Nine Elements Of An Organization PDF

Nine Elements of An Organization 1. The Mission and Vision What is a business? 2. The Goals and Objectives Individuals or 3. The Strategy organizations 4. The Capabilities and Resources tryi...

Nine Elements of An Organization 1. The Mission and Vision What is a business? 2. The Goals and Objectives Individuals or 3. The Strategy organizations 4. The Capabilities and Resources trying to earn 5. The Processes and Procedures a profit by 6. providing 7. products that satisfy 8. Shared Values and Culture people's 9. The Structure and Style needs. Nine Elements of An Organization 1. The Mission and Vision What is a 2. The Goals and Objectives business? 3. The Strategy Individuals or 4. The Capabilities and Resources organizations 5. The Processes and Procedures trying to earn a profit by 6. The Talent (People) providing 7. The Leadership Team and products that Management satisfy 8. Shared Values and Culture people's 9. The Structure and Style needs. Entrepreneur and the Team  Types of Resources Used by Business  Natural land, forests, etc. (not made by people)  Financial funds necessary to acquire needed natural and human resources  Human physical/mental abilities used by people to produce goods and services Areas of Management and Skills Needed Financial Management Leadership Production and Skills Operations Technical Management Expertise Marketing Management Conceptual Human Resources Skills Management Analytical Skills Administrative Human Management Relations Skills  Steps in the Management Decision Making Process Recognize and Develop Analyze Define the Options Options Decision Situation Select the Implement Monitor the Best Option the Decision Consequences There are Only Two Basic Activities of Management: Figuring out what to do despite uncertainty, great diversity, and an enormous amount of potentially relevant information, and, Getting things done through a large and diverse set of people despite having little direct control over most of them.  Organization and Teamwork  Issues in Developing an Organization  The Right Structure  Necessary Areas of Specialization  Degree of Departmentalization  Specialization  Dividing people into small, specific tasks and assigning them to do a single task.  Multitasking  Especially, in the early stages  Functional Departmentalization President Research and Production Marketing Finance Distribution Development Department Department Department Department Department  Teams: What and Why Team: a few people with complementary capabilities who are committed to a common objective, goals, and approach for which they hold themselves mutually accountable. How can entrepreneurs best organize and reward the people who will lead their venture to success? Early in the development of a firm, a leadership team is created to build a business plan and organizational plan. The organizational plan is structured to align the culture of the firm with its goals and values. Two people working as a team will produce more than three working as individuals. Charles P. McCormick  Teams: Roles and Functions Shared leadership roles Individual and group accountability A specific purpose that the team itself delivers Video Creates collective work products Encourages open-ended discussion and active problem-solving Measures performance directly by assessing collective work products Discusses, decides, and does real work together  Managing Human Resources All activities involved in determining an organization’s human resource needs, as well as acquiring, training, and compensating people to fill those needs. How many employees? What skills are needed to satisfy plans? Availability of people in the workforce? What qualifications must employees have? Cost of staffing?  Recruiting New Employees Head Hunters Universities Classifieds The Selection Process Online recruiting has become a major source for companies.  Legal and Regulatory Issues in Recruiting Employees Transparency Documentation Statutory requirements Service conditions Local and state laws Developing and Compensating the Work Force Employee Orientation Internet-based training has Employee Training & Development become the Assessing Employee Performance main tool. Time Wages Financial award based on number of hours worked Piece Wages Financial award based on the output attained by the employee CommissionPayment to an employee of a fixed amount or a percentage of the employee’s sales For start-ups, low to medium salary with possibility of significant upside.  Characteristics of Diversity Secondary Characteristics Education Work Background Income Marital Status Parental Status Primary Characteristics Military Experience Sexual Age Gender Orientation Religious Beliefs Geographic Location Race Ethnicity Abilities More productive use of a company’s human resources. Reduced conflict among employees of different backgrounds as they learn to respect each other’s differences. More productive working relationships. Increased commitment to and sharing of organizational goals among diverse employees at all organizational levels. Increased innovation and creativity. Increased ability to serve the needs of an increasingly diverse customer base. The Ultimate Resource : Entrepreneur Individuals who are unique resources Resources that money cannot buy Provide value in terms of Creativity Unique vision Intuitions Initial conditions Have ability to bring together other critical resources  Networks Successful entrepreneurs are consummate networkers Essential because networks are links to Potential sources of capital Social capital consists of the accumulation of Strategic alliance partners active connections among people in a network. Service providers Social capital refers to the resources available in and New employees through personal and Allow entrepreneurs to organizational networks. Share information and assessment of Markets and technology Personal Inventory Knowledge base Specific skills Motives Commitment Personal attributes Founders?  Sequence of Founding Dilemmas Yes Founding--‐Team Should I Should I be No Dilemmas: Found now? a solo founder? Relationships? Roles? No Rewards? Remain nonfounder Beyond--‐the--‐Team Dilemmas: Hires? Investors? Yes Succession?  The Appeal of Similarity  Similarity leads to liking  Almost any kind of similarity will do— similarity with respect to  attitudes and values,  demographic factors,  interests, etc.  Similarity or Complementarity?  A balanced approach  Focus primarily on complementarity with respect to  knowledge, skills and experience  Bring similarity into the picture with respect to  personal characteristics and motives  Building the Team Each team requires 3 types of roles : Team Leader / CEO  Leads the team to create prototype and communicate with mentor Technical Build required prototype/proof of concept to illustrate the solution to the problem Business  Formulate and execute marketing/promotion/validation/survey and Social Interaction Team member selection You need to select “business partner” not your best friend You need to find “people with same/similar” commitment to “presented problem”, yet with complementary skillsets Team size: Not too big but big enough to complete: POC/Prototype ; Social Media: Fan Page / Video / Twitter / Video / Logo; and Customer validation Usually with the right skillsets should not exceed over 8 to 10 people.  Founding Team Relationships  Three factors are crucial in developing strong working relationships among the team:  Clear initial assignment of roles  Careful attention to perceived fairness [sharing surplus]  Effective communication  Why Join a New Venture? Autonomy and Growth  Challenging and interesting work WhatsApp  Participation in decision making 55 employeess  Freedom to be creative $19-billion  opportunity to develop new skills valuation  Increasing responsibilities Koum $7billion Acton $3billion  Recognition of contributions Employee $160 m  Career guidance and mentoring Rewards & Opportunities  Opportunities for promotion and advancement  Opportunities for personal growth  Pay, bonuses and equity tied to performance Thank You