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Business Strudies > Chapter 6 - Intrepeneurs Vs Entrepreneurs > Flashcards

Chapter 6 - Intrepeneurs Vs Entrepreneurs Flashcards

1
Q

Entrepreneurs

Qualities

A 
Passionate visionaries 
Creative thinkers 
Risk takers with +ve attitude
Good leaders
Independent spirits 
Have perseverance and commitment 
Opportunists who are at the right place at the right time
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2
Q

Entrepreneurs

Skills

A

Have necessary knowledge and expertise to run a business successfully

Skills can be learnt (polc)

Must recognize their shortcomings and hire others to fulfill those roles

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3
Q

Difference between a manager and leader

A

Manager:
Is granted authority
Has power due to position

Leader:
Has power due to expertise
Shares his visions and inspires others to carry it out

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4
Q

Different manager and leader Styles

A 
Autocratic 
Democratic
Lassiez fairs
Transactional
Transformational 
The situational approach
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5
Q

Different manager and leader Styles

Autocratic

A

Manager is only person who makes decisions

Implemented:
Turn around strategy
Restore discipline

Long term: demotivating

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6
Q

Different manager and leader Styles

Democratic

A

More participative - more involvement of workers in decision making

  1. Leaders allow followers to give feedback but maintain control by making final decision
  2. Fully democratic environment where leaders and followers have equal decision making powers
  3. Fully participative set up where followers are in full control and make final decision
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7
Q

Different manager and leader Styles

Lassiez Faire

A

No interference

Managers say what must be done but not how

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8
Q

Different manager and leader Styles

Transactional

A

Leader offers something of value to their followers in return for their services.

Win lose situation

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9
Q

Different manager and leader Styles

Transformational

A

Encouraging creativity in followers

Motivate followers to do more than thy originally intended and achieve more than they thought possible

Needs a charismatic leader who knows their strengths and weaknesses

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10
Q

Different manager and leader Styles

The situational approach

A

Leadership behavior varies from situation to situation as different leadership styles would be appropriate in different situations

Influenced by:
The organizational culture
Abilities of leaders and followers
Relationship between leaders and followers

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11
Q

Management tasks

A 
Planning 
Organizing 
Leading 
Control
Co-ordinating 
Communication
Delegation 
Discipline 
Motivation 
Decision making
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12
Q

Management tasks

Planning

A

Ask questions about the task that they have to plan for

All appropriate info must be gathered and have a contingency plan

Plan should be adaptable, realistic and cost effective

Plan must be communicated clearly so people know what’s expected of them

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13
Q

Management tasks

Organizing

A

Ensures all resources are available

Manager must in for employees of goals

Hand out tasks to employees but responsibility and accountability still rests with the manager

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14
Q

Management tasks

Leading

A

Manager must encourage workers to implement the plan and make sure things are going to plan

Communication motivation and leadership are important

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15
Q

Management tasks

Control

A

Manager should make sure goals are reached without wasting resources
- DRIVE Technique

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16
Q

Management tasks

Co-ordinating

A

Ensure all employees are aware of expectations and ensure all functions work together

17
Q

Management tasks

Communication

A

Conveying ideas, instructions, queries and feedback

Good communication helps improve relationships between management and followers

Horizontal and vertical communication

18
Q

Management tasks

Delegation

A

Managers can’t do everything

They give employees task and trust them to do it. This gives them the ability to gain confidence and skills which gives them the opportunity to increase their performance and can lead to better jobs

19
Q

Management tasks

Discipline

A

Maintains order and working conditions

Self discipline is done to avoid external disciplinary measures

It can be enforced formally (code of conduct) or informally (socially acceptable behaviors)

20
Q

Management tasks

Motivation

A

Different employees are motivated in different ways

21
Q

Characteristics of entrepreneurs and managers that contribute to their success

A 
Being result driven 
Having a vision of what should be achieved 
Uses teamwork
Desires to achieve 
Ability to inspire 
Instilling confidence in followers
Emotional intelligence 
Communication skills
Self motivation
22
Q

Managerial competencies

A 
Self-management 
Strategic action 
Planning
Global awareness
Teamwork
Communication
23
Q

Managerial competencies

Strategic action

A

Understanding the strategic direction of the business and ensure goals are aligned to the overall performance of the business

Need to understand business environments to influence performance

Managers must think strategically to shift business objectives

24
Q

Managerial competencies

Planning

A

Involves skills and knowledge to plan for tasks effectively

Deciding what resources are needed and how they will be used effectively

Involves:
Information gathering and problem solving

Planning and organizing of projects and activities

Time management

Budgeting and financial management

Resource allocation

Monitoring of the progress to ensure everything is going to plan

25
Q

Managerial competencies

Global awareness

A

A business may need to obtain resources form diff countries

Need to be sensitive and have an open approach to diff cultures and have necessary knowledge on them

Mentorship and training programs

26
Q

Managerial competencies

Teamwork

A

Managers must:

Manage the dynamics of teams appropriately

Create a support structure for teams

Design teams properly

Empower teams to work more effectively

Learning conflict management skills to avoid disasters

27
Q

Managerial competencies

Communication

A

The ability to communicate realistic goals and expectations to subordinates through communication

28
Q

Managerial competencies

Self management

A

Attitude about yourself and a quality that other infer about you

Have a high level of integrity and follow codes

Personal drive for success

Balanced lifestyle

29
Q

Motivational Factors

A

Monetary motivation

Non Monetary motivation

Must be tailored to employees needs therefore managers must know their employees

A balance is needed

A balance sheet can be used to evaluate motivational programs

30
Q

Motivational Factors

Monetary motivation

A

Rewards employees for sound performance

Profit sharing, bonus, commission…

31
Q

Motivational Factors

Non Monetary motivation

A

Rewards employees for sound performance by providing them with motivational factors

Emotional factors as employees are seeking affirmation and recognition

Flexible working hours, employee of the month, new tea room…

32
Q

Motivational Factors

Problems with monetary motivation

A

Encourages compliance to tasks rather than risk taking

Discouraged from being creative

People do things just for the reward rather than doing it because it’s right

Extrinsic motivator

33
Q

Motivational Factors

Problems with no monetary motivation

A

Differs accounting to income groups

Higher income: motivated by recognition
Lower income: money

34
Q

Success factors

Micro environment

A

Size and type of business is a major factor in seeing whether it is successful or not

Success: Goals and objectives are based on vision and mission

Small: economic
Grows: issues NB to them

Analyze success you look at aims and values

35
Q

Success factors

Market environment

A

Fluctuates the most

Owners can influence not control (competitors)

36
Q

Success factors

Macro environment

A

Most drastic effect on a business

No control

Necessary to have strategies to minimize the effect

37
Q

Global Reporting Initiative

A

Enhance quality of sustainable reporting

King Code and TBL

companies getting involved in up skilling, educating and self sufficiency projects and provide income and opportunities for development

38
Q

Intrepreneurs

A

Same qualities as entrepreneurs but are more cautious as they are less likely to take risks and circumstances require a stable job

Usually work in the business
Use their talents to change or improve the business

Encourage change and encourage subordinates to pursue ideas and to help one another

Business Strudies (9 decks)

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