Chap002 (1)

Essentials of
Contemporary
Management

Chapter
Chapter
2 Who Are Managers and Entrepreneurs?
Who Are Managers and Entrepreneurs?
2

PowerPoint Presentation by Charlie Cook
© Copyright The McGraw-Hill Companies, Inc., 2004. All rights reserved.

Learning Objectives
Learning Objectives
• After studying the chapter, you should be able to:
Distinguish between entrepreneurship and
management.
Describe the various personality traits that affect how
managers and entrepreneurs think, feel, and behave.
Understand the personal characteristics of
entrepreneurs.
Explain what values, attitudes, and moods and
emotions are, and describe their impact on managerial
action.
Define organizational culture, and explain the role
© managers2004 entrepreneurs play in creating it.
Copyright and McGraw-Hill.
All rights reserved. 2–2

Entrepreneurship
Entrepreneurship
• Entrepreneurship
The mobilization of resources to take advantage of
an opportunity to provide customers with new and
improved goods and services.
Entrepreneurship differs from management:
• Management encompasses all the decision making
necessary to plan, organize, lead, and control
resources.

© Copyright 2004 McGraw-Hill.

Entrepreneurs
Entrepreneurs
• Entrepreneurs
Individuals who notice opportunities and take the
responsibility for mobilizing the resources
necessary to produce new and improved goods and
services.
• Entrepreneurs start new businesses and carry out all
of the management functions.
• Entrepreneurs assume all of the risks for losses and
receive all of the returns (profits) from their ventures.


Entrepreneurship (cont’d)
Entrepreneurship (cont’d)
• Intrapreneurs
Individuals (managers, scientists, or researchers)
who work inside an existing organization and notice
an opportunity for product improvements and are
responsible for managing the product development
process.
• Intrapreneurs frustrated with the lack of support or
opportunity at their firm often leave and form their
own new ventures.


Personality Traits
Personality Traits
• Personality Traits
Enduring tendencies to feel, think, and act in certain
ways
Characteristics that influence how people think, feel
and behave on and off the job
The personalities of managers account for the
different approaches that managers adopt to
management.
Traits are viewed as continuums (from high to low)
along which individuals fall.


The Big Five
The Big Five
Personality
Personality
Traits
Traits

All rights reserved. 2–7 Figure 2.1

The Big Five Personality Traits (cont’d)
• Extroversion
The tendency to experience positive emotions and
moods and to feel good about oneself and the rest
of the world.
• Managers high on this trait are sociable and friendly.
• Negative Affectivity
The tendency to experience negative emotions and
moods, to feel distressed, and to be critical of
oneself and others.
• Managers high on this trait are often critical and feel
angry with others and themselves.

• Agreeableness
The tendency to get along well with other people.
• Managers high on this trait are likable, and care about
others.
• Conscientiousness
The tendency to be careful, scrupulous, and
persevering.
• Openness to Experience
The tendency to be original, have broad interests,
to be open to a wide range of stimuli, be daring, and
take risks.

A Measure
A Measure
of Negative
of Negative
Affectivity
Affectivity

Source: Tellegen, Brief Manual for the
Differential Personality Questionnaire
(unpublished manuscript, University of
Minnesota, 1982).

Figure 2.2

Traits and Managers
Traits and Managers
• Successful managers vary widely on the “Big
Five”.
It is important to understand these traits since it
helps explain a manager’s approach to planning,
leading, organizing, and controlling.
Managers should also be aware of their own style
and try to tone down problem areas.


Other Personality Traits…
Other Personality Traits…
• Internal Locus of Control
The tendency to locate responsibility for one’s own
fate within oneself.
• People believe they are responsible for their fate and
see their actions as important to achieving goals.
• External Locus of Control
The tendency to locate responsibility for one’s fate
within outside forces and to believe that one’s own
behavior has little impact on outcomes.
• People believe external forces decide their fate and
their actions make little difference.

Other Personality Traits… (cont’d)
• Self-Esteem
The degree to which people feel good about
themselves and abilities.
• High self-esteem causes a person to feel competent,
and capable.
• Persons with low self-esteem have poor opinions of
themselves and their abilities.
• Need for Achievement
The extent to which an individual has a strong
desire to perform challenging tasks well and meet
personal standards for excellence.

• Need for Affiliation
The extent to which an individual is concerned
about establishing and maintaining good
interpersonal relations, being liked, and having
other people get along.
• Need for Power
The extent to which an individual desires to control
or influence others.


