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• a few years out of college but is at least two or three years away from
going to business or other graduate school;
• charismatic and is instantly likeable to a wide variety of people, driven
by sparkling wit, a high degree of extraversion, and a balanced mix of self-

confidence and humility;
• able to read people quickly and knows how to treat people accordingly;
• naturally compassionate and demonstrates strong empathy, easily
thinking of the world from the perspective of another person;
• an active listener and leaves people with the sense that they are well
heard;
• exceptionally detail-oriented and has a memory like a steel trap—
nothing falls through the cracks;
• razor sharp analytically, aced the math section of their SAT test, and
excels at analyzing and solving problems;
• a perfectionist and keeps things in order with ease.
KEY TAKEAWAY
The principles of management are drawn from three specific areas—
leadership, entrepreneurship, and strategic management. You learned that
leadership helps you understand who helps lead the organization forward and
what the critical characteristics of good leadership might be. Entrepreneurs are
fanatical about identifying opportunities and solving problems—for any
organization, entrepreneurship answers big questions about “what” an
organization’s purpose might be. Finally, as you’ve already learned, strategic
management aims to make sure that the right choices are made—specifically,
that a good strategy is in place—to exploit those big opportunities.
EXERCISES
1. How do you define leadership, and who would you identify as a great
leader?
2. What is entrepreneurship?
3. What is strategy?
4. What roles do leadership, entrepreneurship, and strategy play in good
principles of management?

1.3 Planning, Organizing, Leading, and Controlling
LEARNING OBJECTIVES
1. Know the dimensions of the planning-organizing-leading-controlling
(P-O-L-C) framework.
2. Know the general inputs into each P-O-L-C dimension.
A manager’s primary challenge is to solve problems creatively. While drawing
from a variety of academic disciplines, and to help managers respond to the challenge
of creative problem solving, principles of management have long been categorized
into the four major functions of planning, organizing, leading, and controlling (the P-
O-L-C framework). The four functions, summarized in the P-O-L-C figure, are
actually highly integrated when carried out in the day-to-day realities of running an
organization. Therefore, you should not get caught up in trying to analyze and

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