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Unit 2 - Business Leadership - Coggle Diagram
Unit 2 - Business Leadership
2.1 - Personality Assessments
used to assess human's personality and measure the characteristic patterns of traits that people demonstrate in different situations
Colours
Gold personality:
follow the rules and respects authority, has a strong sense of what is right and wrong in life and needs to be useful and belong.
“Be prepared and organized”
Green personality:
Seeks knowledge and understanding, values intelligence, insight, integrity and justice, are a natural non-conformist and a visionary and a problem solver.
"Ask why? and inquire about things”
Orange personality:
Acts on a moment’s notice, needs fun, variety, stimulation and excitement and are a natural trouble-shooter, a performer and a competitor.
“Just do it! or be spontaneous”
Blue personality:
Looks for meaning and significance in life, needs to contribute, encourage and care and values relationships.
“How does this make you feel?”
Type A or B
Type A:
goal - oriented, risk taker, good under stress, competitive and aggressive
Type B:
relaxed, easygoing and patient
Myers Briggs
Extroversion or Introversion:
Do you prefer to focus on the outer world or on your own inner world?
Extroversion:
outgoing, fast paced, thinks out loud and enjoys center of attention.
Introversion:
reserved, private, slower pace, thinks things through and would rather observe.
Thinking or Feeling:
When making decisions, do you prefer to first look at logic and consistency or first look at the people and special circumstances?
Thinking:
has logical reasoning for decisions, values justice and fairness, finds flaws in arguments and is reasonable and level headed.
Feeling:
Makes decisions based on values and how your actions will affect others, values harmony and forgiveness, pleases others and is warm and empathetic.
Sensing or Intuition:
Do you prefer to focus on the basic information you take in or do you prefer to interpret and add meaning?
Sensing:
focuses on reality, pays attention to facts and details, prefers ideas with practical applications and describes things in a specific literal way.
Intuition:
imagines, looks at the big picture and connections, enjoys ideas for their own sake and describes things in a figurative literal way.
Judging and Perceiving:
In dealing with the outside world, do you prefer to get things decided or do you prefer to stay open to new information and options?
Judging:
prefers to have matters settled, follows rules and deadlines, prefers detailed instructions and makes plans.
Perceiving:
leaves options open, sees rules and deadlines as flexible, improvises as they go and is spontaneous and enjoys surprises.
Animal in You:
A test used to match you with an animal that has similar personality characteristics as you based on your answers.
When workers understand their personality type they approach the problem in the manner that best suits them.
Knowing your personality can be helpful in understanding what clients need from you, especially how they like to learn about products and services.
2.2 - Emotional Intelligence
The capacity to be aware of, control, and express one’s emotions, and to handle interpersonal relationships judicially and empathetically.
Emotional Intelligence Can Affect 4 Areas
1. Performance at work:
when you have it you can navigate social complexities, lead and motivate others.
2. Physical Health:
without it, it can cause uncontrolled stress can cause high blood pressure, suppress immune system, increase heart issues and speed aging process.
3. Mental Health:
without it it can cause stress, anxiety, depression, mood swings and can feel lonely.
4. Relationships:
if you have it you can express how you feel, understand how others feel which allows you to communicate more effectively creating stronger relationships.
5 Categories of Emotional Intelligence
Self - Awareness:
Understanding your effect on others, playing to your strengths and admitting your weaknesses.
Self - Management:
Being able to control your impulses and to avoid acting rashly.
Motivation
: challenging yourself and remaining optimistic.
Empathy
: Trying to understand others point of view.
Social Communication:
Managing relationships and expressing your emotions.
Why is it important?
People can be academically brilliant and yet are still socially inept and unsuccessful at work or in their personal relationships.
How do you know if you have emotional intelligence?
A strong emotional vocabulary
A good judge of character
Difficult to offend
2.3 - Types of Leaders
Autocratic
Description:
Tells others what to do, limits new ideas and no sense of teamwork
When effective:
time is limited, members lack skill or experience and group doesn't know each other.
