Class Notes (810,913)
Canada (494,374)
Management (748)
MGM101H5 (323)
Lecture 9

MGM101 Lecture 9 - Book + Lecture notes.pdf

5 Pages
Unlock Document

University of Toronto Mississauga
Dave Swanston

Lecture 9 November-07-13 1:47 PM Article: Rob Ford (head politician, mayor of Toronto, a charismatic leader) - He was seen in a videotape taking drugs and associating with drug leaders - He denied that he had done anything wrong (said that the video doesn’t exist) - As part of investigation, found a computer (in a deleted file) the video is consistent with the report - Rob Ford cannot denied anymore and addressed that he smoked cracked cocaine and also an alcoholic - Another video released ( he was ranting while he was intoxicated) - What happened to him also happens to many (but this is more public) - A lot of people are calling for him to resign. Is he a fit for the leader as politics? - What does it take to be a good leader (in an environment like this)? ○ Should be able to respect the law ○ Have a good public reputation ○ His popularity went up after the incident. Its great to say that he should be a great example, but after what happened why is his popularity went up? ○ Humanizes him, he is a common guy ○ Someone who has integrity ○ Someone who has a big vision ○ Good judgement - Should we hold leaders to a higher standard? ○ Rob ford is representative of Toronto, what he does reflects the people in Toronto - What does it take for a candidate to get elected/ successful? ○ They have to be trustworthy, charismatic to connect with people, good reputation, listen to people and the decision will reflect this (this is actually what Rob Ford is good at because he was a great listener and worked on the issues they had), money to create favourable conditions, you have to appeal to broad range of interest groups and it's hard to make everyone happy - Do we have to make false promises to get elected? We have a systemic problem in politics, because what it takes to get elected is not what it takes to be a leader - What kind of changes could be made? ○ Don’t make the election a popularity contest ○ Holding leaders accountable of what they promised ○ Get the money out of politics, have an equal amount of funding, no individual funding, so there is no conflict of interest - There's systemic challenges in identifying the best leaders - Think about the non-business relationship, how we select leaders 2nd article - About leaders that have not admitted their mistakes - There has been fraud committed shareholders fooled, leaders blamed other people/ stakeholders and doesn’t acknowledge the problem exist - Why are leaders resisting for taking responsibility for their mistakes? ○ To be a leader, you have to have followers. We don’t want to demonstrate weaknesses ○ Ego will get in the way ○ Save image of the organization in the short term ○ As soon as you admit your mistake, you're liable (so sometimes you it's better to have some defense and you don’t get sued) - Can we expect leaders to step up and admit their mistakes? ○ Business is about taking risks, making changes with hope to achieve some progress/ growth. If we make leaders to be too accountable, they might not take a lot of risks ○ This is a trade-off, risk is desirable and decrease accountability for when leaders make mistakes ○ Learn from mistakes so you don’t make them again!!! Who is a great leader? What makes someone an effective leader? ○ Steve Jobs - able to forecast and anticipate the needs of people  Also a representative of the firm and his behaviour can reflect the firm's reputation ○ Winston Churchill - charismatic, motivates lots of people ○ Barack Obama - excellent speaker, good at communicating ideas and objectives to people ○  despite significant opposition, making a fair and affordable health needs is priority (this has successfully been implemented) ○ Nelson Mandela - tremendous self sacrifice, strong resolve to change/ implement change ○ Sam Walton - made goods and services affordable for everybody, revolutionized retail industry, innovated business models, retail price affordable to masses ○ Adolf Hitler - prominent leader, he convinced the nation to do negative things- this requires tremendous leadership skills ○ Commonalities among these leaders: people who have affected change and stood up to their beliefs and make known their goals Leadership The process of motivating, influencing, and directing others in the organization to work productively in pursuit of organization goals Managing and Leading Leaders - affect change ○ “Doing the right things” ○ Focus on vision, mission, and goals Managers - maintain the change ○ “Doing things right” ○ Focuses on preserving the status quo • Average annual CEO pay is $10.5 million, 369 times average worker pay of $28,310 One you get to the highest position, you can't go back because you took the risk and you are taking greater risk. So you have to have a great compensation for it. • In 1970, the multiple was 28:1, a ratio that would make today's average worker pay $374, 800 • If CEO pay were frozen now, it would take workers 66 years of 4% annual raises to get back to 1/28th of what the boss makes Effective leadership - The ability of a leader to get high performance from his or her subordinates - Clarifying and clearing path; identifying and offering rewards What Makes Leaders Great? 1. Self-awareness 2. Personal conviction 3. Courage 4. Creativity 5. Curiosity 6. Ability to inspire 7. Ability to listen 8. Ability to innovate - create new business models that 9. Eagerness to experience 10. Willingness to reflect - on decisions, where can we make improvements, learn from mistakes 10. Willingness to reflect - on decisions, where can we make improvements, learn from mistakes Perspectives on L
More Less

Related notes for MGM101H5

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.