Skills or characteristics manager need in the start-up
Identify some of the skills or characteristics that are needed by a manager in the start-up phase of a business, and explain how they differ from the skills or characteristics needed later to manage a larger, established firm.
Established firms are more likely to be guided by established processes and procedures, which may not allow for much room for creative problem solving or experimentation. This difference requires managers in start-up businesses to have certain skills and characteristics that can help them succeed in this environment.
An entrepreneurial mindset is essential for managers at the start-up stage of a business as they must think creatively about how to grow their company despite limited resources. Managers should also have excellent social media marketing skills so they can build up the brand's presence online and reach out to potential customers. A good understanding of digital trends is also important as it will help the manager stay ahead of industry changes while identifying new opportunities available through emerging technologies such as artificial intelligence (AI) or virtual reality (VR). Finally, strong financial acumen is key so that managers can ensure their company stays within budget while still investing wisely into growth initiatives.
In contrast, established firms typically rely on detailed processes and procedures that employees must adhere to in order to maintain profit margins while keeping costs low. Managers at this stage must be skilled in managing large teams efficiently with high expectations but without micromanaging every decision made by their employees. They need outstanding organizational capabilities including the ability to prioritize tasks based on importance rather than urgency so that results are achieved over time rather than overnight successes which could lead to costly mistakes down the line if not carefully managed correctly from day one. Additionally, experience with mergers & acquisitions (M&A) activities would also prove beneficial since these types of deals usually involve considerable risk yet significant returns when executed successfully - something senior level managers are expected masterfully handle without fail given their deep knowledge base acquired after years working in this field .
Overall, effective management during both start-up phases as well as throughout its transition into an established firm requires very different set of qualities due primarily based on varying needs presented by each business model respectively: One requiring an agile mindset focused towards innovative solutions alongside highly dynamic marketing strategies; another focusing more heavily on longterm planning alongside expertly guided M&A operations led by experienced superiors who know when & how best proceed forward no matter what obstacles arise along way .