ADM11ï&f

ADM11ï&f

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3. Liaison role: coordinate people inside and outside the organiztion to help achieve goals Informational Roles: · Associated with task necessary to transmit information 1. Monitor: analyses information inside and outside organization 2. Disseminator: transmits information to influence member’s work and attitude 3. Spokesperson: use information to promote organization Decisional Roles: · Methods managers use to plan strategy and utilize resources 1. Entrepreneur role: deciding upon new projects to initiate and invest in 2. Disturbance handler role : assume responsibility for handing an unexpected event 3. Resource allocator role: assign people / money between functions and divisions’ 4. Negotiator role : helps find solution between stakeholders Managerial Skills: · Conceptual skills: ability to analyze and diagnose a situation and distinguish between cause and effect 1. Human skills: the ability to understand, alter, lead and contol people’s behaviour 2. Technical skills: the job specific knowledge required to perform a task Forms of Business Ownership: 1. Sole proprietorship 2. Sole proprietorship- Advantages 3. Sole proprietorship- Disadvantages (P88) Sole Proprietorship: 1. When management and ownership of a business are one and the same 2. Typically employ less than 50 people 3. The oldest and most common form of legal ownership in Canada (35%) 4. Ex: House Cleaning Sole proprietorship – Advantages: 1. Easy to form /dissolve 2. Government preferential treatment 3. Sole claim on all profits (losses) 4. Personal incentive/ satisfaction 5. Pays only personal income tax =max approx 40% if living in ON 6. Secrecy Sole proprietorship-Disadvantages: 1. Unlimited liability 2. Lack of continuity (uncertainly of duration) 3. Time commitment
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4. Difficult in raising monies 5. Management limitations (P90) Partnerships: · When teo or more people combine their financial , managerial, and technical abilities to operate a business · Type of partnerships: 1. General: all partners= unlimited liability 2. Limited: one partner must have unlimited liability 3. Joint venture: established for a specific project 4. 1 Partnership-Advantages: 1. Easy to form 2. Larger availability of money 3. Diversification of management skills 4. shared risk 5. personal interest/satisfaction 6. Decision making Partnership-Disadvantage: 1. Unlimited liability 2. distribution of profits 3. Management difficulties 4. Difficult to withdraw investment 5. Death 6. Insanity 7. Simple withdraw Corporations: 1. A goal entity whose assets and liabilities are separate from owners 2. Articles of incorporation must be drawn 3. Name and address of corporation 4. Objective of corporation 5. type / number of shares to be issued 6. Number of directors (94) Control of the Corporation 1. Shareholders 2. Board of directors 3. Senior management The shareholders: ·The owners of the corporation ·Basically, there are two classifications of shareholders: 1. Common: have voting rights, but don’t receive preferential treatment
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ADM11ï&f

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