MGTA05H3 Lecture Notes - Lecture 10: Wynn, Pest Analysis, Strategic Management
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MGTA05H3 Full Course Notes
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Businesses need leaders to establish purpose and direction. Owners/managers of businesses must have a clear purpose and a clear direction. As businesses grow, it"s harder to see the purpose and direction. It"s important to use your expertise in that particular field, and area. Not to say, businesses shouldn"t diversify; but there should be a rational plan! Someone who guides/motivates others to meet organizations objectives. By setting goals, teaching/demonstrating, should lead by example. Make it clear that what is needed to be accomplished. Martin luther king- talks about getting rid of racism; i have a dream that something will happen!- looking forward, encouraging people. In politics, leaders become presidents, pm"s; looking into the future and telling the people what to do. Strategy (strategic management)- know a little about everything (finance, accounting, Thinks about the three questions: where are we going? (the mission) Provides purpose and direction; have a clear mission.