When ineffective:
teamwork is a goal, members do have skills and knowledge and group wants spontaneity.
Their strength is to get thing done and make quick decisions.
Laissez - Faire
Description:
Gives little or no direction to team, offers opinion only when asked and does not seem to be in charge
When effective:
Members have high degree of skill and motivation, sense of team exists and routine is established
When ineffective:
Low sense of teamwork, little skill or knowledge present and group is looking for direction
People who are Laissez Faire tend to be quite laid back and not easily worried or troubled.
Democratic
Description:
Involves groups members in planning, asks before tells and promotes teamwork
When effective:
Time is available, group is motivated and members are competent and contributing
When ineffective:
Group is unmotivated, Members lack competence and High degree of conflict is present
People tend to be more concerned about the process of how the decisions are made and that everyone has a voice. These people are good listeners and cooperative.
What makes leadership challenging?
Shorter time frames, expectations, problems and taking a long - term view while meeting short - term demands.
2.4 - Power
6 Types of Power
1. Legitimate Power:
is granted through the organizational hierarchy
2. Reward Power:
is the power to give or withhold rewards
3. Coercive Power:
is the power to force compliance by psychological, emotional or physical threats
4. Expert Power:
is derived from information or expertise
5. Political Power:
comes from the support of a group and networks of influence
6. Referent Power
: is based on identification with, imitation of, loyalty to, and charm of the leader
Power is the ability to affect the behaviour of others.
Power and Leadership:
Power should be used to influence and control others for the common good rather than seeking to exercise control for personal satisfaction.
2.5 - Leadership Theories
Theories vs Styles
Theories:
identify what makes successful leaders excel, how they evaluate options and why they make adjustments.
Hersey-Blanchard Situational Leadership Model:
Leaders should vary their approach based on the people they are leading, and the circumstances that surround the task at hand.
4 Leadership Styles of Hersey-Blanchard Model:
Participating
Selling
Delegating
Telling
Vroom-Jago Leadership Participation Theory:
Used by leaders to determine whether they should make a decision alone or involve a group, and to what extent the group should be involved. Three options: Authority decision, Consultative decision and group decision
Leadership theories deal with task concerns and people concerns.
Styles:
recurring patterns of behaviours exhibited by leaders.
2.6 - Teams
Types of Groups and Teams
Functional Groups;
used to accomplish a number of purposes with an unspecified time horizon
Task Groups
used to accomplish a narrow range of purposes within a stated time horizon. They function with little supervision
Informal Groups:
created by the members of the groups themselves for purposes that may or may not be relevant to organizational goals.
Roles Within Groups
Task Roles:
Roles that help the group accomplish its task.
Maintenance Roles:
Roles that help the group build and maintain itself as a group.
Blocking Roles:
Roles the block the effective functioning of the group.
Staged of Group and Team Development
Norming:
Members get acquainted, test interpersonal behaviour.
Storming:
Members develop group structure and patterns of interaction.
Norming:
Members determine their roles in the organization.
Preforming:
Members enact their roles.
Cohesiveness
Increases cohesiveness:
intergroup competition, personal attraction to the group, favourable evaluations of the group, members agreeing on group goals and frequent interaction between members.
Decreases cohesiveness:
large group size, disagreement on goals, intragroup competition, domination by one or two group members and unpleasant experiences that the group shared.
Groupthink
Tendency for highly cohesive teams to lose their evaluative capabilities.
Symptoms:
Illusions of Invulnerability
Rationalizing unpleasant data
Belief on inherent group mortality
Stereotyping competitors
Applying direct pressure
Self-censorship by members
Illusions of unanimity
Mind Guarding
Why people join groups and teams:
Interpersonal attraction, group activities, group goals, need of satisfaction and instrumental benefits.
