Entreprenuers And Leaders

Question 1

What motivates people to go to work?

Answer 1

• Commission
• Money
• Enjoyment
• Empowerment (make decisions)
• Team-working
• Promotion

Question 2

What was Taylor’s attitude towards employees?

Answer 2

Wanted them to obey orders and get them done quickly. Doesn’t trust them

Question 3

What is Taylor’s approach to management and motivation?

Answer 3

• Identify the most efficient methods of production
• Spot the most efficient workers
• Train all workers to be like them
• Reward the workers based on productivity

Question 4

What is Taylor’s view on what motivated people?

Answer 4

Based on targets, Reward those who meet and Piece rate

Question 5

What are the implications of Taylorism?

Answer 5

• close control and supervision
• dictatorial
• oppressive

Question 6

What is leadership?

Answer 6

The action of leading a group of people or an organisation, or the ability to do this.

Question 7

What is management?

Answer 7

The process of dealing with or controlling things or people, the responsibility for and control of a company or organisation

Question 8

What are the four styles of leadership?

Answer 8

• Autocratic
• Paternalistic
• Democratic
• Laissez-afire

Question 9

What is autocratic Leadership?

Answer 9

the concentration of decision-making and power in only one person who takes little or no input from others

Question 10

What is democratic leadership

Answer 10

a leadership style in which members of the group participate in the decision-making process

Question 11

What is paternalistic leadership?

Answer 11

a managerial approach that involves a dominant authority figure who acts as a patriarch or matriarch and treats employees and partners as though they are members of a large, extended family

Question 12

What is laissez-faire leadership?

Answer 12

Leaders and supervisors stand back and let their employees make decisions and may let them set their own deadlines

Question 13

What is a entrepreneur?

Answer 13

An entrepreneur is a person who sets up a business and takes risks in the hope of a profit, reward or for a social purpose

Question 14

What is entrepreneurial characteristics?

Answer 14

the skill, quality or trait of the person starting the business

Question 15

What are entrepreneurial motives?

Answer 15

the factor that drives a person to start a business

Question 16

What are examples of entrepreneurial characteristics?

Answer 16

1. Creativity
2. Hard-work
3. Resilience
4. Initiative
5. Self-confidence
6. Risk-taking

Question 17

What are examples of entrepreneurial skills?

Answer 17

1. Communication
2. Team working
3. Problem solving
4. Organisation
5. Numeracy
6. IT

Question 18

What are financial motives for starting a business?

Answer 18

• Profit maximisation
• Profit Satisficing

Question 19

What are non-financial motives to starting a business?

Answer 19

1. Independence
2. Flexibility
3. Ethical reasons
4. Social purpose
5. Personal challenge

Question 20

What is Maslow’s ‘Hierarchy of Needs’ theory?

Question 21

What are the 5 levels of Maslow’s Hierarchy of needs?

Answer 21

1.Psychological- Basic needs
2.Safety- Safe working environment
3.Social- Feeling Wanted
4.Esteem- Self respect
5.Self-actualisation- intellectual needs/achieving targets

Question 22

What is Herzberg’s motivation theory called?

Answer 22

Two factor theory

Question 23

What are business forms?

Answer 23

The legal structure that a business takes

Eg. Sole trader, a partnership, a private limited company

Question 24

What is limited liability?

Answer 24

When the owner of the business has no personal liability for business debt.

Question 25

What is unlimited liability?

Answer 25

If a business gains debt and there is no money on the business, the owner has to pay through their own funds

Question 26

What is a sole trader business?

Answer 26

Business owned by one owner but can have staff who aren’t involved in the control of the business

Question 27

What are the advantages to a sole trader?

Answer 27

- Easy to set up - Make decisions quickly - Less capital needed - All profits go to owner - Their are their own boss

Question 28

What is a partnership business?

Answer 28

When two or more people share the risks, costs and responsibilities of being in business

Question 29

What are the advantages to a partnership business?

Answer 29

- Easier than a sole trader to raise extra capital - Smaller business means good working relationship

Question 30

What are the disadvantages to sole traders?

Answer 30

- Unlimited liability - Difficult to raise money - Don’t have economies of scale - No one to take over for ill health or holidays

Question 31

What is Taylor’s motivation theory called?

Answer 31

Scientific management

Question 32

What are the two factors in Herzberg’s theory?

Answer 32

- Motivators (factors that directly motivate people to work harder) eg. Recognition - Hygiene (Factors that can de-motivate if not present but do not actually motivate employees to work harder) eg. Salary

Question 33

What are examples of motivators?

Answer 33

- Responsibility at work - Meaningful, fulfilling work - achieving and recognition

Question 34

What are hygiene factors?

Answer 34

- Pay and other financial rewards - Working conditions - Appropriate supervision and policies

Question 35

What is intrapreneurship?

Answer 35

Where large businesses enable employees and managers to demonstrate entrepreneurial behaviour in their work to the benefit of their employer Eg. Gmail

Question 36

What are ways to encourage and facilitate intrapreneurship?

Answer 36

- Structured time away from work - Cross-functional teams - Secondment of staff - Competitions

Question 37

Why are businesses not entrepreneurial?

Answer 37

- Complacency - Bureaucracy - Reward systems - Short-termism

Question 38

What do businesses need for successful intrapreneurship?

Answer 38

- Mentoring - Communication - Culture of innovation - Reward system - Resources

Question 39

What are the characteristics of a good entrepreneur?

Answer 39

- Understanding the market - Determination - Passion - Resilience - Ability to take risks