What is management?
The verb manage hails from the Italian word ‘maneggiare’ which means ‘handling’ (especially a horse), which is derived from the Latin word manus meaning hand. In the 17th and 18th centuries, meaning of the English word management evolved from the French word ‘mesnagement’. Management is the art of getting things done through people, says Mary Parker Follett.
Frenchman Henri Fayol describes management as being a composition of five functions namely planning, organizing, leading, co-ordination and control.
1. Planning: - Planning involves identification of your business goal and the way to reach it. It involves the estimation of the costs that will be incurred and evaluation of the time required to attain the business goal. A business plan has to be documented and reviewed on a regular basis. A plan is worth it if the attainment of the business goal is feasible with the planned resources. You need to communicate your plan to your employees and accept their feedback.
2. Organizing: - It involves the assignment of tasks and allocation of resources throughout the business organization. It includes determining the primary goals of the business and strategies to reach them. Divide the activities into tasks and assign the tasks to suitable and deserving employees.
3. Leading: - Leadership is a management skill in itself. A true leader inculcates feelings of confidence, admiration in the followers and a sense of commitment towards their business. A leader, through his efficiency and effectiveness, influences the others to act efficiently and effectively. Transformation is the need of the day and such leaders ought to foster flexibility. Being innovative is important for a leader and it is again a skill. Delegation is an activity of leading. It is allocation and entrustment of responsibility. A leader not only dreams but also provides the employees with a framework for the fulfillment of his dreams.
4. Coordination and Control: - They...