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LC Business
LC Business
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LC Business

Business Leadership

Leadership

Leadership: Reflects a person’s ability to influence the actions and behaviours of others. “Lead by Example”

Delegation: Passing on responsibility for certain decisions or outcomes to others.

3 Types of Leader

Autocratic: Very Controlling, Motivates through fear and intimidation. “My way or the highway” E.g Steve Jobs at Apple

  • Benefits: (1) Quick Decision Making (2) Effective in certain situations e.g Low Skilled Factories/ Manufacturing
  • Drawbacks: (1) Demotivates Staff (2) Over Reliance on Managers - Managers are overloaded with decisions and may struggle to cope.

Democratic: are more likely to seek the opinion of others when making a decisions. E.g... (More)

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Motivation - Maslow and McGregor

Motivation: is about what makes people do things. (What makes people work)

Maslow’s Need Hierarchy Theory of Motivation!

1. Physiological Needs:

These needs are of the lowest-order and most basic needs of human beings. These involve satisfying fundamental biological drives, such as the need for food, air, water, cloth, and shelter.

2. Safety and Security Needs:

The second level of need in Maslow’s hierarchy is emerged once physiological needs are met. Safety needs involve the need for a secure environment, free from threats of physical and psychological harm. These needs find expression in such desires as economic security and protection... (More)

Management Skills - Communication

Communication: involves the exchange of information

Importance of Good Communication:

  • Gets work done: It would be impossible to run a business without communication. E.g Workers need to communicate in order to complete tasks and assignments
  • Improves coordination: Managers rely on effective communication to co-ordinate tasks around the world.
  • Benefits Industrial Relations: Need to discuss issues with employees before they escalate. If minor problems are left unresolved, they may develop into major ones.
  • Avoids costly mistakes: May cause Financial or Reputational (Bad PR)
  • Reflects a changing work-environment: Modern workplaces = More Teamwork. Communication is key in empowering workers. It’s a... (More)

Operational Planning

This type of planning typically describes the day-to-day running of the company..

Strategic Planning

Strategic planning includes a high-level overview of the entire business. It’s the foundational basis of the organization and will dictate long-term decisions. The scope of strategic planning can be anywhere from the next two years to the next 10 years.

Tactical Planning

Tactical planning supports strategic planning. It includes tactics that the organization plans to use to achieve what’s outlined in the strategic plan. Often, the scope is less than one year and breaks down the strategic plan into actionable chunks.

Contingency Planning

Contingency... (More)