Business Management Portfolio By: Mr. Dunlap Business Management Chapter 1 9/4/2012
What is Management? The process of deciding how to best use a company’s resources. Resources include but not limited to: Labor – Employees Money Equipment - Supplies Business Management Chapter 1 9/4/2012
Management Roles Interpersonal Dealing with people – being a “people person” Informational Having the knowledge and the skills needed to present to the employees Decision-Making Having the ability and courage to make the necessary changes Business Management Chapter 1 9/4/2012
Management Skills Conceptual Skills that allow the manager to understand how different parts of the business work together Human Relations Ability to work with people – to motivate, to encourage, and to evaluate Technical Skills that help a manager perform his/her job Business Management Chapter 1 9/4/2012
What is a Principle? A principle is a basic law or truth. It guides us in our decision-making process Principles are difficult to prove because unlike in science, people are variables that are hard to control Business Management Chapter 1 9/4/2012
Women and Minorities in Management Glass Ceiling – invisible barrier that prevents women and minorities from moving into senior (top) management positions It is improving but still not where it should be Business Management Chapter 1 9/4/2012
What is an entrepreneur? Entrepreneur – someone starts a business from scratch (ground up) and owns/controls every aspect of it – new idea- twist Laundry 101 example Professional manager is a person who works for someone else (does not own the company) – a position somewhere in the management pyramid Intrapreneur – professional manager who is encouraged to act and think like an entrepreneur but again works for someone else – not risking his/her own money Business Management Chapter 1 9/4/2012
The Importance of Small Business SBA – Small Business Administration is a government agency that assists small businesses Small businesses are businesses that have fewer than 100 employees 98% of all businesses are considered small businesses Business Management Chapter 1 9/4/2012
Traits of a Manager Good Communicator Decision Maker Leader Business Knowledge Organized Business Management Chapter 1 9/4/2012
Managerial Tasks Planning Deciding what needs to be done Organizing Breaking tasks into specific jobs Staffing Hiring the right (number) people to work for the company Leading Ability to motivate employees to do what needs to be done Controlling Evaluating what work well and what needs to change to better the business Business Management Chapter 1 9/4/2012
Levels of Management Senior Also known as top management CEO – Chief Executive Officer Set the direction for the company to follow – Decision Makers Middle Department Heads/District Managers VP of Accounting or Director of Human Resources Decide on how to meet the goals that senior management sets Supervisory In-store managers – they are the ones you see in the store Handle day-to-day operations of the company Work most directly with employees and customers Business Management Chapter 1 9/4/2012