Entrepreneurship And Leadership Flashcards
(19 cards)
Entrepreneur
A person who is willing and balle to create a new business idea or invention and takes risks to pursue success
Roles
- organise resources
- make business decisions
- take risks
Barriers
- entrepreneurial capacity
- access to finance
- lack of training
- fear of failure
- lack of confidence
Characteristics
- creativity
- hard working
- resilience
- intiative
- self confidence
- risk taker
Skills
- communication
- team working
- problem solving
- organisation
- numeracy
- information technology
Financial motives to start business
- profit maximisation
- profit satisfying
Non-financial motives to start business
- ethical stance
- social entrepreneurship
- independence
- home working
Leadership
Having a vison and sharing that with others, providing direction to reach a goal
- long term
- creativity
- motivation
Management
Day-to-day organisation of the business resources and staff
- short term
- control
- execution
Leadership styles
Different approaches to leading a team and managing a business
- autocratic
- laissez faire
- paternalistic
- democratic
Autocratic
Appropriate for quick decision making during a crisis with one primary decision maker
Autocratic pros and cons
PROS:
- quick decision making during
- effective in crisis
CONS:
- stifles creativity
- could lead to decreased motivation
Laissez faire
Require minimal supervision
Laissez faire pros and cons
PROS:
- encourages creativity and autonomy
- effective with highly skilled workers
CONS:
- can lead to a lack of direction and structure
- could lead to decreased productivity
Paternalistic
Appropriate where the staff are uneducated or unexperienced and require more guidance
Paternalistic pros and cons
PROS:
- increased loyalty
- clear expectations
CONS:
- reduced employee autonomy
- potential for authoritarianism
- potential for favouritism
Democratic
Appropriate when business needs to encourage creativity and employee engagement
Effective in larger firms that require input from stakeholders
Democratic pros and cons
PROS:
- foster collaboration
- encourages creativity
CONS:
- decision making can be slow
- may not suit employees who thrive in more structured environments
