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Business > Management and entrepreneurship [C3] *G11 > Flashcards

Management and entrepreneurship [C3] *G11 Flashcards

1
Q

Definition of management *3

A

*The process of accepting accountability
*for the innovative application of resources
*to achieve business goals

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2
Q

Explain top management responsibilities *3

A

*The strategic direction of the business
*planning for the future
*taking responsibility for overall business results

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3
Q

Explain middle management responsibilities *3

A

*responsible for tactical decisions (middle-term decisions)
*interperet top management decisions
*business plan interpreted by each department

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4
Q

Explain lower management responsibilities

A

*day to day decisions

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5
Q

What basic tasks do all management levels perform (although degree varies to level of seniority) *5

A

Planning
Organising
Leading
Controlling

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6
Q

What is planning

A

Creative and logical thinking is used to improve future performance of the business
(Question words(what,who,how,when))

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7
Q

Principles of effective planning *4
(red flowers pick pots)

A

*rational process aimed at the future
*following the funnel approach
*plans being flexible
*planning taking place on all levels in the business

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8
Q

Explain planning in terms of rational process aimed at the future

A

*future is anticipated to identify the gap between the current stage and wanted future of the business

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9
Q

Explain the funnel approach

A

Doing an environmental scan on all environments
(Micro, market, macro)

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10
Q

Explain how plans would need to be flexible *2

A

*Adapting to internal and external pressures
*Flexibility is limited to resources

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11
Q

Explain how planning takes place at all levels in the business

A

*top level communicates long term direction to ensure understanding
*each manager must be given guidance from their superior to ensure plans are realistic

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12
Q

Explain the importance of planning *4 [find mice calling cris]

A

*ensures attention is focused on business objectives
*well thought plans minimise risks
*planning promotes coordination
*planning assists with control

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13
Q

Name the steps in the planning process *5
[Esther plants apples in class]

A

*establishing objectives
*deciding on planning period
*considering alternatives
*implementing the plan
Controlling process

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14
Q

Explain establishing objectives

A

objectives are developed and communicated to other business functions

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15
Q

Explain deciding planning period

A

Planning the length of planning
(Long/short term)

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16
Q

Explain considering alternatives *3

A

*Seeing if there are other ways of activities being conducted
*Coming up with backup plans
*Feasibility and viability analysis

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17
Q

Explain implementing plan

A

Allocating resources to conduct the plan

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18
Q

Explain controlling process

A

Placing controlling mechanisms to ensure objectives are achieved

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19
Q

What does organising involve

A

To identify activities that should be undertaken to ensure business’ objectives are achieved

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20
Q

What are the steps in organising *4
[Cream in a donut]

A

1.considering objectives
2.identifying activities
3.assigning of duties
4.delegating authority

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21
Q

Explain considering objectives as a step in organising

A

Ensuring everyone clearly understands what the objectives are and why they’re important

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22
Q

Explain identifying and grouping activities as a step in organising

A

Identifying activities assists in avoiding unnecessary duplication and wastage of resources

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23
Q

Explain assigning of duties as a step in organising *2

A

*Tasks are assigned to workers
*Resources are allocated to workers for empowerment

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24
Q

Explain delegating authority as a step in organising *2

A

*Responsibility and authority are delegated to subordinates
*to ensure activities are performed in line with objectives

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25
Q

Name the advantages of proper organization *5

A

*Patterns of communication
*Authority and responsibility
*Create proper balance
*Stimulate creativity
*Encourage growth

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26
Q

What are the principles of leading

A

*Harmony of objectives
*Effective communication
*Unity of direction
*Direct supervision
*Follow up

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27
Q

Explain harmony of objectives

A

Ensuring business’ and employees personal objectives are achieved

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28
Q

Explain clear communication *4

A

Manager ensures employees understand the plan, policies, procedures and responsibilities

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29
Q

Explain unity of direction

A

Each employee knows who gives instructions and who to report to
(Prevents confusion)

