Introduction To Management Flashcards
Define management
The process of organising resources in order to achieve objectives effectively and efficiently
What are differences between a manger and an entrepreneur
- Level of risk
- Future Focus
- Level of reward
- Idea creation
How is the level of risk different between a manager and entrepreneur ?
Managers mights lose their job if they underperform or if the business closes. Meanwhile a entrepreneur bears financial and personal risk of the business failing
How is the future focus different between a manager and entrepreneur?
A manager focuses on day to day operations of the business, directing and delegating staff. While an entrepreneur focuses on starting and expanding a business
How is the level of reward different between a manager and an entrepreneur?
A manger is paid a set salary with bonuses of profit sharing options for good performance. While an entrepreneur is rewarded by keeping all the profits of the business which can vary
How does the idea of creation differentiate between a manger and an entrepreneur
A manger implements the entrepreneurs ideas or manages people to develop more ideas but does not have to create them. While a entrepreneur is the creator and innovator of the business who sees a gap in the market to exploit and might continue to create new ideas as they plan to expand
What are the characteristics of a manager?
- Uses initiative
- Decisive
- Charismatic
- Flexible
- Problem solver
How is a manger decisive ?
Decisive- good managers can analyse a situation quickly and come up with an effective solution.
E.g. management of Aer Lingus transferred their London routes from Shannon to Belfast, despite public protests.
How are managers charismatic?
Charismatic- good managers are persuasive and inspirational. They are able to sway people around to their way of thinking.
E.g. Steve Jobs was a charismatic manager that encouraged employees to work harder.
How do managers use initiative?
Initiative- good managers do not need to be told what to do. They are inventive and can think up new ideas.
E.g. Michael O’Leary came up with the idea of getting rid of airport check in this saves Ryanair €50 million every year.
How are managers flexible?
Flexible- good managers are able to adapt to change. They change methods and approaches to suit each scenario.
E.g. Michael O’Leary changed his policy on trade union recognition after numerous industrial action
How are managers problem solvers ?
They have the ability to analyse problems and reduce them to manageable parts.
Give an example of management in the home
In the home- parents must manage the family budget to make sure there is enough money to pay for back to school expenses in September.
Give an example of management in the community
In the community- A tidy towns committee must manage the effort to make sure that everything is done to make the town as clean as possible.
Give an example of management in school
In school- the school principal is a manager. She must run the school. This involves employing teachers, organsing the timetable, communicating with teachers, students and parents, the Dept and so on.
