Management principles by Henri fayol

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Management Principles v. 1.0Acknowledgments Mukesh Sud, Augustana College Nicholas Twigg, Coastal Carolina University Nkuma Uche, Central Community College Donna Waldron, Manchester Community College Carolyn Youssef, Bellevue University The authors also appreciate the efforts of those instructors who have contributed to the project with their work on supplementary materials. Anita Leffel from the University of Texas at San Antonio developed the Student Quizzes and the Test Item File, and Laura Bulas from Central Community College created the PowerPoint slide presentations. In addition, two instructors assisted the development of this material by using it in their classrooms. Their input, along with their students’ feedback, has provided us with valuable feedback and confirmation that the material is effective in the classroom: Dexter Davis, Niagara University P. Gerald Shaw, Dean College The cadre of copy editors, graphics designers, and technical designers involved in this first-of-its-kind global publishing project also garner our heartfelt thanks. Finally, this book would not have the incredible value and meaning it does without the support and interest of the faculty and students who have commented on early iterations and will serve to make this “their book” in the many years to come. 5Dedications Mason Carpenter This book is dedicated to my wife, Lisa, and energetic boys, Zachary and Wesley. The content is inspired by my students, coauthors, professional and business colleagues, and publishers who, together, will create the better times we will all enjoy in the years to come. Talya Bauer This book is dedicated to my husband, Horst, and our children, Nicholas and Alexander, who supported this project from the start and who helped me celebrate when it was done. Berrin Erdogan This book is dedicated to my husband, Emre, for being a constant source of support for my career and to our son, Devin, for making me appreciate the importance of leading a balanced life. 6Preface Welcome to the textbook revolution (you will have to read on to learn more about the revolution that you have joined in using this material for your class). We are happy to have you on Carpenter, Bauer, and Erdogan’s Principles of Management team Given that Principles is likely to be one of the first management courses, if not one of the first business courses, that students take, our objective in developing this material was to provide students and instructors with a solid and comprehensive foundation on the fundamentals of management. Each of the sixteen chapters is comprehensive but succinct, and action-oriented but not busy (as in busy work). Moreover, the book and supplements have been written in a direct and active style that we hope students and instructors find both readily accessible and relevant. Delivering on Our Promise So how are we delivering on these promises? Let’s consider the top three ways cited by instructors and students. First, your Principles book is organized around the well- established planning, organizing, leading, and controlling framework (or, simply, P-O-L-C). The first three chapters introduce you to the managerial context, while the remaining thirteen chapters are mapped to one of the four P-O-L-C sections. The P-O-L-C structure provides a number of benefits. Each chapter opens with a brief discussion of how the chapter topic fits in P-O-L-C. For instructors, the use of P-O-L-C as an overarching framework helps with the organization of class material, development of the class calendar, and making choices about adding or removing readings and real-life examples. It also provides them with an invaluable reference point at the beginning and conclusion of each class session to share with students “where we’ve been, and where we’re going next.” Pedagogically, this is a simple yet powerful tool to aid and promote student learning. For students, the P-O-L-C typology provides them with an enduring framework for processing and organizing just about everything they will learn and experience, during and beyond their classroom-based education, related to the management of organizations. Second, there are three underlying themes carried through all the chapters. These themes are strategic thinking, entrepreneurial thinking, and active management. Strategy, for instance, is explicitly concerned with the determinants of high performance. Importantly, you will find that we treat performance using the notion of the triple bottom line—the idea that economic performance allows individuals and organizations to perform positively in social and environmental ways as well. The triple bottom line is financial, social, and environmental performance. 7Preface The entrepreneurial dimension reflects an underlying and growing trend that shows that students and instructors see themselves as entrepreneurs and active change agents, not just managers. By starting fresh with an entrepreneurial/change management orientation, we provide an exciting perspective on the principles of management. Finally, starting with the opening chapter, we incorporate an active management perspective to show how leaders and leadership are essential to personal and organizational effectiveness and effective organizational change. Moreover, the concluding section of each chapter is focused on the assessment and development of particular management skills. Students and instructors are active as leaders at an increasingly early age and are sometimes painfully aware of the leadership failings they see in public and private organizations. It is the leader and leadership that bring Principles together. Third, your author team is bringing a truly interdisciplinary