Welcome to week 5.

This week, we start the management process of a business. Remember to refer to the lecture for additional material that is helpful in understanding the textbook.

Chapter 6: Management and Leadership. Management is needed to ensure a business goes through the management process of planning, organizing, leading, and controlling. A successful company will ensure each element is covered while also creating an effective mission to guide the business. Explore some companies and see if the mission they created matches your impression of them. Next, explore strategic planning. A company needs to know where they stand in the marketplace and an important concept for any business starting is a SWOT analysis that provides valuable guidance about your company and factors out of your control (e.g., the economy).

The chapter also covers leadership. What forms of power make for an effective leader (see slide 29)? What type of leader are you? Look over the chart on slide 31 to determine which best describes your style.
Another aspect is corporate culture. This culture affects how a company functions and includes rituals, values, and personalities. In most cases, it is the leader or founder who sets the culture and influences the culture, but many times there are issues below the surface that can create issues. Think about an iceberg. Do a quick exercise: To understand the difficulty of changing culture, fold your arms naturally in front of you. Now, fold them in the other direction. It doesn't feel natural. It may even feel awkward or wrong. That is the challenge within an organization when the corporate culture is in need of change.
Explore the key skills needed for successful managers, such as technical or conceptual skills (see slides 46-47). How does a company benefit when a manager can see the big picture? Understanding where you stand on these skills will help you move forward in your career. This will also help you become more of a leader.

Have a great week!