Transcript Essentials of Contemporary Management 3e

Entrepreneurship
• Entrepreneurship
The mobilization of resources to take advantage of
an opportunity to provide customers with new and
improved goods and services.
Entrepreneurship differs from management:
• Management encompasses all the decision making
necessary to plan, organize, lead, and control
resources.
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Entrepreneurs
• Entrepreneurs
Individuals who notice opportunities and take the
responsibility for mobilizing the resources necessary
to produce new and improved goods and services.
• Entrepreneurs start new businesses and carry out all
of the management functions.
• Entrepreneurs assume all of the risks for losses and
receive all of the returns (profits) from their ventures.
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Entrepreneurship (cont’d)
• Intrapreneurs
Individuals (managers, scientists, or researchers)
who work inside an existing organization and notice
an opportunity for product improvements and are
responsible for managing the product development
process.
• Intrapreneurs frustrated with the lack of support or
opportunity at their firm often leave and form their
own new ventures.
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Personality Traits
• Personality Traits
Enduring tendencies to feel, think, and act in
certain ways
Characteristics that influence how people think, feel
and behave on and off the job
The personalities of managers account for the
different approaches that managers adopt to
management.
Traits are viewed as continuums (from high to low)
along which individuals fall.
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The Big Five
Personality
Traits
Figure 2.1
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Who are Entrepreneurs?
• Characteristics of entrepreneurs—most share
these common traits:
Open to experience: they are original thinkers and
take risks.
Internal locus of control: they take responsibility for
their own actions.
High self-esteem: they feel competent and capable.
High need for achievement: they set high goals and
enjoy working toward them.
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Values, Attitudes, and
Moods and Emotions
• Values
Describe what managers try to achieve through
work and how they think they should behave.
• Attitudes
Capture managers’ thoughts and feelings about
their specific jobs and organizations.
• Moods and Emotions
Encompass how managers actually feel when they
are managing.
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Terminal and
Instrumental
Values
Source: Rokeach,
The Nature of Human
Values (New York:
Free Press, 1973).
Figure 2.3
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Attitudes
• Attitudes
A collection of feelings and beliefs.
• Job Satisfaction
A collection of feelings and beliefs that managers
have about their current jobs.
• Managers high on job satisfaction have a positive
view of their jobs.
• Levels of job satisfaction tend increase as managers
move up in the hierarchy in an organization.
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Attitudes (cont’d)
• Organizational Citizenship Behaviors
Behaviors that are not required of organizational
members but that help the firm in gaining a
competitive advantage.
• Managers with high satisfaction are more likely
perform these “above and beyond the call of duty”
behaviors.
• Managers who are satisfied with their jobs are less
likely to quit.
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Attitudes (cont’d)
• Organizational Commitment
The collection of feelings and beliefs that managers
have about their organization as a whole
• Committed managers are loyal to and are proud of
their firms.
• Commitment can lead to a strong organizational
culture.
• Commitment helps managers perform their
figurehead and spokesperson roles.
• The commitment of international managers is affected
by job security and personal mobility.
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Moods and Emotions
• Mood
A feeling or state of mind.
• Positive moods provide excitement, elation, and
enthusiasm.
• Negative moods lead to fear, distress, and
nervousness.
• Current situations and a person's basic outlook affect
a person’s current mood.
A manager’s mood affects their treatment of others
and how others respond to them.
• Subordinates perform better and relate better to
managers who are in a positive mood.
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Emotional Intelligence
• Emotional Intelligence
The ability to understand and manage one’s own
moods and emotions and the moods and emotions
of other people.
• Assists managers in coping with their own emotions.
• Helps managers carry out their interpersonal roles of
figurehead, leader, and liaison.
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