Ch 5. Introduction to Management

Question 1

Management (3)

Answer 1

• The ability to achieve results through people
• It involves the activities of planning, organising and controlling
• Requires the skills of leading, motivating and communicating

Question 2

Managers

Answer 2

The people specifically responsible for achieving the objectives set for the business

Question 3

Personal characteristics of effective managers (6)

Answer 3

• Problem solvers
• Decisive
• Good with people: provide leadership and a clear direction
• Confident and inspirational
• Good communicators
• Good time managers

Question 4

Difference of ideas and energy between entrepreneurs and managers

Answer 4

• Entrepreneurs have ideas, energy and initiative to start new businesses. Put energy into new projects
• Managers have few original ideas or little enthusiasm for new ideas. Put energy into routine work

Question 5

Difference in personal risk-taking between entrepreneurs and managers

Answer 5

• Entrepreneurs sacrifice their own time and take personal financial risks. Often operate on their own
• Managers do not take personal financial risks. Have no personal share in the ownership

Question 6

Difference in managing day-to-day business between entrepreneurs and managers

Answer 6

• Entrepreneurs thrive in the excitement of setting up something new. Unwilling to delegate
• Managers are more routined and structured. Delegate work