Characteristics of Successful Entrepreneurs Flashcards
Name 4 SKILLS of an entrepreneur.
Determined- Self Belief- Opportunistic- Knowledge of Sector- Ability to do research- Communication- Decisive- People Skills- Calculated risks- Self Confidence- Leadership
Why do people start their own business? Give 4 reasons
.Spotted a gap in the market- To make profit- Be own boss- Set own working hours- To help others- Solve personal issues- Become a household name- Change in Circumstance- Hobbies/Interests- Personal Satisfaction- Self employment
What are the three categories that reasons for starting a business can be grouped into?
Social/Ethical- Running a business for the benefit of society or others.
Profit- Simply running the business to make money.
Not for Profit- For personal gains, in non-monetary terms.
What is the difference between a manager and a leader?
A manager aims to get results by telling his employees what to do.
A leader inspires and supports his employees in order to get results.
What are the 4 types of Leadership styles?
Autocratic-
Democratic-
Paternalistic-
Laissez Faire-
What are the 3 main things a manager has to manage?
The TASK- getting the job done
The PEOPLE- managing individual performance/needs
The TEAMS- target setting and improving performance.
Define an Autocratic manager.
Sets clear objectives with a deadline, allocates tasks to individuals and insists on obedience and high quality. Consequences if these objectives aren’t met.
EG. Manager of a fish finger packing plant
Define a Democratic manager.
Encourages ideas and participation of workers in decisions. Can be persuasive or consultative.
EG. Headteacher in a school and use of a school council.
Define a Paternalistic manager.
Places a great deal of emphasis on the welfare of the workers. They retain power of decisions
EG. Family run business
Define a Laissez Faire manager.
All employees allowed to carry out their tasks freely. The manager sets the objectives and the employees have full range to complete them how they like.
Name the 2 theories stated by McGregor.
Theory X
Theory Y
Outline a Theory X leader.
Assume that their employees are lazy and prefer to be given firm direction with strict controls. managers will adapt a ‘stick and carrot’ approach to make them work hard. This may involve targets with heavy penalties if they are not met.
Outline a Theory Y leader.
Assume that employees are human beings and want to work and will commit themselves and work effectively without strict controls, and that they will engage with the objectives of the organisation and accept responsibility and use their initiative to help solve problems.
