Chapter 5- Intoduction To Management

Question 0

Who are managers?

Answer 0

The people specially responsible for achieving the objectives set for the business.

Question 1

1. What is management?

Abilities? Skills?

Answer 1

Refers to the ability to achieve results through people. It involves planning, organising and controlling the work to be done and requires the skills of leading motivating and communicating with people.

Question 2

2. What are the main managing skills?

Answer 2

Leading staff
Motivating staff
Communicating with staff.

Question 3

3. What are the main management activities?

Answer 3

Planning
Organising
Controlling.

Question 4

4. Where is management relevant?

Answer 4

The home and personal life
Schools
The local community
Business
The public service.

Question 5

5. What are the personal characteristics of effective managers?

Answer 5

Problem solvers
Decisive
Good with people
Confident and inspirational
Good communicators
Good time managers.

Question 6

6. What are the similarities and differences between managers and entrepreneurs?
   Ideas and energy?

Answer 6

Entrepreneurs:
Have the ideas, energy and initiative to start a new business
Tend to put their energy into new projects and enterprises.

Managers:
Unless they are intrapreneurs, they may have few original ideas or little enthusiasm for developing new business ideas.
Managers tend to put their energy into more routine work.

Question 7

Personal risk-taking?

Answer 7

Entrepreneurs:
Sacrifice their own time and take the personal financial risks of a business failing
Often operate on their own or with just a few close business partners.

Managers:
Do not take personal financial risks when running a business. They are hired to run a business
Usually have no personal share in the ownership of the business.

Question 8

Managing day-to-day business?

Answer 8

Entrepreneurs:
Thrive on the excitement of setting up something new but often get bored with the day-to-day planning, organising and controlling
Can be unwilling or unable to delegate decision-making to others

Managers:
Their work is more routine and structures and concentrates on providing proper planning, organisation and control
Delegating work to other staff is important for effective time management.