Ch. 7.pdf

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University of Calgary
Entrepreneurship and Innovation
ENTI 201
Norman Althouse

!"#"$%&%#'( Top leadership is critical for the success in organizations. Today companies rely on Management: the process of guiding the development, maintenance, and Leadership managers to guide the daily allocation of resources to attain organizational goals process using human, technological, financial, and other resources to create a Managerial Process: competitive advantage. 1. Anticipating potential problems or opportunities and designing plans to deal with them. 2. Coordinating and allocating the resources needed to implement Authority Responsibility Accountability plans. right to make decisionassignment of tasksaccepor failureuccess 3. Guiding personnel through the implementation process. 4. Reviewing results and making any necessary changes. 3 Copyright © 2011 by Nelson Education Ltd. Efficiency: using the least amount of resources to accomplish the organizationʼs goals (doing things right) Effectiveness: the ability to produce the desired result or good (doing the right thing) Planning: the process of deciding what needs to be done to achieve the organizational objectives, identifying when and how it will be done, and determining by whom it should be done • Strategic planning: the process of creating long-range (1-5 years), broad goals for the organization and determining what resources will be needed to accomplish those goals • Mission Statement: the formalized statement of an organizationʼs purpose and reason for existing and its basic philosophy; itʼs long-term goals • Tactical Planning: the process of beginning to implement a strategic plan by addressing issues of coordination and allocating resources to different parts of the organization; has a shorter time frame (less than a year) and more specific objectives than strategic planning Operational Planning: the process of creative specific standards, methods, policies, and procedures that are • used in specific functional areas of the organization; helps guide and control the implication of tactical plans • Contingency Plans: that identify alternative courses of action for very unusual or crisis situations; typically stipulates the chain of command, standard operating procedures, and communication channels the organization will use during an emergency Organizing: the process of coordinating and allocating a firm's resources to carry out its plans • Managers can arrange the structural elements of the firm to maximize the flow of information and the efficiency of work processes by: • dividing up tasks (division of labour), • grouping jobs and employees (departmentalization) • assigning authority and responsibilities (delegation The highest level of managers, including CEOs, presidents, and vice-presidents; they develop strategic plans and address long-range issues Managers who design and carry out tactical plans in specific areas of the company Managers who design and carry out operational plans for the ongoing daily activities of the firm Leadership: the process of guiding and motivating others toward the achievement of organizational goals • Power: the ability to influence others to behave in a certain way • Legitimate power: power that is derived from an individualʼs position in an organization Reward power: power that is derived from an individualʼs control over rewards • • Coercive power: “ “ ability to threaten negative outcomes • Expert power: “ “ extensive knowledge in one or more areas • Referent power: “ “ personal charisma and the respect and/or admiration the individual inspires • Leadership style: the relatively consistent way in which individuals in leadership positions attempt to influence the behaviour of others
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