Introduction to Business - Managing a Business

The management process of a business is very important because if it is not handled properly, a business may fail. In order to prevent that from happening and to ensure a smooth-running business, management process should be done very well.

There are 4 main components in the Management Process:

- Plan

- Organize

- Lead

- Control

We did a small activity in the class. We were told to do an organisational chart for a business of our choice and we chose "Theme Park".

There was also a group assignment to prepare a presentation about a business of our choice. Our business is a hotel called Óneiro Kósmo Hotel. It is a theme hotel located in the heart of Kuala Lumpur and only minutes away from Pavilion. We have themed-rooms such as, aquarium room, igloo room, haunted room and many more. This is a link of our video for our presentation:

https://www.youtube.com/watch?v=_SbMCEKV1Y0&feature=youtu.be

Our lecturer, Mr Joe wrote this in his presentation slides for this lesson. It says, "If you fail to plan, then you are planning to fail." In my point of view, it is very true. Planning is to create a goal, a motive, develop a strategy and to also determine your tactics and without this, nothing would come out of the business because it all starts from planning. 

Next, organising a business is based on the job specialisation of everyone in the company. For example, we break the business into subgroups with a specific purpose for each group such as, marketing, finance and production.

Leading involves guiding as well as inspiring the employees to achieve the company's goal. There are a few types of leadership style, such as the autocratic style which is a leader that keeps a strict and close control over his followers via enforcement of rules and regulation whereas democratic style shares the decision-making power with his followers.

Lastly, control is the process of monitoring a company's performance, especially the employees to make sure that they are doing their job in meeting the company's goal. This is a chart from our lecturer's slides for this lesson regarding the component of control:

Managers are people that were hired by the owners of companies to help and run the business efficiently. There are 3 management levels which are:

- First Line Managers

Example: Sales manager, Office manager, Supervisor.

- Middle Managers

Example: Operation manager, Human Resource manager, Regional Sales manager.

- Top Managers

Example: CEO, CFO, Presidents.

Managers works in different subgroups in the business such as:

- Human Resource

- Public Relations

- Marketing

- Information Technology

- Accounting and Finance

- Production

- Research and Development

Skills of a manager are very important and these skills below are very much needed to be an excellent manager:

Moreover, while setting the goals of a company, these needed to have a better and more accurate planning of a goal:

REFLECTION

One of the component in the management process appeals a lot to me. This component is very important as the person who carries this component is the key to the success of a company or group.

"Good leadership consists of showing average people how to do the work of superior people." - John D. Rockefeller

The third component, which is 'lead' makes me think a lot about the people around me, especially those that I have been in a group with. Our goals are only possible when we have a leader with efficient leadership experience who can inspire and motivate the people to do a better job.