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30
Q

Explain direct supervision

A

Knowing employees personally boots employee morale

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31
Q

Explain following up *2

A

*Being aware of employees challenges and making adjustments to the employees skills
*Assisting where necessary

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32
Q

Leader characteristics *3

A

*influences people to do what the situation requires
*has informal power
*people oriented

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33
Q

Manager characteristics *3

A

*appointed in a particular position in a business
*has formal power
*task oriented

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34
Q

Name 6 elements of sound leadership

A

*Planning
*Making decisions
*Guiding subordinates
*Encouragement
*Initiative (doing work to get it done)
*Mediator and arbitrator (developing relationships between staff)

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35
Q

Leadership/management style definition

A

A way the leader behaves while influencing the behaviour of the workforce

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36
Q

Explain autocratic leadership *2

A

*commands subordinates when directing activities
*formulate objectives without the input of employees

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37
Q

Advantages of autocratic leadership *3

A

*boosts productivity
*quick
*workers know what to do

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38
Q

Disadvantages of autocratic leadership

A

*lack of freedom among workers
*lack of creativity
*no employee morale

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39
Q

Situation where autocratic leadership is suitable *3

A

*when workers need to do unfamiliar tasks
*when there’s a crisis
*when quick decisions need to be made

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40
Q

Explain democratic leadership

A

A participative leadership style where the leader encourages joint decision making and allowing team to be involved

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41
Q

Democratic leadership advantages *2

A

*Boots workforce morale
*freedom among workers

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42
Q

Democratic leadership disadvantages *3

A

*Decisions can take long
*A way to avoid responsibility
*demotivation If ideas aren’t used

43
Q

Situation where Democratic leadership is suitable *2

A

*when different ideas need to be thought of
*when manager needs more perspectives

44
Q

Explain laissez faire leadership *2

A

*Leader does not control workforce
*rather supplies employees with necessary resources to achieve objectives

45
Q

Laissez faire leadership advantages *3

A

*theres workforce morale
*freedom among workers
*promotes creativity

46
Q

Laissez faire leadership Disadvantages

A

*can create confusion on how to achieve goals

47
Q

Situation where Laissez faire leadership is suitable *2

A

*working with employees that are creative and interperenoural
*when workers are experienced and skilled

48
Q

What is control about *2

A

*Checking current performance against predetermined expectations *to ensure there’s progress in achieving the business objectives

49
Q

What are the steps in the controlling process *3

A

*establishing standards
*measuring actual performance
*corrective action

50
Q

What does measuring actual performance refer to

A

Evaluating different activities against the required standards

51
Q

What does corrective action refer to

A

Putting necessary plans in place to rectify deviation from the plan

52
Q

What are the components of a good control system *5

A

*suitable
*flexible
*motivate
*future performance
*economical

53
Q

Explain suitable as a component of a good control system

A

The level which the employee functions will determine the type of control system appropriate

54
Q

Explain flexible as a component of a good control system

A

Functional system must be able to adapt to change

55
Q

Explain motivation as a component of a good control system *3

A

Workforce thinks being treated fair = positive reaction = motivates employees to achieve their goals

56
Q

Explain future performance as a component of a good control system *2

A

Monitoring processes for deviations* ensures future performance is safeguarded

57
Q

Explain economical as a component of a good control system

A

Cost of control system will not exceed benefits gained

58
Q

What is communication *4

A

The process of exchanging Information
Opinion
Views
And ideas between staff

59
Q

What is the aim of communication

A

Help employees what and how they should be doing

60
Q

Horizontal communication meaning

A

Same level

61
Q

Vertical communication meaning

A

Different levels of management

62
Q

What is coordination

A

Working together to achieve a common goal

63
Q

What are the principles of sound coordination *5

A

*Clear objectives
*Comprehensive business policies
Induction process
Chain of command
Liaison between departments

64
Q

Explain clear objectives (principles of sound coordination) *2

A

*Effecient communication of vision *to ensure common understanding throughout the business

