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growth
Be a good listener. Learn whats on the mind of your employees and what they would do if they ran the company. Be willing to delegate responsibility . The entrepreneur cannot always be available to assess every management decision. Give key employees the flexibility to make decision without the fear of failure. Provide feedback consistently and regularly. Provide continuous training to key employees. They in turn will be able to train others in the organization. Emphasize results to key managers with incentives built in to encourage them to train and delegate within the roles.
Provide continuous training to key employees. They in turn will be able to train others in the organization. Emphasize results to key managers with incentives built in to encourage them to train and delegate within the roles. Maintain a focus by establishing a mission with goals and using consensus in management decision making. Establish a we spirit not a me spirit in meetings and memoranda to employees.
With growing venture it is sometime necessary to enlist the support and services of an accountant or consultant to support record keeping and financial control. These external services firms can also help train employees using the latest and more appropriate technology that can meet the needs of the venture.
Inventory control Efficient electronic data interchange (EDI) among producers, wholesalers, and retailers can enable these firms to communicate with one another. Linking the needs of a retailer to the wholesaler and producers allows for the fast order entry and response. These systems also allow the firm to track shipments internationally. Transportation mode selection can also be important in inventory management.
Human resources Generally the new venture dose not have the luxury of a human resource department that can interview, hire and evaluate employees. Most of these decisions will be the responsibility of the entrepreneur and perhaps one or two key employees. Some entrepreneurs are managing this issue by hiring professional employer organization.
Marketing skills As the company grows, it will need to develop new products and services to maintain its distinctiveness in a competitive market. This should be an ongoing process based on information regarding changing customers needs and competitive strategies. Strategic planning skills Planning is continual process, particularly in a rapidly changing environment. It is unlikely that a plan that worked yesterday will be effective in todays marketplace.
Strategic plan Three to five year plan that includes all functions of an organization Outline of a strategic plan Business mission Situation analysis Internal environmental analysis External environmental analysis Goal formulation Strategy formulation Formulation of programs to meet goals implementation
Strategy formulation Formulation of programs to meet goals implementation Feedback and control
Time management
Time is the entrepreneurs most precious yet limited recourse. It is unique quantity: an entrepreneur cannot store it, rent it, hire it, or by it. Entrepreneurs can always make better use of their time, and the more they strive to do so, the more it will enrich their venture as well as their personal lives. Time management Process of improving individuals productivity through more efficient use of time.
Time management
Benefits of time management Increased productivity More job satisfaction Improved interpersonal relations Reduced time anxiety and tension Better health
Time management
Basic principles of time management The principle of desire The principle of effectiveness The principle of analysis The principle of teamwork The principle of prioritized planning The principle of reanalysis
Negotiation
Negotiation Negotiation is the process by which parties attempt to resolve a conflict by agreement. There are two type of negotiation Distributive bargaining(competitive negotiation) Integrative bargaining (cooperative negotiation)
Negotiation
Integrative bargaining (cooperative negotiation) In this situation the entrepreneur is willing to let the other side achieve its desired outcome while maintaining a commitment to his or her own goals. Rational decision model Method of resolving conflict through objectives, analysis of alternatives and actions.
Negotiation
Negotiation
Competitive negotiation (Distributive bargaining) Distributive bargaining does not allow the other party to achieve his or her goals. There is a fixed pie to be divided which means that the larger the opponents share, the smaller the entrepreneur. In this competitive adversarial bargaining arena, each party tries to discover the others goals, values and perceptions. Methods use to collect information Indirect methods Direct methods
Negotiation
Indirect methods Indirect methods include discussing the person with anyone who has had previous contact, such as your own employees, the party employees, or outside individuals. Direct methods Whenever possible, he or she should meet informally with representatives of the other company, probing them to determine their levels of preparation. Frequently, insight can be obtained from response to relaxed, almost innocent questions.
Negotiation Approach
Customer service and satisfaction tracking Tracking and monitoring customer complaints suggestions. Following activates fall in this program:
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