BRO Time Mo’s Bow Ties Article & Video Clip Objectives 48 – Compare major types of business ownership. 50 – Compare types of individual influential leadership styles. REMINDERS Today’s Agenda BRO Time Mo’s Bow Ties Article & Video Clip Finish Entrepreneurship Presentations Management & Leadership PowerPoint & Notes. Leadership Survey. Closure EXIT TICKET BRO: What is significant about the Monday after Black Friday? Cyber Monday. The term "Cyber Monday" was dreamt up in 2005 by a marketing team at Shop.org, a division of the National Retail Federation. The idea was to provide online retailers with a catchy hook to match the brick-and-mortar shopping frenzy fueled by mention of Black Friday savings.

Management & Leadership Introduction to Business & Marketing

Task 49 Identify the functions of management.

What is management? Entrepreneurs start off having to manage only themselves. If a business has employees, then a management plan is needed. Management helps the business focus on setting & meeting goals efficiently and effectively.

Essential Management Skills Task-Oriented Time Management Interpersonal Problem Solving Communication

What do managers do? The functions (tasks) of management include: Planning Organizing Staffing Implementing / Directing Controlling Evaluating The functions are listed in the order that they occur. Some managers specialize in one or two functions. -- COMPLETE GALLERY WALK --

Walk & Talk Group notes

Planning Setting goals and objectives Making long- and short-term plans for meeting goals Determining resources required and standards that must be met

Organizing Obtaining & coordinating resources so that objectives can be met Includes organizing people, work processes and equipment

Staffing Refers to “organizing” the human resources (people) necessary to meet company objectives May need to hire, train or fire employees

Implementing or Directing Influencing, guiding and directing people to carry out their delegated tasks Providing direction and vision Requires leadership skills

Controlling Keeping the business on track and making sure goals are met Setting standards for the quality of work Solving problems

Evaluating Evaluating performance Monitoring customer satisfaction

Are managers and leaders the same? Think About It!

Task 50 Compare types of leadership styles.

What is leadership? Leaders develop a vision for their organization. Leaders organize, mobilize & energize other people in order to achieve a goal.

Characteristics of a Leader Inspirational, Initiative, Goal-oriented Motivation Self-assured & decisive Confidence Ability to relate / provide mentorship Communication Skills Most valued quality – honest, loyal, fair Integrity

Leadership Styles Pace-Setting Affiliative Coaching Visionary Facilitating Pace-Setting Commanding

VISIONARY Appropriate as an organization starts or needs a new direction The goal is to move people toward a new set of shared visions.

COACHING One-on-one style The goal is to develop individuals, improve performance and help connect personal goals to business goals. The leader asks for feedback from employees but comes to a final decision himself or herself The leader asks for feedback from employees but comes to a final decision himself or herself.

AFFILIATIVE Emphasizes the importance of teamwork Aims to create harmony in a group by connecting people to each other

FACILITATING a.k.a. Democratic Draws on other people’s knowledge & skills Creates group commitment to the resulting goals Works best when the direction of the organization is unclear and the leader needs to tap the collective wisdom of the group. It works best when the direction of the organization is unclear and the leader needs to tap the collective wisdom of the group.

PACE-SETTING Sets high standards of performance Obsessive about doing things better & faster Asks the same of everyone on the team

COMMANDING Classic ‘military’ style Most used but least effective Rarely involves praise; frequently involves criticism (criticism undercuts morale and job satisfaction) Criticism undercuts morale and job satisfaction.

Why is it important for a person to change leadership styles? On a daily basis, adapt your leadership style based, on the situation at hand, to you ensure that you make the best use of the available resources, tools and techniques to generate a positive outcome Think About It!

What’s Your Style? The Lion, the Fox and the Saint Bernard

Which leadership style should you use in each situation? Exit Ticket Which leadership style should you use in each situation? You have a team of experienced, intelligent and committed people who care about doing the best they can every day. You are leading a team of eager people who want to do good work. They are really fast but make a lot of mistakes that you have to go back and fix. They feel they have something to prove. You have just taken over a team that only does enough to get by. They don’t really want to work but don’t want to be unemployed either. They always have excuses – it’s never their faults.