Management and Entrepreneurship

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• Management and Entrepreneurship
  • Levels of Management
    • Top
      • Strategic planning
        • Planning for the future
        • Overall vision and mission strategy is going to be created
      • These people are general management
        • They oversee all the other 7 business functions
    • Middle
      • Tactical planning
        • Executing the strategy
          • assigning duties to the different areas of the business
        • The HODs tactically plan HOW they are going to achieve these objectives
          • They create objects
    • Lower
      • Operational planning
        • How to hit the target
  • Management tasks
    • Planning
      • Funnel approach
      • Steps
        • Establishing objectives
          • Deciding on the planning period
            • Considering alternatives
              • Implementation
                • Control process
    • Organising
      • The organisation of a businesses resources to achieve set goals
      • Steps
        • Considering objectives
          • Identifying and grouping activities
            • Assigning of duties
              • Delegation of duties
    • Leading
      • Principles
        • HEUD F
          • Harmony of objectives
            • Harmony of individual and business activities
          • Effective communication
            • Employees must know plans, policies and procedures as well as their respective responsibilities
          • Unity in direction
            • Employees must know what to do
              • They can’t do more than one thing at the same time 
          • Direct supervision
            • Personal touch from the manager
          • Follow up
            • The manager must be aware of challenges the employees are facing
      • Leadership styles
        • Autocratic
          • Power
        • Democratic
          • Majority vote
        • Laissez-faire
          • Lenient
        • Charismatic
    • Controlling
      • Steps
        • Establishing standards
          • Measure actual performance
            • Corrective action
      • Components ofgood control system
        • SFEAM
          • Suitable
          • Flexible
          • Aimed at the future
          • Economical
          • Motivates staff
    • Communication
      • Between departments
    • Co-ordination
      • Liaison between departments
      • Clear objectives
      • Induction
      • Chain of command
      • Policies
    • Delegation
      • Who does what
    • Motivation
      • Ability + Willingness = PERFORMANCE
    • Discipline
      • Corrective action
    • Decision making
      • Where does the business go and what do they do when something happens
  • Manager vs Entrepreneur
    •  
  • Characteristics of an entrepreneur
    • Creative
    • Risk taker
    • Innovative
    • Good with people
    • Self-belief
    • Persistence
    • Initiative
    • Self-confidence
    • Planner
    • Concern for quality
  • Activities performed by an entrepreneur
    • Generation of ideas
      • Market research
        • Generation of funds
          • Recruitment
            • Procurement
              • Project implementation