Chapter 5 - Introduction To Management

Question 1

What is management

Answer 1

It involves getting people to work together for a common organizational goal using the skills of leading, motivating and communicating and the activities of planning, organizing and controlling to co ordinate resources such as employees, materials and capital to ensure business success

Question 2

What are the three management skills

Answer 2

1. Leading
2. Motivating
3. Communicating

Question 3

Summarize leading

Answer 3

Managers have a clear vision for the future which they share with employees. They encourage employees to work together for a common organizational goal

Question 4

Summarize motivating

Answer 4

Managers must find out what motivates their employees in the workplace. They can offer financial rewards and or non financial rewards.

Question 5

Summarize communicating

Answer 5

A good manager must be able to exchange information effectively with the stakeholders such as employees and consumers

Question 6

What are the three management activities.

Answer 6

1. Planning
2. Organizing
3. Controlling

Question 7

Summarize planning

Answer 7

Managers must identify the overall business goals and break them down into more manageable tasks

Question 8

Summarize organizing

Answer 8

Managers identify the roles and tasks that need to be performed by the staff. They then put an organizational structure in place to enable these tasks to be completed

Question 9

Summarize controlling

Answer 9

Management should build control mechanisms into the business such as stock control, financial control and quality control.

Question 10

Five characteristics of a manager and explain them

Answer 10

1. Problem-solving ability - should be able to identify problems in the business and find solutions to deal with them
2. Flexibility - need to be flexible when dealing with unexpected situations in the business
3. Charisma - have the ability to inspire others
4. Hard working - must set a good example for employees by working hard in the firm.
5. Initiative - do not wait for others to tell them what to do.

Question 11

What are the four sectors that the role of the entrepreneurs and the role of the manager differs

Answer 11

1. Idea generation
2. Risk taking
3. Running of the business
4. Control

Question 13

What is the difference between the role of the entrepreneur and the manager when it comes to idea generation

Answer 13

Entrepreneur comes up with the ideas for the Organisation whereas the manager is responsible for implementing the entrepreneurs ideas for success

Question 14

What is the difference between the role of the entrepreneur and the manager when it comes to risk taking

Answer 14

Entrepreneur takes a personal and financial risk whereas a manger takes fewer risks because if the business fails they can leave the firm and apply for a new job

Question 15

What is the difference between the role of the entrepreneur and the manager when it comes to running the business

Answer 15

Entrepreneur focuses more in tasks such as raising finance and recruiting staff whereas the manager is responsible for the day to day running of the business to ensure that deadlines are met.

Question 16

What is the difference between the role of the entrepreneur and the manager when it comes to control

Answer 16

Entrepreneur has full control over the business and makes all the final decisions whereas the manager must get the entrepreneurs approval before making decisions in the workplace