perspective to your Principles course. The book that is the foundation for how you learn about, study, and teach Principles is titled Principles of Management: A Behavioral Approach, and behavioral has very important implications for our emphasis on skills and decision making, coupled with the strategic, entrepreneurial, and leadership orientations. Your authors are award-winning teachers who couple a deep knowledge and experience about the book’s conceptual underpinnings with a sincere appreciation for experiential teaching approaches. Thank You for Joining the Revolution In adopting Carpenter, Bauer, and Erdogan, you are joining the revolution that is otherwise known as Unnamed Publisher, our partner and publisher. For this we thank you. The people at Unnamed Publisher and your author team share a common vision about the future of management education that is based on powerful but fun and simple-to-use teaching and learning tools. Moreover, Unnamed Publisher gives you—you the student and you the instructor—the power to choose. Our sixteen chapters are written using a “modular” format with self-contained sections that can be reorganized, deleted, “added to,” and even edited at the sentence level. Using our build-a-book platform, you can easily customize your book to suit your needs and those of your students. An extensive author-prepared instructors’ manual and excellent set of PowerPoint slides provide teaching support to instructors. A test item file developed using state-of-the-art assessment techniques supports faculty in evaluating student performance. Only with Unnamed Publisher learning platforms do you have the power to choose what your Principles book looks like, when and how you access your Principles 8Preface material, what you use and don’t use, when it will be changed, how much you pay for it, and what other study vehicles you leverage. These innovative study vehicles range from book podcasts, flash cards, and peer discussion groups organized in social network formats. Nowhere else on the planet can this combination of user- friendliness, user choice, and leading edge technologies be found for business education and learning. Thank you for joining the revolution—please spread the word Mason, Talya, and Berrin 9Chapter 1 Introduction to Principles of Management Figure 1.1 Managers make things happen through strategic and entrepreneurial leadership. © 2010 Jupiterimages Corporation WHAT’S IN IT FOR ME? Reading this chapter will help you do the following: 1. Learn who managers are and about the nature of their work. 2. Know why you should care about leadership, entrepreneurship, and strategy. 3. Know the dimensions of the planning-organizing-leading-controlling (P- O-L-C) framework. 4. Learn how economic performance feeds social and environmental performance. 5. Understand what performance means at the individual and group levels. 6. Create your survivor’s guide to learning and developing principles of management. 10Chapter 1 Introduction to Principles of Management We’re betting that you already have a lot of experience with organizations, teams, and leadership. You’ve been through schools, in clubs, participated in social or religious groups, competed in sports or games, or taken on full- or part-time jobs. Some of your experience was probably pretty positive, but you were also likely wondering sometimes, “Isn’t there a better way to do this?” After participating in this course, we hope that you find the answer to be “Yes” While management is both art and science, with our help you can identify and develop the skills essential to better managing your and others’ behaviors where organizations are concerned. Before getting ahead of ourselves, just what is management, let alone principles of management? A manager’s primary challenge is to solve problems creatively, and 1 you should view management as “the art of getting things done through the efforts of other people.”We draw this definition from a biography of Mary Parker Follett (1868–1933) written by P. Graham, Mary Parker Follett: Prophet of Management (Boston: Harvard Business School Press, 1995). Follett was an American social worker, consultant, and author of books on democracy, human relations, and management. She worked as a management and political theorist, introducing such phrases as “conflict resolution,” “authority and power,” and “the task of 2 leadership.” The principles of management , then, are the means by which you actually manage, that is, get things done through others—individually, in groups, or in organizations. Formally defined, the principles of management are the activities that “plan, organize, and control the operations of the basic elements of people, materials, machines, methods, money and markets, providing direction and coordination, and giving leadership to human efforts, so as to achieve the sought objectives of the enterprise.”The fundamental notion of principles of management was developed by French management theorist Henri Fayol (1841–1925). He is credited with the original planning-organizing-leading-controlling framework (P- O-L-C), which, while undergoing very important changes in content, remains the dominant management framework in the world. See H. Fayol, General and Industrial Management (Paris: Institute of Electrical and Electronics Engineering, 1916). For this reason, principles of management are often discussed or learned using a framework called P-O-L-C, which stands for planning, organizing, leading, and controlling. Managers are required in all the activities of organizations: budgeting, designing, selling, creating, financing, accounting, and artistic presentation; the larger the 1. The art of getting things done organization, the more managers are needed. Everyone employed in an through the efforts of other people. organization is affected by management principles, processes, policies, and practices as they are either a manager or a subordinate to a manager, and usually 2. The means by which you they are both. actually manage, that is, get things done through others. 