Entrepreneurship Flashcards
1
Q
Probortunity
A
Identifying a problem or gap in the market and then setting up the structures that will find it
2
Q
Intrapreneurs
A
Employees who work within a business but use their talents to change and improve their department or take the business to new heights
3
Q
Entrepreneurship
A
Person who starts his/her own business with a new idea/concept. Works for themselves and takes calculated risks
4
Q
Entrepreneurial qualities
A
- passionate visionaries who believe they could do something that no one else has done before
- creative thinkers who challenge the norm
- calculated risk takers with positive attitude
- have perseverance and commitment
- influencing and inspiring others by leading through example
- possess emotional intelligence
- has community and listening skills
- has ability to self motive and follow through on plans
5
Q
Difference between a manager and a leader
A
Manager:
- maintains systems
- focuses on systems and structure
- relies on control
- accepts the status quo
Leader:
- develops new methods of doing things
- focuses on people
- inspires trust
- challenges status quo
6
Q
Different leadership styles
A
- autocratic
- democratic/participative
- laissez - faire
- transactional
- transformational
7
Q
Autocratic leader
A
Example: Martha Stewart
- seldom allows for input from subordinates
- makes all decisions
- best leadership style for quick decision- making/problem solving
- disadvantage is that employees often have low morale as they feel undervalued
8
Q
Democratic/participative
A
- allows subordinates to provide input
- allows subordinates to participate in decision making
- ensures buy-in and commitment from staff
- disadvantage is that is could slower decision-making process
9
Q
Laissez- faire
A
Example: Warren buffet, Google
- a French word meaning ‘no interference’
- management will tell staff what must be done, not how to do it
- only works with a highly skilled workforce
- practiced predominantly in businesses that require creativity
10
Q
Transactional
A
Bill Gates
- based on the give-and-take approach
- employees are motivated to perform their task in return for possible salary/bonus/ other benefits
- disadvantage: as soon as employees regard the reward and insufficient they become demotivated which often leads to labour disputes
11
Q
Transformational
A
Steve jobs
- charismatic by nature
- motivates employees by helping them understand their work
- emphasis on teamwork
- time spent on explaining to the team why they matter
12
Q
Situational approach
A
- different leadership style used in different situations
- leadership style may be influenced by:
1. Organisational culture which is a reflection of the leader’s and followers value system and beliefs
2. Abilities of the leader as well as the followers
3. Relationship between the leader and followers
13
Q
Management task: planning
A
- aimed at the future
- in order to plan:
1. All necessary info should be gathered
2. Alternatives must be considered - plan should be adaptable, realistic and cost effective
- top management: long term, strategic planning
- middle management: medium term, tactical planning
- lower management: short term planning of routine tasks
14
Q
Management task: organising
A
- means to arrange activities in a way that all factors of production work together successfully
- also refers to organisational structure within the business. Example, line or functional structures
- regardless of the organisational structure used by the business it is more important that lines of reporting are clear to employees so that there is no confusion
15
Q
Management task: leading
A
- the manager must ensure that staff are guided to achieve the goals of the business as well as their personal goals as employees
- aspects such as communication, motivation and leadership are important when taking command
- a good leader will maintain a balance between getting the job done and focus on its employees