Effective Teams:
shares and build on other's ideas
openly examine and resolve differences
discuss objectives and task of team until understood and accepted
Reach decisions through examination of differences and alternatives
2.7 - Corporate Social Responsibility (CSR):
“Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large.”
Issues of Ethics and Social Responsibility:
When businesses behave unethically, sometimes it breaks the law and sometimes it doesn't. There are 6 different aspects that can be impacted by this.
1. Marketing:
All the activities involved in getting goods and services from the businesses that produce them to the consumers who wish to purchase them
Marketing may be unethical, illegal, misleading, subliminal or just bad taste.
Hidden messages:
Messages can be a positive or can be rude and/or deal with a sexual nature.
2. Finance
A. Pyramid Schemes:
Business model that involves promising people payment or services, primarily for enrolling other people into the scheme.
B. Ponzi Schemes:
A company generates returns for older (and bigger) investors through revenue paid by new investors, instead of from legal business activities. They typically offer big short-term returns to new investors so they re-invest.
C. Insider trading:
Illegal - Receiving inside, confidential information about a certain company before the general public that could have a major affect on a companies’ stock price.
D. Tax Evasion/Fraud:
Not claiming income and claiming expenses for tax deductions that your not entitled to.
E. Embezzlement:
A type of accounting fraud where an accountant or senior executive creates false accounts and redirects money to them for personal gain.
3. Workplace Health and Safety
In Ontario, businesses must follow the
Employment Standards Act
which addresses the minimum employment conditions.
Occupational Health and Safety Act:
Right to refuse unsafe work
Right to participate in the workplace health and safety activities
Right to know about the actual hazards in the workplace
Fair trade:
A movement focused on helping workers who produce products negotiate better wages and conditions.
Offshore outsourcing:
Practice of hiring service providers from countries where labour costs are lower to complete some or all of the steps in the production process.
4. Environment (and Animal Rights):
How much does the government or a business focus on the impact of their actions on the environment and animals.
5. Product/Service Quality:
Focuses on the products are actually made and what they are made of and if the actual product looks like or does what the advertisement claims.
6. Charity and Community Supports:
Often, people make decisions on what companies to support based on what things they do like charities.
Sometimes, companies use charitable causes as a front for other uses of the money which demonstrates a negative CSR.
Business Ethics
: based on society and customer viewpoints.
Ethics
: rules that help us tell the difference between right and wrong. Conforms to generally accepted social norms.
Ethical dilemma:
is a moral problem with a choice between potential right and wrong.
The Formation of Individual Ethics
Family Influences:
Individuals start to form their ethics as children.
Peer Influences:
Your friends influence your ethics.
Personal Values and Morals:
the items that people value and the morals by which they live.
Life Experiences:
experiences also shapes lives and, ultimately, ethics.
Situational Factors:
factors that arise, often unexpectedly, may influence a person’s ethics.
Ethics and CSR:
A business exhibits CSR through their values, ethics, contributions to the community and is driven by a desire to protect customers and treat employees and shareholders fairly.
Values:
Influenced by Race, Religion, Cultural background, Education, Family values, our own experiences
How Ethics Complicate the Workplace:
Discrimination, sexual harassment, conflicts of interest, customer confidence and organizational resources.
Corporate Social Responsibility Views
Classical View:
Management’s only responsibility in running a business is to maximize profits. Principle concern is to raise shareholder value. Arguments against social responsibility include fears that it will reduce profits, raise costs and give business too much social power.
Socio-Economic View:
Management of any organization must be concerned with broader social welfare and not just with corporate profits. Arguments in favour of social responsibility are that it will add long-run profits for businesses, improve public image, and help them avoid government regulation.
Ethical Role Models:
Top managers have the power to set and shape policies and model ethical behaviour. Every manager is in a position to influence the ethical behaviour.
A Code Of Ethics:
A document that outlines the behavior expected by them and their employees.
Whistle-blowing
happens when an employee informs officials or the public about an illegal or ethical violation.