11Chapter 1 Introduction to Principles of Management Managers do not spend all their time managing. When choreographers are dancing a part, they are not managing, nor are office managers managing when they personally check out a customer’s credit. Some employees perform only part of the functions described as managerial—and to that extent, they are mostly managers in limited areas. For example, those who are assigned the preparation of plans in an advisory capacity to a manager, to that extent, are making management decisions by deciding which of several alternatives to present to the management. However, they have no participation in the functions of organizing, staffing, and supervising and no control over the implementation of the plan selected from those recommended. Even independent consultants are managers, since they get most things done through others—those others just happen to be their clients Of course, if advisers or consultants have their own staff of subordinates, they become a manager in the fullest sense of the definition. They must develop business plans; hire, train, organize, and motivate their staff members; establish internal policies that will facilitate the work and direct it; and represent the group and its work to those outside of the firm. 12Chapter 1 Introduction to Principles of Management 1.1 Who Are Managers? LEARNING OBJECTIVES 1. Know what is meant by “manager”. 2. Be able to describe the types of managers. 3. Understand the nature of managerial work. Managers We tend to think about managers based on their position in an organization. This tells us a bit about their role and the nature of their responsibilities. The following figure summarizes the historic and contemporary views of organizations with respect to managerial roles.S. Ghoshal and C. Bartlett, The Individualized Corporation: A Fundamentally New Approach to Management (New York: Collins Business, 1999). In contrast to the traditional, hierarchical relationship among layers of management and managers and employees, in the contemporary view, top managers support and serve other managers and employees (through a process called empowerment), just as the organization ultimately exists to serve its customers and clients. 3 Empowerment is the process of enabling or authorizing an individual to think, behave, take action, and control work and decision making in autonomous ways. In both the traditional and contemporary views of management, however, there remains the need for Figure 1.2 different types of managers. Top managers are responsible for developing the organization’s strategy and being a steward for its vision and mission. A second set of managers includes functional, team, and general managers. Functional managers are responsible for the efficiency and effectiveness of an area, such as accounting or marketing. Supervisory or team managers are responsible for coordinating a subgroup of a particular function or a team composed of members from different parts of the organization. Sometimes you will hear distinctions made between line and staff managers. 3. The process of enabling or authorizing an individual to A line manager leads a function that contributes directly think, behave, take action, and control work and decision to the products or services the organization creates. For example, a line manager making in autonomous ways. 13Chapter 1 Introduction to Principles of Management (often called a product, or service manager) at Procter & Gamble (P&G) is responsible for the production, Communication is a key managerial role. marketing, and profitability of the Tide detergent product line. A staff manager, in contrast, leads a © 2010 Jupiterimages function that creates indirect inputs. For example, Corporation finance and accounting are critical organizational functions but do not typically provide an input into the final product or service a customer buys, such as a box of Tide detergent. Instead, they serve a supporting role. A project manager has the responsibility for the planning, execution, and closing of any project. Project managers are often found in construction, architecture, consulting, computer networking, telecommunications, or software development. A general manager is someone who is responsible for managing a clearly identifiable revenue-producing unit, such as a store, business unit, or product line. General managers typically must make decisions across different functions and have rewards tied to the performance of the entire unit (i.e., store, business unit, product line, etc.). General managers take direction from their top executives. They must first understand the executives’ overall plan for the company. Then they set specific goals for their own departments to fit in with the plan. The general manager of production, for example, might have to increase certain product lines and phase out others. General managers must describe their goals clearly to their support staff. The supervisory managers see that the goals are met. Figure 1.3 The Changing Roles of Management and Managers 1.1 Who Are Managers? 