M anagement After going through some of the definitions we find some elements that may be called basic characteristics of management: (i) Management is a goal-oriented process: An organisation has a set of basic goals which are the basic reason for its existence. These should be simple and clearly stated. Different organ isations have different goals. For example, the goal of a retail store may be to increase sales, but the goal of The Spastics Society of India is to impart education to children with special needs.
Management unites the efforts of different individuals in the organisation towards achieving these goals. Jack Welch was appointed CEO of GE in . At that time the firm had a market capitalisation of $ billion. In when he stepped down the firm’s turnover had increased multifold to $ billion.
What was the secret of Welch’s success? He has laid down the following pointers for managers to be successful: n Create a vision and then ignite your organisation to make this vision a reality. Get people so passionate about what they are doing that they cannot wait to execute this plan. Have great energy, competitive spirit and the ability to spark excitement and achieve results.
Search for leaders who have the same qualities. n Focus on strategic issues. Your job is to understand the vital issues within each of your businesses. Recognise the talent needed to win in those markets.
n Focus on the main issue . Your job is to see the big picture. Don’t manage every detail. Don’t get caught up in the minute details, but instead inspire others to execute some of your vision.
Surround yourself with great people and trust them to do their job and contribute their best to the organisation. n Involve everyone and welcome great ideas from everywhere. Anyone can be a leader, just so long as they contribute, and the most meaningful way for anyone to contribute is to come up with a good idea. Business is all about getting the best ideas from everyone.
New ideas are the lifeblood of the organisation, the