1. Business world & business management 2. Entrepreneurship
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1 MNB1501
2 1. Business world & business management 2. Entrepreneurship 3. Establishing a business 4. Business environment 5. Corporate social responsibility 6. Planning 7. Organising 8. Leading 9. Controlling the management process
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4 Role of business in society Needs & need satisfaction Main economic systems Free market (Capitalism) Socialism Command ( Communism) Need-satisfying institutions of the market economy Business Government Non-profit Nature of business management
5 Transform resources into goods & services to meet society s needs Influence by business Physical environment Consumers Competitors Economy Influence on business Social responsibility Consumerism
6 Unlimited needs Limited resources Choice economic principle Greatest benefit (satisfaction) with limited resources Need to know society s needs Maslow Physiological, Security, Social, Esteem, Selfrealisation Use resources to meet needs Entrepreneurship Capital Natural resources Human resources
7 Management of needs satisfying institution Individual organisation Purpose Produce most units of lowest possible cost Management functions General Marketing Public relations Financial Human Resource Production/operational Purchasing
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9 Entrepreneurs & entrepreneurship Role of entrepreneurs & small business owners in society Entrepreneurial process
10 Definition Person/personality type Takes up new venture Willing to accept full responsibility for outcome Harness factors of production to generate products/services Reward profit Traits & characteristics Achievement motivation Internal locus of control Innovation & creativity Risk-taking
11 Process of Identifying, creating or sensing opportunities Finding & combining resources to pursue opportunities Until it becomes successful established business
12 Management is independent Owner = manager Capital provided by entrepreneur or few persons starting the business together Activities mainly local National Small Business Act Survivalist enterprise Micro enterprise Very small enterprise Small enterprise Medium enterprise Role in economy Production of goods and services Innovation Aiding of business Job creation
13 Abilities & skills Skill = knowledge demonstrated by action Required skills Strategy, planning, marketing, financial, project management & human relations skills Access to resources Financial, human, operating/physical Opportunity/idea Start new business or buy existing business? Feasibility Collect data to forecast whether opportunity/venture will survive Business plan Managing business
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15 Importance of geographical location Legal forms of ownership Business plans
16 Location factors Sources of raw material Availability of labour Proximity & access to the market Availability & cost of Transport facilities Power & water Site & buildings Capital Attitude, regulations & tariffs of local authorities Existing business environment Social environment Climate Central government policy Personal preference
17 Sole proprietor Partnership Close corporation Company Business trust Co-operative society Joint ventures
18 # owners/directors/members Legal personality Capital acquisition potential Name regulations Legal regulations/prescriptions Liability of members/shareholders Tax liability Profit distribution Transfer of ownership Continuity
19 Main objectives: Identify nature & context of business opportunity Explain: how to develop opportunity Attract investors Additional objectives Evaluate chance of success systematically & realistically Identify key variables for success & primary failure risks Describe manage business successfully Management instrument to compare actual results with targeted performance
20 Cover page Executive summary Content Brief & accurate description of venture Body Financial analysis Projected profits Required assets Financial requirements
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22 Organisation & environmental change Composition of business environment Micro-environment Market or task environment Macro-environment Environmental scanning
23 Definition Sum of all variables May influence successful existence of organisation Sub-environments Macro-environment Greater external environment Management has least control Market environment Immediate external sub-environment Direct influence on business Consumers, competitors & suppliers Micro-environment Business itself Management complete control
24 Variables are mutually related Increasing instability Uncertainty about future Complex environment