Who are Entrepreneurs?
Who are Entrepreneurs?
• Characteristics of entrepreneurs—most share
these common traits:
Open to experience: they are original thinkers and
take risks.
Internal locus of control: they take responsibility for
their own actions.
High self-esteem: they feel competent and capable.
High need for achievement: they set high goals and
enjoy working toward them.


Values, Attitudes, and
Values, Attitudes, and
Moods and Emotions
Moods and Emotions
• Values
Describe what managers try to achieve through
work and how they think they should behave.
• Attitudes
Capture managers’ thoughts and feelings about
their specific jobs and organizations.
• Moods and Emotions
Encompass how managers actually feel when they
are managing.


Values: Terminal and Instrumental
Values: Terminal and Instrumental
• Terminal Values
A personal conviction about life-long goals
• A sense of accomplishment, equality, and self-
respect.
• Instrumental Values
A personal conviction about desired modes of
conduct or ways of behaving
• Being hard-working, broadminded, capable.
• Value System
The terminal and instrumental values that are the
© Copyright principles in an individual’s life.
guiding 2004 McGraw-Hill.

Terminal and
Terminal and
Instrumental
Instrumental
Values
Values

Source: Rokeach,
The Nature of Human
Values (New York:
Free Press, 1973).
Figure 2.3

Attitudes
Attitudes
• Attitudes
A collection of feelings and beliefs.
• Job Satisfaction
A collection of feelings and beliefs that managers
have about their current jobs.
• Managers high on job satisfaction have a positive
view of their jobs.
• Levels of job satisfaction tend increase as managers
move up in the hierarchy in an organization.

Devotion to work

Sample Items
Sample Items
from Two -2 1
from Two
Measures of -1 2
Measures of 0
Satisfaction
Satisfaction

Source: R.B. Dunham and J. B.
Herman, “ Development of a
Female Face Scale for
Measuring Job Satisfaction.”
Journal of Applied Psychology
60 (1975): 629–31.
Figure 2.4

Attitudes (cont’d)
• Organizational Citizenship Behaviors
Behaviors that are not required of organizational
members but that help the firm in gaining a
competitive advantage.
• Managers with high satisfaction are more likely
perform these “above and beyond the call of duty”
behaviors.
• Managers who are satisfied with their jobs are less
likely to quit.

The Isolated, or unappreciated feeling
Emphasis of theory Z

• Organizational Commitment
The collection of feelings and beliefs that managers
have about their organization as a whole
• Committed managers are loyal to and are proud of
their firms.
• Commitment can lead to a strong organizational
culture.
• Commitment helps managers perform their
figurehead and spokesperson roles.
• The commitment of international managers is affected
by job security and personal mobility.


A Measure of
A Measure of
Organizational
Organizational
Commitment
Commitment

Source: L. W. Porter and F. J.
Smith, “Organizational
Commitment Questionnaire,”
in J. D. Cook, S. J. Hepworth,
T. D. Wall, and P. B. Warr,
eds., The Experience of Work:
A Compendium and Review of
249 Measures and Their Use
(New York: Academic Press,
1981), 84–86.
Figure 2.5

Moods and Emotions
Moods and Emotions
• Mood
A feeling or state of mind.
• Positive moods provide excitement, elation, and
enthusiasm.
• Negative moods lead to fear, distress, and
nervousness.
• Current situations and a person's basic outlook affect
a person’s current mood.
A manager’s mood affects their treatment of others
and how others respond to them.
• Subordinates perform better and relate better to
© Copyright 2004who are in a positive mood.
managers McGraw-Hill.

A Measure of Positive and Negative Mood at
A Measure of Positive and Negative Mood at
Work
Work

Source: A. P. Brief, M. J. Burke, J. M. George, B. Robinson, and J. Webster, “ Should Negative Affectivity Remain

All rights reserved.
an Unmeasured Variable in the Study of Job Stress?” Journal of Applied Psychology 73 (1988): 193–98.
2–25 Figure 2.6

Emotional Intelligence
Emotional Intelligence
• Emotional Intelligence
The ability to understand and manage one’s own
moods and emotions and the moods and emotions
of other people.
• Assists managers in coping with their own emotions.
• Helps managers carry out their interpersonal roles of
figurehead, leader, and liaison.

EQ: Emotion Quotient


Organizational Culture
Organizational Culture
• Organizational Culture
The set of shared values, norms, standards for
behavior, and shared expectations that influence
the way in which individuals, groups, and teams
interact with each other and cooperate to achieve
organizational goals.
• Attraction-Selection-Attrition Framework
A model that explains how personality may
influence organizational culture.
• Founders of firms tend to hire employees whose
personalities that are to their own, which may or may
© Copyright 2004the organization over the long-term.
not benefit McGraw-Hill.

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