Business managment ideas by everett wilkinson

SMALLBUSINESS MANAGEMENT

Professional Control in the Business Company

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Looking AHEAD

1. Talk about the entrepreneur’s management part.

2. Explain the unique popular features of small company control.

3. Identify the managing projects of business owners.

4. Describe the problem of time stress and recommend alternatives.

5. Explain the various types of outside control support.

After you have read this chapter, you should be able to:

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Entrepreneurial Leadership• What is Leadership?

Includes directing the way: developing and interacting the entrepreneur’s perspective of the firm

Varies in a profitable business as it develops bigger and old.

Leadership Qualities of Founders A tolerance for ambiguity A capacity for adaptation

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Entrepreneurial Leadership (cont’d)• What Makes an Effective Leader?

One who directly effects employees’ understanding of how the organization features (e.g., its ethics).

One who makes the organization eye-catching to new employees.

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Entrepreneurial Leadership (cont’d)• Leadership Styles

1. Coercive management demand immediate conformity.

2. Authoritative management muster individuals toward a vision.

3. Affiliative management create emotional ties.

4. Democratic management build agreement.

5. Pacesetting management set high requirements and expect quality.

6. Coaching management develop individuals.

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Entrepreneurial Leadership (cont’d)• Leadership That Builds Enthusiasm

Empowerment Giving employees power to make choices or take

activities on their own Work teams:- Groups of self-managed employees with the

opportunity to operate without close supervision Benefits Workers are happier with their workplace. Productivity and efficiency are improved.

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Steps to a Positive Attitude18-1

1.Identify achievements at the end of each day.

2.At the near of business, devote serious amounts of set objectives for the next day.

3.Take proper care of yourself. 4.Spend time with buddies who are high

energy. 5.Imagine your way to achievements. 6.Use ideas of failing as an indication to

make your interest back to accomplishment.

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Unique Features of Small Company Management

Professional-Level

Management

Managerial WeaknessManagement

of Small Firms

Resource Constraints

Firm Growth and Managerial

Practices

Founders asManagers

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Business Levels of Little Business Growth18-2

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Procedures in Company Growth and Management

Growth Stage Entrepreneur’s WorkloadStage 1. One-Person Operation

Doing all of the work. Making contact with customers.

Stage 2. Player-Coach Continuing to do some of the basic work, although learning to hire and supervise.

Stage 3. Intermediate Supervision

Rising above hands-on management; working through intermediate managers.

Stage 4. Formal Organization

Using plans and budgets; following policies and procedures.

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Handling Compared to Doing

STAGE 1 STAGE 2 STAGE 3 STAGE 4One-PersonOperation

Player-Coach IntermediateSupervision

FormalOrganization

Time spent managing Time spent doing

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Managing Projects of Entrepreneurs

Creating an Organizational

Structure

ControllingOperations

Planning Activities

Leading and Delegating

Entrepreneurial Management

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Preparing Activities• The Advantages of Official Planning• Improved productivity• Better concentrate on objective attainment• Increased reliability with stakeholders• Planning Time• “Tyranny of the urgent”• Planning needs discipline• Planning should not be postponed• Employee Participation• Employees are an outstanding preparing resource

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Planning Activities: Types of Plans

Type of Plan PurposeLong-range plan(strategic plan)

A firm’s overall plan for the future

Short-range plan A plan that governs a firm’s operations for one year or less

Budget A document that expresses future plans in monetary terms

Business policies Basic statements that provide guidance for managerial decision making

Procedures Specific work methods to be followed in business activities

Standard operating procedures

An established method of conducting a business activity

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Developing an Business Structure• The Amazing Structure• Structure improvements as the company

improvements.• Growth produces the need for architectural modify.• Chain of Command• The formal, straight direction of relationships in an

organization• A direction for two-way communication• Span of Control• The number of employees monitored by one

manager

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Creating Organizational Structure (cont’d)• Range Organization• A easy company in which each individual reviews

to one supervisor• Line and Employees Organization• An business framework that contains staff

professionals who support management• Line activities• Activities adding straight to the main goals of the

firm• Staff activities• Activities that assistance line activities

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Line-and-Staff Organization18-3

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Factors Identifying The best possible Period of Control

Many SubordinatesSimple workVery experienced workersSuperior with much ability

Few SubordinatesComplex workInexperienced workersSuperior with limited ability

More SubordinatesModerately difficult workModerately experienced workersSuperior with moderate ability

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Creating Organizational Structure (cont’d)• Knowing Casual Groups

Have an casual management structure. Are valuable if team objectives are arranged with

business goals.

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Delegating Authority• Delegation of Authority

Allowing to a subordinate the right to act or create decisions

Benefits of delegationLiberates up excellent to execute a bigger factor tasksDevelops subordinate’s skillsImproves two-way communications

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Measuring Performance

Controlling Operations

Establishing standards

Planning and Goal Setting

Taking Corrective

Action

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Stages of the Control Process18-4

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Communicating• Exciting Two-Way Communication• Perform regular efficiency review classes to get

worker reviews.Use forums to keep workers informed.Use recommendation containers to obtain employees’

ideas.Hold staff conferences to talk about issues and

problems.Hold casual conferences with

employees to interact socially and talk.

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Negotiating• Negotiation

Two-way interaction used to eliminate variations in needs, objectives, or ideas.

Win-lose negotiationsOne celebration must win and the other celebration

must reduce.Win-win negotiationsBoth events take action that meets both parties’ basic

passions.End result of discussions encourages

long-term ongoing connections.

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Presentation Tips18-5

1. Do your preparation.2. Know your material “spot on.”3. Be entertaining.4. Make stunning mental relationships in the thoughts

of audience.5. Emphasize importance.6. Be powerful, but be yourself.7. Use PowerPoint with care.8. Dress properly.9. Avoid refreshments that create speaking difficult for

you.10. Practice, exercise, exercise.

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Personal Time Management• The Issue of Time Pressure• Many owner-managers perform 60-80 time weekly.• Effect of overwork is ineffective perform performance.• Time Savers for Busy Managers

Effective use of time (time management)Evaluate how time is normally spentEliminate methods that spend timeCarefully strategy available timeUse a everyday adviser to focus on activitiesDon’t prevent distressing or challenging tasksLimit conference and conference times

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Outside Management Assistance• The Need for Outside Assistance

To supplement entrepreneur’s personal expertise and data.

To provide opportunities to share concepts with colleagues.

To reduce feelings of solitude and working in solitude.

To have access to outsiders’ separated, objective opinions, ideas and concepts.

To gain fresh information of methods, approaches, and solutions beyond the information about the business owner.

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Outside Management Assistance

Business Incubators

Student Consulting

Teams

Service Corps of Retired Executives (SCORE)

Small Business

Development Centers (SBDCs)

Management Consultants

Entrepreneurial Networks

Other Business and Professional

ServicesSource of Outside

Management Assistance

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Services Provided by Business Incubators to New Firms18-6

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Key TERMS• empowerment• work teams• professional manager• long-range plan

(strategic plan)• short-range plan• budget• chain of command• line organization• line-and-staff organization

• period of control• delegation of authority• negotiation• Service Corps of

Outdated Professionals (SCORE)

• small company growth facilities (SBDCs)

• networking