14Chapter 1 Introduction to Principles of Management The Nature of Managerial Work Managers are responsible for the processes of getting activities completed efficiently with and through other people and setting and achieving the firm’s goals through the execution of four basic management functions: planning, organizing, leading, and controlling. Both sets of processes utilize human, financial, and material resources. Of course, some managers are better than others at accomplishing this There have been a number of studies on what managers actually do, the most famous of those conducted by Professor Henry Mintzberg in the early 1970s.H. Mintzberg, The Nature of Managerial Work (New York: Harper & Row, 1973). One explanation for Mintzberg’s enduring influence is perhaps that the nature of managerial work has changed very little since that time, aside from the shift to an empowered relationship between top managers and other managers and employees, and obvious changes in technology, and the exponential increase in information overload. After following managers around for several weeks, Mintzberg concluded that, to meet the many demands of performing their functions, managers assume multiple roles. A role is an organized set of behaviors, and Mintzberg identified ten roles common to the work of all managers. As summarized in the following figure, the ten roles are divided into three groups: interpersonal, informational, and decisional. The informational roles link all managerial work together. The interpersonal roles ensure that information is provided. The decisional roles make significant use of the information. The performance of managerial roles and the requirements of these roles can be played at different times by the same manager and to different degrees, depending on the level and function of management. The ten roles are described individually, but they form an integrated whole. The three interpersonal roles are primarily concerned with interpersonal relationships. In the figurehead role, the manager represents the organization in all matters of formality. The top-level manager represents the company legally and socially to those outside of the organization. The supervisor represents the work group to higher management and higher management to the work group. In the liaison role, the manager interacts with peers and people outside the organization. The top-level manager uses the liaison role to gain favors and information, while the supervisor uses it to maintain the routine flow of work. The leader role defines the relationships between the manager and employees. 1.1 Who Are Managers? 15Chapter 1 Introduction to Principles of Management Figure 1.4 Ten Managerial Roles The direct relationships with people in the interpersonal roles place the manager in a unique position to get information. Thus, the three informational roles are primarily concerned with the information aspects of managerial work. In the monitor role, the manager receives and collects information. In the role of disseminator, the manager transmits special information into the organization. The top-level manager receives and transmits more information from people outside the organization than the supervisor. In the role of spokesperson, the manager disseminates the organization’s information into its environment. Thus, the top- level manager is seen as an industry expert, while the supervisor is seen as a unit or departmental expert. The unique access to information places the manager at the center of organizational decision making. There are four decisional roles managers play. In the entrepreneur role, the manager initiates change. In the disturbance handler role, the manager deals with threats to the organization. In the resource allocator role, the manager chooses where the organization will expend its efforts. In the negotiator role, the manager negotiates on behalf of the organization. The top-level manager makes the decisions about the organization as a whole, while the supervisor makes decisions about his or her particular work unit. 1.1 Who Are Managers? 16Chapter 1 Introduction to Principles of Management The supervisor performs these managerial roles but with different emphasis than higher managers. Supervisory management is more focused and short-term in outlook. Thus, the figurehead role becomes less significant and the disturbance handler and negotiator roles increase in importance for the supervisor. Since leadership permeates all activities, the leader role is among the most important of all roles at all levels of management. So what do Mintzberg’s conclusions about the nature of managerial work mean for you? On the one hand, managerial work is the lifeblood of most organizations because it serves to choreograph and motivate individuals to do amazing things. Managerial work is exciting, and it is hard to imagine that there will ever be a shortage of demand for capable, energetic managers. On the other hand, managerial work is necessarily fast-paced and fragmented, where managers at all levels express the opinion that they must process much more information and make more decisions than they could have ever possibly imagined. So, just as the most successful organizations seem to have well-formed and well-executed strategies, there is also a strong need for managers to have good strategies about the way they will approach their work. This is exactly what you will learn through principles of management. KEY TAKEAWAY Managers are responsible for getting work done through others. We typically describe the key managerial functions as planning, organizing, leading, and controlling. The definitions for each of these have evolved over time, just as the nature of managing in general has evolved over time. This evolution is best seen in the gradual transition from the traditional hierarchical relationship between managers and employees, to a climate characterized better as an upside-down pyramid, where top executives support middle managers and they, in turn, support the employees who innovate and fulfill the needs of customers and clients. Through all four managerial functions, the work of managers ranges across ten roles, from figurehead to negotiator. While actual managerial work can seem challenging, the skills you gain through principles of management—consisting of the functions of planning, organizing, leading, and controlling—will help you to meet these challenges. 