65
Q

Comprehensive business policies (principles of sound coordination)

A

Help employees understand expectations

66
Q

Induction process (principles of sound coordination)

A

Ensure employees understand expectations from day one

67
Q

Chain of command example *2

A

*Line of authority in the business
*Help avoid conflict in workplace

68
Q

Liaison between departments (principles of sound coordination)

A

Ensures intergration and coordination

69
Q

What is delegation

A

The allocation of responsibility and authority to subordinates

70
Q

What does delegation do

A

Ensures a more meaningful distribution of work as everyone does what they’re good at

71
Q

Discipline purpose

A

Improve the future behaviour of the employee
Nature of discipline depends on the seriousness of the offence

72
Q

Name some factors that influence decision making *4 min 7 max

A

P
E
S
T
Behaviour of competitors
External stakeholders
Expectation of customers

73
Q

What does motivating an employee do? *2

A

*Make them feel like they have a special interest in work
*Want to fulfill responsibilities

74
Q

What does performance in the workplace depend on *2

A

Ability to do the work + willingness to complete activities

75
Q

What are the elements in Maslow hierarchy *5

A

Needs:
*physiological
*security
*social
*esteem
*self-actualisation

76
Q

Explain physiological needs

A

Basic needs to survive
Food, water, shelter, sleep

77
Q

Explain security needs

A

The need to feel safe
Job security

78
Q

Explain social needs

A

People need to feel like they belong

79
Q

Explain esteem needs

A

Esteem results in need for power, which motivates

80
Q

Explain self actualisation

A

One’s desires to achieve their full potential

81
Q

Explain Maslow theory
*2

A

*a worker with unsatisfied needs does not have the motivation to put it maximum effort
*fulfilling theses needs motivates workers to perform at better levels, which benefits the business

82
Q

What is Adam’s equity theory in short

A

There’s a relationship between performance of workers and rewards received

83
Q

Explain Adam’s equity *3

A

*Inequitable rewards = dissatisfaction = reduced output
*equitable rewards = continuation of same level of output
*more than equitable rewards = works harder = exceeds required output

84
Q

Name some entrepreneurial characteristics
*min 5 max 11

A

Initiative
Planner
Persistence
Concern for quality
Risk taker
Self confidence
Assertiveness
Experience
Info gatherer
Problem solver
Credibility

85
Q

Manager motive

A

Works in an already existing business to ensure the success of it

86
Q

Entrepreneur motive *3

A

*Build own business
*Gain personal gratification
*Ensure success

87
Q

Manager status

A

Employee

88
Q

Entrepreneur status

A

Owner

89
Q

Manager risk

A

No financial risk other that job security

90
Q

Entrepreneur risk

A

All risk involved

91
Q

Manager rewards *2

A

Salary
Sometime bonus

92
Q

Entrepreneur rewards

A

Receives all profit

93
Q

Manager innovation

A

Execution of plans

94
Q

Entrepreneur innovation

A

Innovates through creative thinking and creative problem solving

95
Q

List activities performed by an entrepreneur *6

A

Idea generation
Market research
Raising of funds
Recruitment
Procurement
Project implementation

96
Q

Intrapreneur definition *3

A

*A person in a business
*Who creates new ideas *and converts them into products/services

97
Q

Ultrapreneur definition

A

*identify a business opportunity then establishes the business

98
Q

What’s a socio preneur *2

A

*One that uses innovative ideas to solve community problems
*Aim: achieve widespread social improvements&raquo_space;> make profit for themselves

99
Q

What’s a techno entrepreneur

A

One that uses tech advancements to build a new business venture

100
Q

Explain techno developer

A

Develops a new and unique technological concept that drives the new business

101
Q

Explain technology user

A

One who identifies new tech and understands how it can be best used for meeting customers needs

102
Q

What’s an eco preneur

A

One who’s business is based on solving environmentally friendly products/services

103
Q

What’s a tender preneur

A

One who had a business based on a tender they would like to apply for

104
Q
A

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