POB Notes PDF

Chapter 1 notes quizlet What is business? ○​ Define business ​ An exchange of goods and services for profits. ○​ Why is it important to understand? ​ It is important as it is relevant...

Chapter 1 notes quizlet What is business? ○​ Define business ​ An exchange of goods and services for profits. ○​ Why is it important to understand? ​ It is important as it is relevant to future jobs and opportunities we may find ourselves in Tuckman Model Team development -​ A new team cannot be expected to perform exceptionally well from the onset. -​ Team may often have a leader (look at leadership types) -​ Stage 1: Forming -​ Team is assembled; the task/goal hasn’t been decided -​ Most members do not trust each other unconditionally Stage 2: Storming -​ Members suggest ideas to solve the task at hand -​ Some members are discomfortable, some are on emotionally roller coasters, some may think the task is not worth while -​ Some teams get stuck here -​ Some teams rush the task at this stage Stage 3: Norming  -​ During this state the team moves toward harmonious working practices -​ The members develop a strong commitment to the team goal and see good progress towards reaching it -​ The members begin to trust each other during this state as they accept a vital contribution to the team. Stage 4: Performing -​ Not many teams make it to this stage; a stage of high performance -​ A strong team is identified here based on their high levels of interdependence, independence, motivation, knowledge, and competence. -​ Team members understand that hard work leads directly to progress towards the shared vision and goal -​ Individual team members may join or leave the team without affecting the group Stage 5: Adjourning/mourning stage -​ This is the final stage that ends the project and sees the disbanding of the team Norms What is a norm? -​ Unspoken and often unwritten set of informal rules that govern individual behaviors in a group -​ Based on the group and issues important to the group of people -​ Common sense Leading Employees Leadership -​ The ability to influence others to reach a goal  -​ Traits include -​ Honest, competence, self-confidence, communication skills, problem solving skills, dependability Management Theory -​ Douglas McGregor developed two theories: Theory X and Theory Y -​ Theory X managers believe that employees dislike work and need close supervision (micro-management) -​ Theory Y believe that employees like to work and don’t need micromanagement to get work done -​ These workers have potential and are capable of self direction -​ William Ouchi added another component to the theory Y -​ Theory Z includes characteristic of both Japanese and American Styles -​ Managers believe that workers are motivated to work and can make sound decisions -​ This manager is more likely to act as a coach, and let workers make the most of their decisions. -​ Leadership Styles Specific styles -​ Autocratic -​ One person maintains power within the group -​ Makes all decisions -​ Keeps close control over everyone -​ They have Theory X attitudes -​ Democratic -​ Open and collegial -​ Invites participation from a team -​ Share decision-making with the team. -​ Tend to have Theory Y attitudes -​ Laissez-faire -​ Hands-off approach  -​ Little to no direction -​ Makes decisions only when asked of them -​ Tend to have Theory Z attitudes -​ Goal setting -​ Goal setting skills -​ Successful leaders set clear goals. -​ Goal focus on an end-result, not the ways to get to the result -​ They should be written as SMART GOALS -​ SPECIFIC -​ MEASURABLE -​ ATTAINABLE -​ REALISTIC -​ TIMELY​ Personalities Personalities types -​ 5 personality aspects 1.​ Energy -​ Introverted (need to know this) -​ Sensitive to external stimulation; prefers solitary activities -​ Extroverted (need to know this) -​ More energized by social interaction. Tend to be more enthusiastic 2.​ Mind (How you see the world) -​ Observant (need to know this) -​ Practical and down to earth. Focused more on the present -​ Intuitive (need to know this) -​ Very imaginative, open-minded and curious. Focused on the future possibilities 3.​ Nature (How we make decisions and cope with emotions)  -​ Thinking (need to know this) -​ Focused on objectivity and rationality, prioritizing logic over emotions. -​ Feeling (need to know this) -​ They are more empathic and less competitive and sensitive and emotionally expressive. 4.​ Tactics (Reflects our approach to work, planning and decision-making:) -​ Judging (need to know this) -​ decisive, thorough and highly organized. They value clarity, predictability and closure, preferring structure and planning to spontaneity. -​ Prospecting/perceiving (need to know this) -​ improvising and spotting opportunities. They tend to be flexible, relaxed nonconformists who prefer keeping their options open. 5.​ Identity (How confident people are in their abilities and decisions) -​ Assertive -​ self-assured, even-tempered and resistant to stress. -​ Turbulent -​ self-conscious and sensitive to stress.