1.1 Who Are Managers? 17Chapter 1 Introduction to Principles of Management EXERCISES 1. Why do organizations need managers? 2. What are some different types of managers and how do they differ? 3. What are Mintzberg’s ten managerial roles? 4. What three areas does Mintzberg use to organize the ten roles? 5. What four general managerial functions do principles of management include? 1.1 Who Are Managers? 18Chapter 1 Introduction to Principles of Management 1.2 Leadership, Entrepreneurship, and Strategy LEARNING OBJECTIVES 1. Know the roles and importance of leadership, entrepreneurship, and strategy in principles of management. 2. Understand how leadership, entrepreneurship, and strategy are interrelated. The principles of management are drawn from a number of academic fields, principally, the fields of leadership, entrepreneurship, and strategy. Leadership 4 If management is defined as getting things done through others, then leadership should be defined as the social and informal sources of influence that you use to inspire action taken by others. It means mobilizing others to want to struggle toward a common goal. Great leaders help build an organization’s human capital, then motivate individuals to take concerted action. Leadership also includes an understanding of when, where, and how to use more formal sources of authority and power, such as position or ownership. Increasingly, we live in a world where good management requires good leaders and leadership. While these views about the importance of leadership are not new (see “Views on Managers Versus Leaders”), competition among employers and countries for the best and brightest, increased labor mobility (think “war for talent” here), and hypercompetition puts pressure on firms to invest in present and future leadership capabilities. P&G provides a very current example of this shift in emphasis to leadership as a key principle of management. For example, P&G recruits and promotes those individuals who demonstrate success through influence rather than direct or coercive authority. Internally, there has been a change from managers being outspoken and needing to direct their staff, to being individuals who electrify and inspire those around them. Good leaders and leadership at P&G used to imply having followers, whereas in today’s society, good leadership means followership and bringing out the best in your peers. This is one of the key reasons that P&G has been consistently ranked among the top ten most admired companies in the United States for the last three years, according to Fortune magazine.Ranking of Most Admired Firms for 2006, 2007, 2008. http://www.fortune.com (accessed October 15, 4. The act of influencing others 2008). toward a goal. 19Chapter 1 Introduction to Principles of Management Whereas P&G has been around for some 170 years, another winning firm in terms of leadership is Google, which has only been around for little more than a decade. Both firms emphasize leadership in terms of being exceptional at developing people. Google has topped Fortune’s 100 Best Companies to Work for the past two years. Google’s founders, Sergey Brin and Larry Page, built a company around the idea that work should be challenging and the challenge should be fun.http://www.google.com/intl/en/corporate/tenthings.html (accessed October 15, 2008). Google’s culture is probably unlike any in corporate America, and it’s not because of the ubiquitous lava lamps throughout the company’s headquarters or that the company’s chef used to cook for the Grateful Dead. In the same way Google puts users first when it comes to online service, Google espouses that it puts employees first when it comes to daily life in all of its offices. There is an emphasis on team achievements and pride in individual accomplishments that contribute to the company’s overall success. Ideas are traded, tested, and put into practice with a swiftness that can be dizzying. Observers and employees note that meetings that would take hours elsewhere are frequently little more than a conversation in line for lunch and few walls separate those who write the code from those who write the checks. This highly communicative environment fosters a productivity and camaraderie fueled by the realization that millions of people rely on Google results. Leadership at Google amounts to a deep belief that if you give the proper tools to a group of people who like to make a difference, they will. Figure 1.5 Leaders inspire the collective action of others toward a shared goal. © 2010 Jupiterimages Corporation 1.2 Leadership, Entrepreneurship, and Strategy 20Chapter 1 Introduction to Principles of Management Views on Managers Versus Leaders My definition of a leader…is a man who can persuade people to do what they don’t want to do, or do what they’re too lazy to do, and like it. - Harry S. Truman (1884–1972), 33rd president of the United States You cannot manage men into battle. You manage things; you lead people. - Grace Hopper (1906–1992), Admiral, U.S. Navy Managers have subordinates—leaders have followers. - Chester Bernard (1886–1961), former executive and author of Functions of the Executive The first job of a leader is to define a vision for the organization…Leadership is the capacity to translate vision into reality. - Warren Bennis (1925–), author and leadership scholar A manager takes people where they want to go. A great leader takes people where they don’t necessarily want to go but ought to. - Rosalynn Carter (1927–), First Lady of the United States, 1977–1981 Entrepreneurship It’s fitting that this section on entrepreneurship follows the discussion of Google. 