entrepreneurs and leaders

Question 1

autocratic leader

Answer 1

makes all decisions
no consultation with employees
links with Taylor

Question 2

one positive of autocratic

Answer 2

quick decision making

Question 3

3 negatives of autocratic

Answer 3

employees may feel undervalued
demotivate staff
may lose productivity

Question 4

paternalistic leader

Answer 4

more attention to social needs 
interested in well being
consults employees and listens to feedback 
decisions made by leader
links to mayo and Maslow

Question 5

3 postives of paternalistic

Answer 5

more motivation
understand why decisions are made
improved productivity

Question 6

2 negatives of paternalistic

Answer 6

little delegation

opportunities for employees to influence decisions may be limited

Question 7

democratic leader

Answer 7

encourages participation in decision making
often acts on majority decision
favours delegation
links to hertzberg

Question 8

one positive of democratic

Answer 8

more likely to be committed to decision

Question 9

2 negatives of democratic

Answer 9

takes a long time

not as responsive to changes in customers needs

Question 10

laissez faire leader

Answer 10

indecision or absence at the top leads to junior staff making decisions

Question 11

2 postives of laissez faire

Answer 11

allows employees to be creative

may identify new solutions to old problems

Question 12

3 negatives of laissez faire

Answer 12

may be little incentive to work hard
lines of communication may be confused
may lead to lower productivity

Question 13

what is an entrepreneur

Answer 13

someone who takes risk setting up a business

they have a business idea and need financial capital to make the idea reality

Question 14

innovation is

Answer 14

the process of translating an idea or invention into a good or service that creates value

Question 15

crowd funding is

Answer 15

method of raising capital by online subscription

Question 16

4 entrepreneurial motives

Answer 16

profit maximisation
ethical stance
social entrepreneurship
indépendance and home working

Question 17

social entrepreneurship is

Answer 17

start a business that benefits the community

Question 18

4 entrepreneur characteristics

Answer 18

creativity
self confidence
determination
resiliance

Question 19

a sole trader is

Answer 19

single owner

Question 20

a partnership is

Answer 20

owned by two or more people

share decision making and profits

Question 21

a private limited company is

Answer 21

owner only loses the capital they put in
shares and shareholders
owner choses who to give them to

Question 22

a public limited company is

Answer 22

able to offer shares to the public
on the stock market
can sell shares to gain capital

Question 23

franchising is

Answer 23

an agreement where the franchiser (the business) sells the rights to the franchisee (another business)
allows the sale of their products and still get some profit

Question 24

lifestyle business is

Answer 24

aim to create an enjoyable / prestigious position

e.g. setting up a stable for the love of horses

Question 25

online business is

Answer 25

run through the internet

Question 26

2 positives of private limited company

Answer 26

reduces risk of financial loss | limited liability

Question 27

2 negatives of private limited company

Answer 27

public can see various financial statements | setting up costs are higher

Question 28

negative of public limited company

Answer 28

ownership gets diluted

Question 29

trade offs are

Answer 29

when having more of one thing potentially results in having less of another to make sure limited resources are used in the most effective way

Question 30

opportunity cost

Answer 30

measures cost of any choice in terms of next best alternative need to weigh up choices helps decide which is least risky