you a professional manager or entrepreneur?Take this quiz to find out!

http://bcentral.thirdwaveresearch.com/bulletin/AptitudeTest.html

Slide9

Types of OwnershipSole proprietorshipPartnership

Corporation

Franchise

Slide10

Entrepreneurs in Large and Medium-Sized Businesses

Businesses want managers to think more like entrepreneurs

they must find ways to support and encourage people to develop new products and services

Entrepreneurship within a large or medium-sized company is often called

intrapreneurship

Intrapreneurs

take risks, but not with their own investments

Slide11

What is a “Small” Business?

A

small business

is a company that is independently owned and operated, and serves local areas or customers all over the world

Small Business Administration (SBA)

government agency that lends money to small businesses

Considered “small business” if it employs fewer than

100

people

More than

99%

of businesses in the US are small businesses

Slide12

The Importance of Small Business

Play an important role in the U.S. economy

employ millions of workers

sell billions of dollars of products and services

Tend to produce more innovations than larger businesses

Slide13

Industries Attracting Small Businesses

Service

- medical and dental care, repair shops, hair cutting, restaurant meals, dry cleaning, etc.

Distribution

- industries that are concerned with moving goods from producers to consumers

retailers, wholesalers, transport companies, communications companies

Production

- construction, mining, and manufacturing companies

NOTE: these industries usually require a large initial investment.

Slide14

Why Do Some Small Businesses Fail?

lack of experience

- around 40% of all small businesses are started by people who have little experience in their field

lack of money

- don’t have enough money to get them through the growing pains of starting up a business; some businesses don’t make a profit for many years after starting

bad location

- many people try to save on rent and find they have a good deal on a bad location

Slide15

Why Do Some Small Businesses Fail?

mismanaging inventory

- carrying improper merchandise is a drain on business; not having good controls

poor credit-granting practices

- the pressure to sell merchandise on credit is great, but credit sales create many other problems which many firms can’t handle

poorly planned expansion

- many businesses expand too quickly

Slide16

Famous Entrepreneur Facebook Page

See

h

andout on my website

This is

DUE

on Friday, Feb.

8

th

at the

END OF CLASS!

Slide17


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