1.4.5 Entrepreneurship and leadership

Question 1

Define managers?

Answer 1

predict what happens in the future and plan to achieve it

Question 2

How do leaders differ from managers?

Answer 2

they are visionaries and see the direction of firm

carry out process of change

Question 3

Define leaders?

Answer 3

devise strategies whilst managers implement them

Question 4

4 characteristics of leaders?

Answer 4

positive self image
realistic aspirations
creative
innovative

Question 5

What is autocratic leadership?

Answer 5

manager sets objective, allocates tasks and insists obedience

Question 6

What is paternalistic leadership?

Answer 6

same as autocratic except there is emphasis on welfare of employees

Question 7

What is democratic leadership?

Answer 7

encourages participation in decision making

Question 8

What are the 2 types of democratic leadership?

Answer 8

persuasive

consultative

Question 9

What is laissez-faire leadership?

Answer 9

leader provides proper tools and resources needed and backs away

Question 10

Define an entrepreneur?

Answer 10

people who have a business idea and want to make money for themselves

Question 11

What is opportunity cost?

Answer 11

choosing between choices and the benefit loss from the next best alternative

Question 12

What 4 ways to entrepreneur’s get their business ideas from?

Answer 12

business experience
personal experience
lifestyle choices
skills

Question 13

What are the 7 ways of setting up a business?

Answer 13

1. Idea
2. Research
3. Planning
4. Financing
5. Location
6. Resources
7. Launch

Question 14

What is intrapreneurship?

Answer 14

employees who use skills of entrepreneur to develop them and gain financial benefits for firm

Question 15

3 adv of employing a intrapreneuruial employee?

Answer 15

gain competitive edge
drive innovative into business
taking manageable risks

Question 16

What are the 6 barriers to being an entrepreneur?

Answer 16

lack of finance 
lack of characteristics 
becoming an employer 
legal barriers 
lack of ideas
fear of failure

Question 17

What 3 characteristics do entrepreneurs have to have?

Answer 17

self confidence
commitment
self determination

Question 18

What 3 skills do entrepreneurs have to have?

Answer 18

organising
communication
decision making