Day 1 : Fundamentals for Managing Business
This is a day 1 course for Fundamentals for Business Management. After this course, you will learn :
“Good business management is the art of making problems so interesting and their solutions so constructive that everyone wants to get to work and deal with them.”Paul Hawke
Key 1 : Who is a Successful Manager?
Before jumping straight forward to the main point, let’s have a small quiz.
Here is a situation:
Three teams of A, B, and C lost on an island. The three teams have chosen a leader. However, the leaders perform different management strategies.
Here is the question
Which team do you think will survive on the island with the least loss and injury for 6 months?
Now, let us back to the question. What is your answer?
I think your answer will be Team C right?
So, from the situation, we know how important the role of a leader in a team is. While a manager, who acts as a leader in an organization during business management, should the way to guide his team to achieve the goals with the minimum loss in the long-term run.
“All Leaders are Managers, but not all Managers are Leaders”
The “secret sauce” of being a successful manager is knowing the art of leading.
All successful managers have different styles of management.
However, they all perform the same movement: They know their team members well and know how to utilize and lead.
A successful manager does not need to put on every hat at a time and do every task at once.
A successful manager will guide the team, and assist when the employees need help to gain the most profits for the team.
A successful manager is like a person who is playing a chess game. He or she need to control each step to win the game.
Key 2 : 4 Functions of Management
We could categorize the 4 functions into 4 phases :
Function 1 : Planning
The first phase is planning.
Let say you want to have a trip 3 three months later. So before directly open your laptop and buy a ticket, you will first plan, right? You will check whether you have the money, your time and who can join the trip with you, and your goals, where do you want to travel? This is the same concept as being a manager during business management. Before making any decision, you need to define the goals first, which in this case, you need to know the place you want to visit.
After setting your goal, you then establish your strategies to achieve it and then trying to develop your plans to integrate with the activities. So, when you are you want to visit Hawaii, and you won’t change it, you want to save your money, choose a time for your trip.
The time and money that you save are the strategies that you apply in this case.
You need to make sure your plan is going to work before starting it, as you don’t want to waste time and money.
There are 3 types of planning :
Function 2 : Organizing
After detailed planning for your Hawaii trip, and you are sure you are going to stick to it, you now going into the phrase which is organizing. You get a few friends to join your trip, but to make sure the trip will be memorable and interesting, you want to organize it well.
You then will arrange and structure your trip, dividing the jobs among your team. For example, you may be finding the most enjoyable place to visit in Hawaii, your first friend may want to look for the best accommodation based on your budget, and the other two or three may be searching for information about transportation and food.
These are all the same concept as a company or department that organize a team well to achieve the goals they want when it comes to business management. In order to get things right, here are some questions that you need to answer :
- What needs to be done?
- How it will be done?
- Who is going to do it?
Function 3 : Leading / Directing
After the whole process of organizing your team and goals, you now need to lead your members, because you are the leader who starts the trip first. You need to make sure they are working well, doing the right thing by constantly monitoring their job.
You need to tell every member what you intend to do during your trip. Your friends will definitely want to know the goals that you want before searching for any further information. If you want to go to Hawaii, just tell them you want to go to Hawaii. Make your communication as clear as possible, otherwise, they might not be searching the term ‘Hawaii’.
You need to make sure they know what they are doing, and they are moving forward with the same goals as you. If they are lost, give them the support, teach them, and lead them back to the track.
What do you need to do to lead your team?
Function 4 : Controlling
If your goal is to go to Hawaii, but maybe your partners are searching the places to visit which are not in Hawaii. The key importance here is, after delivering clear instruction, you need to constantly monitor your members to make sure everything is going on the same track. If they make any mistakes, you need to correct them immediately.
“A small mistake that is not corrected immediately will be a huge friction to achieve final goals.”
If you want to achieve your goals, this step is very important. You need to monitor, compare, and correct the work to get the greatest results.