25 Components Mission & objectives of business Organisational functions Purchasing, logistics Marketing Finance Human resources Skills & experience AIDS awareness Why? Better growth opportunities Increased productivity Decreased cost of healthcare Continued work force diversity Lower employee turnover Improved employee morale
26 Immediate consumer, supplier & intermediary market Components Consumer wants + needs Suppliers material, capital, labour Intermediaries gap between manufacturer & consumer, e.g. wholesaler Competitors rival businesses Opportunities & threats
27 Changes : megatrends Influence all businesses in all countries Variables (6) Technological environment Economic environment Social environment (e.g. urbanisation) Physical environment Institutional-governmental environment International environment
28 Process Measurement, projection & evaluation Change in different sub-environment Identify & monitor opportunity/threat Continuous basis
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30 Terms & trends Citizenship imperative Business case for CSR Corporate governance Stakeholders and stakeholder engagement Sustainable development Link between CSR & various business functions
31 Triple bottom line Sustainable development Corporate social investment Sustainability reporting Corporate governance
32 Global drivers United Nations Global Compact Global Reporting Initiative AA1000 Framework Other relevant initiatives SA initiatives & imperatives Legislation King Code on Corporate Governance JSE Social Responsible Investment Index Role of investors & emerging requirements of investors & civil society to demonstrate more socially responsible behaviour Industry charters
33 Contribute to company s profitability Benefits of CSR: Savings resulting from energy-saving technology + reputation customer loyalty, higher quality employees & improved relations Competitive advantage & value creation SWOT analysis Strengths Weaknesses Opportunities Threats
34 Way in which business Makes decisions Manage affairs Transparent leadership Answerable & accountable to stakeholders Roles Board of directors fiduciary relationship Executive & non-executive Chairman Management Chief Executive Officer (CEO) CSR Policy Values-based system Stakeholder-engagement process King I, II and III
35 People/groups affected by OR having effect on company Internal External Primary Board of directors Management Employees Shareholders Customers Public Suppliers Government On-going support is crucial to organisation s survival (e.g. employees) Secondary Less direct impact on organisation (e.g. media)
36 Determined by: Goals Mode of communication Nature of relationship Engagement approach Levels Remain passive Monitor Inform Transact Consult Involve Collaborate Empower
37 Involvement respect roles & find new participants Candour comprehensive Relevance focus on issues of greatest importance Learning uncover new perspectives Action act on results
38 1. Prepare 2. Plan 3. Design 4. Engage 5. Evaluate 6. Apply Identify & understand territory most important issues Set objectives & parameters Identify & prioritise stakeholders to engage with Accountability, mode of discussion & measure of success Engagement plan agenda & logistics to meet engagement objectives Execute engagement plan Assess outcome of engagement Information sharing & integrate outcome of engagement process
39 Meet needs of present without compromising the ability of future generations to meet their own needs Needs & limitations Systems thinking Connect space & time International conferences Rio Earth Summit (1992) United Nations Global Compact (1999) Millennium Development Goals (2000) World Summit on Sustainable Development (2002)
40 CEO/Top Management Strategy, financial performance Operations Finance Produce goods in timely, cost-effective manner New marketing opportunities & increased competitiveness Total quality management (TQM) Access to capital, budget Procurement Preferential Procurement Act, BEE Human Resources Policies & procedures Training opportunities, disciplinary practices, non-discrimination Risk Management Increased demand for transparency, globalisation of risk & heightened surveillance Marketing & public relations Effective development & delivery of satisfactory product offering to the market Branding Cause-related marketing (e.g. MySchool Card)
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42 Why planning is needed Managerial goals & plans Planning process Setting organisational goals & developing plans
43 Give direction (Roadmap) Goals desired future state (fixed period of time) Road map Plans How to achieve goal Blueprint for achieving goals How to use resources & time Different functional areas work together Coordination Cohesion Stability Force organisation to look at future Technology Look into future, anticipate change & reflect how it will influence the organisation.
