One of the most frequently mentioned problems of businessmen is encapsulated in the phrase, “If I only had more time…” This concern is a common problem among all busy people. It seems that no one has enough time. Time is the most precious yet most limited resource of the businessmen. It is a unique quantity-the businessmen cannot store it, rent it, hire it, or buy it. With its supply being inelastic, it is totally perishable and irreplaceable. Everything requires it and it passes at the same rate for everyone. While important throughout the life of the venture, time is particularly critical at start-up and during growth and expansion of the venture. No matter what the businessman does, today’s ration of time is 24 hours, and yesterday’s time is already history. What is Time Management? Managing time means investing time to get what you decide you want out of life, including Continue reading
Modern Management Concepts
Emotional Intelligence and Leadership Challenges
Emotional intelligence skills provide developing leaders with an increased understanding of the impacts of emotions within a team or organization. Caruso and Salovey (2004) demonstrated the advantages EI has with respect to six common challenges in leadership: (a) building effective teams, (b) planning and deciding effectively, (c) motivating people, (d) communicating a vision, (e) promoting change, and (f) creating effective interpersonal relationships. Throughout Caruso and Salovey’s descriptions of the six challenges, they cited a connection with Kouzes and Posner’s Effective Leadership Practices Model. 1. Building effective teams The first challenge was building an effective team. Caruso and Salovey discussed the need for clarifying personal values before attempting to formulate team values. Like Kouzes and Posner’s model, Caruso and Salovey explained that leaders must identify their own values before clarifying team values. A significant level of trust is important for leading teams, and a leader must generate positive opportunities for meaningful Continue reading
Evolution of Workplace Spirituality Concept
Spirituality at work is the recognition that employees have an inner life that nourishes and is nourished by meaningful work that takes place in the context of community. Thus spirituality at work has three components: the inner life, meaningful work, and community. Conditions for community include items that assess the extent to which necessary elements or enabling conditions for community are present. Thus, a community is a place in which people can experience personal growth, be valued for themselves as individuals, and have a sense of working together. Meaning at work includes items that capture a sense of what is important, energizing, and joyful about work. That is, it taps into work-related dimensions of human experience that are neither physical nor intellectual, but spiritual. Inner life is composed of items that capture an individual’s hopefulness, awareness of personal values, and concern for spirituality. Five societal trends have formed the basis Continue reading
Technological Discontinuity and Corporate Alliances
A technological discontinuity might be defined as a breakthrough innovations that advances by an order of magnitude the technological state-of-art, which characterize an industry. Technological discontinuities are based on new technologies whose technical limits are inherently greater than those of the previous dominant technology along economically relevant dimensions of merit. Organizations are now being managed through a period of discontinuity because of revolutionary technological changes causing what they called “creative destruction”: where existing methods are changed in favor of new and better methods. Each technological discontinuity brings about a technological cycle. Some discontinuous innovations are competence destroying, while others are competence enhancing. Competence enhancing is when a breakthrough pushes forward a new state by building on an existing knowledge, while competence destroying totally obsoletes the old technology and knowledge and replaces them with new products and brings about new learning curve. Usually competency-destroying discontinuities require new skills, abilities, and knowledge Continue reading
Employee Resistance to Change
Change comes from anywhere, and is the only constant. Propelled by the driving force of technology and globalization, the economic landscape continuously transform in a way that has come to undermine the relevance of received wisdom on how a firm should be managed and what underlies its success. In this new millennium, it is more challenging for an organization to sustain its competency or even survive in the diversity market. When an organization is threatened by environmental changes such as crisis or competition, it results in the increasing needs for communication as technology develops rapidly and higher customer demands will be foreseen. Organizational change is not an option; it constitutes a fundamental necessity for success within the new competitive landscape. An organization need to evaluate its performance and review its business strategies, corporate structure, operational process and HR policies to identify the areas that need transformation. To maintain its competitive Continue reading
What is Intrapreneurship? – Definition, Meaning and Features
In 1992, The American Heritage Dictionary acknowledged the popular use of a new word, intrapreneur, to mean “A person within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through assertive risk-taking and innovation”. Intrapreneurship is now known as the practice of a corporate management style that integrates risk-taking and innovation approaches, as well as the reward and motivational techniques, that are more traditionally thought of as being the province of entrepreneurship. They are entrepreneurs who catch hold of a new idea for a product, service, or process and work to bring this idea to fruition within the framework of the organization. Intrapreneurs with their innovations and dedicated effort are perceived as a valuable asset by the organization, inspiring others. He serves as a champion to others in the organization. In recent times, a number of intrapreneurs are leaving their jobs to start Continue reading