5. The recognition of 5 opportunities (needs, wants, Entrepreneurship is defined as the recognition of opportunities (needs, wants, problems, and challenges) and problems, and challenges) and the use or creation of resources to implement the use or creation of resources innovative ideas for new, thoughtfully planned ventures. Perhaps this is obvious, to implement innovative ideas 6 but an entrepreneur is a person who engages in the process of entrepreneurship. for new, thoughtfully planned ventures. We describe entrepreneurship as a process because it often involves more than simply coming up with a good idea—someone also has to convert that idea into 6. A person who engages in the action. As an example of both, Google’s leaders suggest that its point of distinction process of entrepreneurship. 1.2 Leadership, Entrepreneurship, and Strategy 21Chapter 1 Introduction to Principles of Management “is anticipating needs not yet articulated by our global audience, then meeting them with products and services that set new standards. This constant dissatisfaction with the way things are is ultimately the driving force behind the world’s best search engine.” http://www.google.com/intl/en/corporate/ tenthings.html (accessed October 15, 2008). Entrepreneurs and entrepreneurship are the catalysts for value creation. They identify and create new markets, as well as foster change in existing ones. However, such value creation first requires an opportunity. Indeed, the opportunity-driven nature of entrepreneurship is critical. Opportunities are typically characterized as problems in search of solutions, and the best opportunities are big problems in search of big solutions. “The greater the inconsistencies in existing service and quality, in lead times and in lag times, the greater the vacuums and gaps in information and knowledge, the greater the opportunities.” J. Timmons, The Entrepreneurial Process (New York: McGraw-Hill, 1999), 39. In other words, bigger problems will often mean there will be a bigger market for the product or service that the entrepreneur creates. We hope you can see why the problem-solving, opportunity-seeking nature of entrepreneurship is a fundamental building block for effective principles of management. Strategy When an organization has a long-term purpose, articulated in clear goals and objectives, and these goals and objectives can be rolled up into a coherent plan of action, then we would say that the organization has a strategy. It has a good or even great strategy when this plan also takes advantage of unique resources and 7 capabilities to exploit a big and growing external opportunity. Strategy then, is the central, integrated, externally-oriented concept of how an organization will achieve its objectives.D. Hambrick and J. Fredrickson, “Are You Sure You Have a Strategy?” Academy of Management Executive 15, no. 4 (2001): 2. Strategic 8 management is the body of knowledge that answers questions about the development and implementation of good strategies. Strategic management is important to all organizations because, when correctly formulated and communicated, strategy provides leaders and employees with a clear set of guidelines for their daily actions. This is why strategy is so critical to the principles of management you are learning about. Simply put, strategy is about making choices: What do I do today? What shouldn’t I be doing? What should my 7. The central, integrated, organization be doing? What should it stop doing? externally-oriented concept of how an organization will achieve its objectives. 8. What an organization does to achieve its mission and vision. 1.2 Leadership, Entrepreneurship, and Strategy 22Chapter 1 Introduction to Principles of Management Synchronizing Leadership, Entrepreneurship, and Strategy You know that leadership, entrepreneurship, and strategy are the inspiration for important, valuable, and useful principles of management. Now you will want to understand how they might relate to one another. In terms of principles of management, you can think of leadership, entrepreneurship, and strategic management as answering questions about “who,” “what,” and “how.” Leadership helps you understand who helps lead the organization forward and what the critical characteristics of good leadership might be. Entrepreneurial firms and entrepreneurs in general are fanatical about identifying opportunities and solving problems—for any organization, entrepreneurship answers big questions about “what” an organization’s purpose might be. Finally, strategic management aims to make sure that the right choices are made—specifically, that a good strategy is in place—to exploit those big opportunities. One way to see how leadership, entrepreneurship, and strategy come together for an organization—and for you—is through a recent (disguised) job posting from Craigslist. Look at the ideal candidate characteristics identified in the Help Wanted ad—you don’t have to look very closely to see that if you happen to be a recent business undergrad, then the organization depicted in the ad is looking for you. The posting identifies a number of areas of functional expertise for the target candidate. You can imagine that this new position is pretty critical for the success of the business. For that reason, we hope you are not surprised to see that, beyond functional expertise, this business seeks someone with leadership, entrepreneurial, and strategic orientation and skills. Now you have a better idea of what those key principles of management involve. 1.2 Leadership, Entrepreneurship, and Strategy 23

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