Management & Entrepreneurship

Question 1

Define management

Answer 1

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

Question 2

What is the Top management responsible for

Answer 2

For strategic decision making and ensuring a sustainable future.

Question 3

What is the Middle management responsible for

Answer 3

For making medium-term tactical decisions and ensuring that there’s synergy in different functional areas of the business

Question 4

What is the Lower management responsible for

Answer 4

For day to day decision making like managing operations of the business

Question 5

What are the Management tasks

Answer 5

Planning
Organisation
Leading
Controlling
Communication
Coordination
Delegation
Discipline
Decision- making
Motivation

Question 6

What is planning

Answer 6

A rational process aimed at the future

Question 7

What is the importance of planning

Answer 7

• helps the business focus on objectives
• Minimises risks and uncertainty
• Ensures coordination in order to achieve the overall mission

Question 8

What are the steps in the planning process

Answer 8

1. Establishing objectives
2. Deciding the planning processes
3. Considering the alternative plans
4. Implement the plan
5. Control process

Question 9

Define Organising

Answer 9

Identifying the activities that the business undertake to ensure success

Question 10

What are the steps involved in organising

Answer 10

1. Consider objectives
2. Identify and group activities
3. Assign duties
4. Delegate authority

Question 11

What are the advantages of proper organisation

Answer 11

• helps facilitate necessary communication
• helps employees understand their different roles
• Stimulates creativity to solve particular problems

Question 12

What are the principles of Leading

Answer 12

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

Question 13

What are the qualities of a sound leader

Answer 13

• guides people to ensure objective are met
• encourages others
• Able to make decisions
• is a mediator and arbitrator

Question 14

Name the different Leadership styles

Answer 14

Autocratic leadership style
Democratic leadership style
Laissez faire leadership style

Question 15

Autocratic Leadership

Answer 15

• Formulates all objectives, policies and procedures without input from anyone

Question 16

An advantage of Autocratic Leadership

Answer 16

Quick decision making so crisis is handled quickly

Question 17

A Disadvantage of Autographic Leadership

Answer 17

People don’t feel valued because they don’t take part in decision making

Question 18

Democratic Leadership

Answer 18

• Internal stakeholders brainstorm then leader takes the final decision

Question 19

Advantages of Democratic Leadership

Answer 19

-Helps grow the confidence & collective performance of the workforce
- Boosts morale

Question 20

Disadvantages of Democratic leadership

Answer 20

• Can be used as an excuse to avoid responsibility
• It takes a while to make decisions

Question 21

Laissez faire leadership

Answer 21

• Free-rein leadership
• consists of creative, intrapreneurial , competent and independent thinkers
• Provides necessary information and resources needed to achieve objectives

Question 22

An Advantage of Laissez faire leadership

Answer 22

It motivates staff by trusting them

Question 23

A Disadvantage of Laissez faire leadership

Answer 23

It May create uncertainty and confusion

Question 24

Characteristics of a Leader

Answer 24

-Has informal power
- People follow them by choice
- People must believe in their vision
- Inspires, influences and motivates

Question 25

Characteristics of a Manager

Answer 25

- Has formal power - People work for them - is appointed - should be a leader as well

Question 26

What is Control about

Answer 26

Checking the current performance against the predetermined standards that were set in the planning phase to ensure there is progress in achieving the business’s objectives

Question 27

What are the steps in the Controlling process

Answer 27

1. Establish Standards 2. Measure actual performance 3. Corrective action

Question 28

What the components of a good control system

Answer 28

-suitable - Flexibke - Motivate staff - Aimed at the future

Question 29

Define Communication

Answer 29

The process of exchanging information, opinions, views and ideas between staff members and managers

Question 30

What is the importance of clear communication

Answer 30

It helps employees understand the whats, whys and hows in-order to achieve objectives

Question 31

What are the principles of sound Coordination

Answer 31

-Clear objectives - Comprehensive business policies - Proper Initiation process - Clearly communicated chain of command

Question 32

Define Delegation

Answer 32

The allocation of responsibility and authority to subordinates to ensure a more meaningful distribution of work.

Question 33

Define discipline

Answer 33

Action taken to improve future behaviour of employees

Question 34

What influences Decision- making

Answer 34

PESTLE factors

Question 35

Define what Motivational theories are and give examples of them

Answer 35

Are theories that look at different methodologies that can applied to convince employees to perform at optimum levels - Maslow’s hierarchy of needs - Adam’s equity theory

Question 36

Maslow’s hierarchy of needs

Answer 36

Satisfied needs= motivation

Question 37

What are Maslow’s five levels of needs

Answer 37

Self-actualisation Esteem needs Social needs Security needs Physiological needs

Question 38

Self-actualisation

Answer 38

Looks at the person’s desires to achieve his/her full potential

Question 39

Esteem needs

Answer 39

The desire for esteem results in the need for power, prestige and stayisy

Question 40

Social needs

Answer 40

People needs to feel a sense of belonging and friendship

Question 41

Security needs

Answer 41

Security of body, employment, resources and property

Question 42

Physiological needs

Answer 42

Basic needs to ensure a sustained life

Question 43

Inequitable rewards

Answer 43

Dissatisfaction leads to reduced output

Question 44

Equitable rewards

Answer 44

Continuing at the same level of output

Question 45

More that equitable rewards

Answer 45

Works harder and exceeds required output

Question 46

What is an entrepreneur

Answer 46

A person who has the ability to see and evaluate business opportunities

Question 47

Give 5 Entrepreneurial characteristics

Answer 47

-Initiative - Persistent - risk taking - Problem solver - Assertive

Question 48

What is the difference between a Manager and an Entrepreneur’s motives

Answer 48

- A Manager ensures the success of the business they work at - An Entrepreneur ensures the success of their own business in order to gain personal gratification

Question 49

What is the difference between a Manager and Entrepreneur’s Status

Answer 49

-A manager is an employee in a business - An Entrepreneur is the owner of the business/ employer

Question 50

What is the difference between the risk faced by a Manager and the risk faced by an Entrepreneur

Answer 50

- Manager faces the risk of job security - Entrepreneur assumes all the risks

Question 51

How is a Manager and an Entrepreneur differently rewarded

Answer 51

- Manager is rewarded with a salary/ bonus - Entrepreneur receives all profits

Question 52

How does the Innovation of a Manager differ from that of an Entrepreneur

Answer 52

- Manager innovates through being involved with the execution of plans - Entrepreneur innovates through creative thinking and problem solving

Question 53

What are the activities performed by an intrapreneur

Answer 53

- Idea generation - Raising of funds - Project implementation

Question 54

What is the difference between an Intrapreneur and an Ultrapreneur

Answer 54

- Intrapreneur creates new ideas and then converts them into products & services within the framework of the business - Ultrapreneur identifies viable business opportunities and then establishes a business.

Question 55

What are the components of a Socio-preneur

Answer 55

- Solvers social problems - Profits to achieve widespread social improvement

Question 56

What is an example of a socio-preneur

Question 57

What are the components of a Techno-entrepreneur

Answer 57

- uses technological advancements -Technology developer -Technology user

Question 58

Give examples of techno-entrepreneurs

Question 59

What are the components of an Eco-preneur

Answer 59

- solves problems by creating environmentally friendly products/ services

Question 60

Give an example of an Eco-preneur

Question 61

What does a Tender-preneur do

Answer 61

-gets tenders and subcontracts them to others

Question 62

Give an example of a tender- preneur