Questions On Principles Of Business Management Essay examples

Questions On Principles Of Business Management Essay examples

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Question 1. Definitions of leadership, entrepreneurship, and strategy in section two of chapter one in the text

Leadership:- This is a vital tool in management, personally I had the opportunity to read a book some years back titled “ why do act the way you do” by Tim Lahaye this book gives me understanding about personality of people (sanguine, choleric, melancholy , phlegmatic) through which am able to understand the strength and weakness of other people especially my subordinates via this I am been able to deployment according to their capacity.

Leaders understand why, when, where and how to use their resources.

Entrepreneurship:- this is ability for someone to recognize opportunity such as needs, wants, problems and challenges in an environment and creation of ideal solution to those needs, wants, problems and challenges.

Strategy: - This is a plan or means of achieving a goal. The know –how ability for bring solution to challenges.

Find a different example of leadership, entrepreneurship, and strategy.

a. Leadership

If management is defined as getting things done through others, then leadership should be defined as the social and informal sources of influence that you use to inspire action taken by others. It means mobilizing others to want to struggle toward a common goal. Great leaders help build an organization’s human capital, then motivate individuals to take concerted action. Leadership also includes an understanding of when, where, and how to use more formal sources of authority and power, such as position or ownership. Increasingly, we live in a world where good management requires good leaders and leadership. While these views about the importance...

... middle of paper ... an organization will achieve its objectives (Hambrick & Fredrickson, 2001)

b. Strategy: This is important to all organizations because, when correctly formulated and communicated, strategy provides leaders and employees with a clear set of guidelines for their daily actions. This is why strategy is so critical to the principles of management you are learning about. Simply put, strategy is about making choices: What do I do today? What shouldn’t I be doing? What should my organization be doing? What should it stop doing?

3. What management similarities can you see between the examples?

The similarities are persuading people to achieve a common goal, using social and informal sources of influence to inspire action taken.

4. What are some differences?

The difference s is that they deployed different means of getting things done through people.

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