CAPSTONE

Business Unit 8 Capstone: Management

Business Unit 8 Capstone: Management

Introduction

The management team is an essential part of a business. The team must work together to counter the negative effects when something goes wrong. Strategic leadership is the ability to bring about strategic change in firm. This can be done in a number of ways and usually involves the efforts of top management. It involves considering the entire enterprise rather than just a sub-unit. Human capital is the human force of the firm and treated as one of the greatest assets a firm possesses. The group dynamics and team concept must be understood by the management and employees. A successful business team has a number of elements like defined roles and common goals.

Discussion

The management team makes the major and minor decisions of the business. The investment decision to start a business based on the management team. The team usually has 4 to 5 people for a small business. All the team members should be professionals with an ample amount of experience. Secondly, the people in the management team should be those who are most essential to the day to day operations of the business.

There are 5 people in the management team of my business. There are some people who are part of the Board of Directors and Board of Advisors. Some external people are also part of the business, and known as the consultants. I have hired 3 consultants; one is a banker, one is an attorney and the other is an expert of web development.

Teams are an essential part of any organization, and it is important to understand the team concept, group dynamics and the strengths and weaknesses of business teams. The purpose of teams is to work together effectively and achieve a common goal. Group dynamics is a system that comprises of behaviors and psychological processes that occur within a social group or between social groups. The understanding of group dynamics is important, because it helps organizations in understanding the decision- making behavior, creating effective techniques and a lot more.

A successful or dedicated business team has 7 elements and these help the team to remain focused. Firstly, the goals of the team should be clearly specified. Next, all the members of the team should be committed to the team, organization and tasks at hand. Additionally, the team members should get to share the rewards. Furthermore, the roles of each and every member of the team should be defined. When every member knows what they must do, then the task becomes easier to complete. The team members should get and give respect, and trust is an essential factor in business teams. Lastly, communication is necessary for the business team to be successful.

The management philosophy is the manager's set of personal beliefs and values about people and work. It can comprise of a number of things, but communication and organizational culture. The need for communication in the internal environment is of utmost ...