Fundamentals of Management
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Prepare for success in management today with this brief, streamlined approach from leading management author Ricky Griffin. FUNDAMENTALS OF MANAGEMENT, 7E offers a strong theoretical and functional framework clearly organized around the functions of management with a concise presentation that offers the flexibility to add cases, exercises or projects. The book's proven balance of theory and practice incorporates numerous, engaging learning features to help readers develop and strengthen today's most important management skills. Opening vignettes immediately emphasize the relevance of each chapter's content, while skill applications and new cases keep readers focused and actively engaged. New features reflect today's emerging management challenges, including the economic crisis and energy crisis. With FUNDAMENTALS OF MANAGEMENT, 7E, readers quickly find themselves equipped with the confidence of a management professional. Available with InfoTrac Student Collections http://gocengage.com/infotrac.
professional managers to run their businesses and then turn their attention to other interests are not true entrepreneurs. Although they are assuming the risk of the venture, they are not actively involved in organizing or operating it. Likewise, professional managers whose job is running someone else’s business are not entrepreneurs, for they assume less-than-total personal risk for the success or failure of the business. Entrepreneurs start new businesses. We define a small business as one that
learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. 140 Part 2: Planning LEADING THE WAY Boston Globe/Getty Images Samuel Adams Makes Headway James Koch used his own personal savings to launch Boston Beer, makers of Samuel Adams and other premium beers. Koch’s success with Boston Beer has come in part from his business acumen and in part from his strong leadership skills. In 1984, James Koch was a
new business because the risks are better understood. Individuals starting up new businesses, on the other hand, are more likely to have to rely on their personal resources. Personal Resources According to a study by the National Federation of Independent Business (NFIB), an owner’s personal resources, not loans, are the most important source of money. Including money borrowed from friends and relatives, personal resources account for over two-thirds of all money invested in new small
the next one in the book. The case is removed from the press after one day and then stored for ten weeks in a humidity-controlled rim-bending room. Afterward, it’s ready to be sawed, planed, and sanded to specification—a process called frazing. A black lacquer finish is added, and only then is the case ready to be installed as a component of a grand piano in progress. The Steinway process also puts a premium on skilled workers. Steinway has always been an employer of immigrant labor, beginning
advantage, and synergy. We discuss strategic planning further in the next major section of this chapter. Tactical Plans A tactical plan, aimed at achieving tactical goals, is developed to implement specific parts of a strategic plan. Tactical plans typically involve upper and middle management and, compared with strategic plans, have a somewhat shorter time horizon and a more specific and concrete focus. Thus, tactical plans are concerned more Copyright 2016 Cengage Learning. All Rights