44 SMART Specific Measurable Attainable Relevant Time-bound Managerial levels Top (Strategic) Middle (Functional) Lower (Operational) Management by Objectives (MBO) Managers & employees jointly sets goals for business
45 Goal setting Reactive Planning Developing plans Implemen- tation
46 Organisational goal Specific achievement to be attained At specific future date Influenced by Types Organisation s mission (purpose) Business environment Management s values Management s experience Strategic (long-term) Top management: future-orientated Focus on organisation as a whole 3-10 years Tactical (functional) Middle management 1-3 years Operational (short-term) Lower-level management Maximum period of 1 year
47 Market-development strategy Product-development strategy Concentration-growth strategy Innovation strategy Horizontal-integration strategy Vertical-integration strategy Joint-venture strategy Diversification strategy Turnaround strategy Divestiture strategy Liquidation strategy
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49 Introduction to organising Importance of organising Fundamentals of organising Factors that influence organising & how organisations are designed
50 Establishment of structure within which organisation s activities can be carried out Organisational structure Set of formal tasks Formal reporting relationships Lines of authority Responsibility # hierarchical levels Span of management control System to co-ordinate employees across departments
51 Detailed analysis of work to be done & resources to be used Systemise tasks, resources, methods & procedures Divides workload Allocate according to abilities/qualifications of employees Promote productive deployment & utilisation of resources Related activities/tasks grouped together Co-ordinate organisational activities Complete, uniform harmonious units.
52 Specialisation Job rotation Job enlargement Job enrichment Departmentalisation Business Product Location Customer Matrix Span of management Responsibility & authority Coordination
53 Stability of business environment Stable or turbulent Technology Strategy of business Size of business Competence of employees Organisational culture
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55 Nature of leadership Leadership theories Motivation Groups & teams Communication
56 Leadership Influencing & directing behaviour of subordinates Willing to strive to accomplish business goals/ objectives. Leader Characteristics Authority Power Responsibility Delegation Accountability Follower commitment
57 Coercive Enforce power through fear Reward Influence employees with something of value to them Legitimate Power granted to particular position Referent Personal power or charisma Expert Manager s expertise, knowledge or information
58 Trait Behavioural Leadership styles Iowa: Autocratic, democratic, laissez-faire Ohio: Initiating structure (define roles) Consideration (extent relationships based on trust & respect) Michigan: Production-orientated or employee-orientated Managerial grid: concern for production v people Contingency or situational Fiedler: Contingency theory Leadership style is fixed. Change leader or situation Hersey & Blanchard: Situational theory Appropriate leadership style determined by employee work maturity Styles: Telling, selling, participating & delegating
59 1.Internal needs, motives or drives 5. Reinforcement (Determine future needs) 2. Behaviour or action 4. Satisfaction 3. Purpose or goals
60 Physiological Basic requirements for survival & biological functioning Food, drink, sex & air Security (safety) Social Esteem Protection from physical & emotional harm Clothing, job security Affiliation needs Friendship, love Need for + self image & recognition Self-actualisation Realising potential Skills development, creativity Self actualisation Esteem Social Security Physiological
61 Groups 2 or more individuals, regularly interact Work for common purpose Information sharing Informal groups Interest groups Friendship groups Formal groups Command groups (organisational chart line of authority) Task groups (specific task/ project) Teams Small number of employees Complementary competencies Work together in project Common purpose Dependent on each other Individually & mutually accountable for team performance
62 Team types Problem-solving Self-managed Cross-functional Characteristics Clear understanding of team s goals, technical skills & abilities needed Members capable of adjusting their skills Mutual trust & unified commitment Good communication & adequate negotiating skills Team leaders encourage team members Clarify goals & help members to realise their potential
63 Sender Message Channel Receiver
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65 Introduction Purpose of control Control purpose Types of control Characteristics of effective control system
66 Nature of control Ensure that Organisation s goals & objectives are reached Resources are used as productively as possible Task of control Narrowing gap between planned & actual achievements Obtain information to assess whether objectives reached Corrective action Rooted in planning stage
67 Avoids poor planning Helps to adapt to environmental change Limits accumulation of error Caters for increasing organisational size & complexity Minimises cost
68 Set standards (derived from goals) Measure actual performance Evaluate deviations Take corrective action & rectify deviations
69 Inventory Quality Financial resources Information resources Human resources
70 Integrated Flexibility Accuracy Timeliness Simplicity
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