What makes for a good manager?

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MBA in a Box: Business Lessons from a CEO

A Complete MBA Training: Business Strategy, Management, Marketing, Accounting, Decision Making & Negotiation

11:28:33 of on-demand video • Updated November 2019

  • Receive an 'MBA in a Box' certificate of completion
  • Acquire the same business acumen as MBA graduates
  • How to start a company from scratch
  • Understand how a business functions and what makes a company successful
  • Get promoted and be ready for a managerial role
  • Transition into a career requiring solid business knowledge
  • Be able to perform an industry analysis
  • Understand what the critical success factors in an industry are
  • Carry out SWOT analysis
  • Use Michael Porter's Five Forces model
  • Apply Game theory in real-life business situations
  • Understand what a competitive advantage is and how to acquire it
  • Be able to choose one of the three core strategies: Cost leadership, DIfferentiation, and Niche
  • Apply best practices when managing people
  • Understand how to recruit, select, onboard, develop, and motivate employees
  • Carry out effective marketing research
  • Perform market segmentation
  • Select the right target client group
  • Set up the 4 Ps of Marketing in a coherent way
  • Calculate Customer-Lifetime-Value
  • Understand financials
  • Be able to read and prepare the three financial statements - P&L, Balance Sheet, and Cash Flow
  • Perform financial statement analysis
  • Calculate cash flows
  • Become a master negotiator
  • Enlarge the pie for all negotiating parties
  • Have experience and be aware of different negotiating tactics
  • Expand the pie for all negotiating parties
English [Auto] In the previous lesson we answer the question why are managers needed in a company and peeked at some responsibilities they have in this lesson. We will look at what makes a manager great. This requires a very broad skill set. It's one thing to be an employee that specializes in an area of expertise and another to be the manager responsible for a team of individuals in that area of expertise the skill set a person needs to succeed as a manager is weiter a good manager must be a leader someone who inspires and motivates employees to engage with the firm's mission and vision maximizing employees output shouldn't be the sole goal. It is important to engage the minds and hearts of people and show them their contribution makes a difference for the company. The good manager coaches the staff to be more effective at work she's honest competent and forward looking. These qualities and intentions are a foundation for building credibility and employees respect managers who are credible. They have to believe in their managers ideas and trust their manager will consistently pursue them. That's how employees become proud of the firm and stay committed. That way they develop a sense of ownership and do their best to help the company succeed. Critical traits of a good manager are self-discipline and consistency. Employees must respect their work ethic and see it as a positive example that reinforces their own motivation. Good managers will admit their shortcomings and work hard to better themselves. They are open to constructive feedback but aren't easily swayed by any random comment. They create their own management style consistent with their character and personality. Because we live in a highly competitive and fast moving environment. Managers also must be very adaptive while they have to be understanding at times at other times they have to be decisive and able to make tough calls. What do you think is an employee who is very good at her technical job going to make a good manager not necessarily technical expertise is one requirement but it is not sufficient. The opposite is also true. People who are not great technically can be great managers. My favorite example is one about Steve Jobs. One of the finest managers of our time. It is widely known he was a programmer and his technical skills were not even comparable to those of the engineers working for Apple. But whenever somebody brought this up in conversation he would calmly reply musicians play their instruments. I play the orchestra. This is an excellent metaphor. Good managers are good because they can organize the work of others and make an entire unit more productive. This differs from being able to do large quantities of work without delegating most people with strong technical skills. Struggle to delegate because they're good at what they do and they don't trust others will do as good a job as they would. And that's precisely what a manager cannot afford to do. She needs to trust her team and be able to delegate work to others. There's no way around it and she can't handle everything on her own. Besides others should also be trusted with difficult tasks. After all they need to learn and grow. Right. OK we're getting there. One final remark. A lot of managers struggle to answer the following question in the first few years in a management role. Should managers be loved or feared by their employees. There are multiple perspectives and possible answers but a good manager should neither be loved nor feared by her employees. She should be respected. Managers must make tough decisions every day which puts them all over the popularity spectrum. Some are happy with them others not. Managers have to embrace not being loved. They have to be comfortable in situations involving discontent and disagreement. Regardless they have to keep the course of their decisions as long as their choices are fair and others understand the rationale behind them. They will be respected. They have to let discontented employees openly express their opinions and show them manager employee respect. Eventually a manager who proves their decision making is unbiased and follows a clear reasoning line will earn the respect and trust of her team which is even more valuable than being loved.