What is management in business?Management in business means to coordinate the efforts of the employees to accomplish the desired goals for the company using available resources effectively. The activities that is needed to manage a company are leading, monitoring, planning and organizing. However there are different types of management styles that different leaders used. The three types of management styles are autocratic, democratic and laissez-faire, or also known as free rein style.
Figure 1: Management styles
Buffett has shown a nice and humble personality to his employees. Employees would definitely prefer a leader with Buffett’s attitude and personality. This is a good way to approach his employees however I feel that Buffett is being too lenient towards his workers. Some employees might take advantage of Buffett’s act of kindness towards the company and go against Buffett’s decisions.