Management: is the process of achieving results through resources. To combine resources in the most effective way to achieve corporate goals.
Characteristics of a good Manager:
- Innovation: Adopting new fresh approaches. Innovative ideas to tackle issues such as motivation + communication.
- Flexibility: Being able to “think on their feet” when circumstances change
- Charisma: Ability to attract, inspire and influence others, E.g Gandhi, Martin Luther King Jr
- Hard Work: Be willing to put in the extra hour. Must lead by example
- Interpersonal Skills: Must have a good personality to interact and communicate well with others
Manager vs Entrepreneur
- Idea Generation: Entrepreneur come up with new business ideas while Managers implement them
- Risk Taking: Entrepreneurs run the loss of personal bankruptcy while Managers risk the profitability of the company, their reputation and even their job.
- Communication:Entrepreneurs are usually self-driven while Managers has to work with others and as a team