Chapter 6 - Intrepeneurs Vs Entrepreneurs Flashcards
Entrepreneurs
Qualities
Passionate visionaries Creative thinkers Risk takers with +ve attitude Good leaders Independent spirits Have perseverance and commitment Opportunists who are at the right place at the right time
Entrepreneurs
Skills
Have necessary knowledge and expertise to run a business successfully
Skills can be learnt (polc)
Must recognize their shortcomings and hire others to fulfill those roles
Difference between a manager and leader
Manager:
Is granted authority
Has power due to position
Leader:
Has power due to expertise
Shares his visions and inspires others to carry it out
Different manager and leader Styles
Autocratic Democratic Lassiez fairs Transactional Transformational The situational approach
Different manager and leader Styles
Autocratic
Manager is only person who makes decisions
Implemented:
Turn around strategy
Restore discipline
Long term: demotivating
Different manager and leader Styles
Democratic
More participative - more involvement of workers in decision making
- Leaders allow followers to give feedback but maintain control by making final decision
- Fully democratic environment where leaders and followers have equal decision making powers
- Fully participative set up where followers are in full control and make final decision
Different manager and leader Styles
Lassiez Faire
No interference
Managers say what must be done but not how
Different manager and leader Styles
Transactional
Leader offers something of value to their followers in return for their services.
Win lose situation
Different manager and leader Styles
Transformational
Encouraging creativity in followers
Motivate followers to do more than thy originally intended and achieve more than they thought possible
Needs a charismatic leader who knows their strengths and weaknesses
Different manager and leader Styles
The situational approach
Leadership behavior varies from situation to situation as different leadership styles would be appropriate in different situations
Influenced by:
The organizational culture
Abilities of leaders and followers
Relationship between leaders and followers
Management tasks
Planning Organizing Leading Control Co-ordinating Communication Delegation Discipline Motivation Decision making
Management tasks
Planning
Ask questions about the task that they have to plan for
All appropriate info must be gathered and have a contingency plan
Plan should be adaptable, realistic and cost effective
Plan must be communicated clearly so people know what’s expected of them
Management tasks
Organizing
Ensures all resources are available
Manager must in for employees of goals
Hand out tasks to employees but responsibility and accountability still rests with the manager
Management tasks
Leading
Manager must encourage workers to implement the plan and make sure things are going to plan
Communication motivation and leadership are important
Management tasks
Control
Manager should make sure goals are reached without wasting resources
- DRIVE Technique
Management tasks
Co-ordinating
Ensure all employees are aware of expectations and ensure all functions work together
Management tasks
Communication
Conveying ideas, instructions, queries and feedback
Good communication helps improve relationships between management and followers
Horizontal and vertical communication
Management tasks
Delegation
Managers can’t do everything
They give employees task and trust them to do it. This gives them the ability to gain confidence and skills which gives them the opportunity to increase their performance and can lead to better jobs
Management tasks
Discipline
Maintains order and working conditions
Self discipline is done to avoid external disciplinary measures
It can be enforced formally (code of conduct) or informally (socially acceptable behaviors)
Management tasks
Motivation
Different employees are motivated in different ways
Characteristics of entrepreneurs and managers that contribute to their success
Being result driven Having a vision of what should be achieved Uses teamwork Desires to achieve Ability to inspire Instilling confidence in followers Emotional intelligence Communication skills Self motivation
Managerial competencies
Self-management Strategic action Planning Global awareness Teamwork Communication
Managerial competencies
Strategic action
Understanding the strategic direction of the business and ensure goals are aligned to the overall performance of the business
Need to understand business environments to influence performance
Managers must think strategically to shift business objectives
Managerial competencies
Planning
Involves skills and knowledge to plan for tasks effectively
Deciding what resources are needed and how they will be used effectively
Involves:
Information gathering and problem solving
Planning and organizing of projects and activities
Time management
Budgeting and financial management
Resource allocation
Monitoring of the progress to ensure everything is going to plan
