Entrepreneurs and Leaders

Question 1

Characteristics of successful entrepreneurs

Answer 1

1.) innovation and creativity
-often create a g/s that is differentiated
2.) risk taking
- large risks when setting up a business - potential to earn large rewards
3.) communication
-such as media, support their idea, gaining feedback from future customers and suppliers
4.) negotiation
5.) confidence
6.) determination

Question 2

Elon Musk Leadership style

Answer 2

Enhance productivity: Elon Musk’s autocratic leadership style encourages employees to take the initiative and be accountable for their decisions. This approach helps in fostering a culture of productivity, as there is no fear of being reprimanded or punished by the leader.

Question 3

different leadership styles

Answer 3

• autocratic - leaders take decisions on their own with no discussion
• democratic - leaders discuss with workers before making decisions
• paternalistic - leaders will listen, explain issues and consult with the workforce, but will not allow them to take the final decision
• laissez faire - leaders leave their colleagues to get on with their work so there is no supervision or control