Key 3 : Mintzberg’s Management Roles
According to Mintzberg’s Management Roles, he defined management roles into a total of 10 roles under 3 categories.
A figurehead is an individual that often represents the organization to social, ceremonial, and has legal responsibilities. Figureheads are usually the person who delivers speeches at the annual dinners, as they are known as the ‘head’ of the team.
A leader is someone who is responsible to inspire the team, lead the team and give them support and direction. The leader plays an important role in coordinate a team by constantly communicating among the team members to achieve goals.
A liaison is a middle person that communicates with internal and external contacts on behalf of an organization.
A monitor is an individual that monitors the information that comes in and out and organizes them.
For example, a monitor will gather the complaints from the customers, and then will identify the threat and opportunities for improvement to achieve company goals.
A disseminator is an individual that transmits the information from the top to the bottom. Disseminator plays an important role to pass the information between layers to make sure every layer in an organization gets the right information.
A spokesperson is often known as public relations manager. A spokesperson will speak on behalf of the organization. A spokesperson can be categorized into internal and external. A spokesperson plays an important role to handle the policy as well as respond to the public.
An entrepreneur will need enterprising skills to make the decision. Entrepreneurs will often need to rethink and make a decision such as whether the company should rebrand a product and sell it to the customers.
A disturbance handler will need to resolve any conflicts or issues that happen during an event. For example, there may be some problems, delays, or unexpected circumstances that will occur while doing the projects. In order to solve these kinds of issues, a disturbance handler needs to stand out and play the role
In order to make a project become more efficient, the ratio between the means and the ends should be handled and organized probably. A resource allocator plays an important role to manage the resources to avoid wastage.
A negotiator is an individual that will represent the organization to communicate with other parties to achieve an agreement.
Key 4 : Important Skills for Managers
Similar to baking a cake, to make the perfect cake, you need to know the skills to bake a professional cake. Moreover, you need to learn the skills and knowledge to utilize the tools, and then combine them with your skills to make the perfect cake.
In business management, a successful manager will use the knowledge and proficiency that are gained in a specific field. This skill is like the practical use of ‘using the right tool to bake a cake’. A successful manager needs this practical skill and utilizes it in the related field.
Human skill is a must when it comes to being a manager. The ability to work well with other people is crucial because a manager always needs to communicate with the team members to deliver information.
Conceptual skill is the ability to think and conceptualize abstract and complex situations concerning the organization by using relevant information to solve business problems.
Let’s say if you want to sell a cake but there are ten cake stores in the same area as you that are selling hot. In order to solve this problem, you need to identify the opportunities for you to create a brand new model of cake (Innovation).
After that, you will need to recognize the problem areas that you might face, solve them by implementing the solution.
For a successful manager, it is essential to select critical information from the data because this is a way to target a specific audience. Once a specific group of audience is targeted, a solution can come out much easier.
Communication is a very important skill that every people should learn and master. After mastering this skill, an individual will have the ability to transform ideas into words and actions effectively and will be more understandable for other people.
The easy way to learn this skill is by practicing the right way to listen and ask questions. Listening and asking good questions are techniques that can be learned day by day. Before you become a true leader, you should be a good listener and asking good questions.
A manager should have the ability to show his or her communication skill through the presentation, whether it is a graphic or plain slide.
Effectiveness skill is a skill that is important to corporate mission and departmental objectives. This shows that the individual can multitask the work simultaneously.
This skill can be implemented in business management, while the individual can handle and monitor multiple groups at the same time. A persona with an effective skill can find the shortest pathway to achieve the goals.
An interpersonal skill can show the social ability of an individual to interact with different kinds of people. Interpersonal skills are often related to coaching and mentoring.
An individual with interpersonal skills can work with diverse people from different cultures during business management. He or she has the ability to networking within and outside the organization in a team.
Decision-making skill is the ability to show your proficiency to choose an alternative when the choices are between two or more. An individual with decision-making skills can make decisions after analyzing the information available.