Entrepreneurship, Management And Leadership Flashcards
What is a probortunity?
Identifying a problem or gap in the market and then setting up the structures that will fill it
What is an intrapreneur?
Employees who work within a business but use their talents to change and improve their departments
What is an entrepreneur?
A person who starts their own business with a new idea/concept. Works for themselves and takes calculated risks
What is an ultrapreneur?
Someone who has the resources but surrounds themselves with experts to sell a new product/service
What are the entrepreneurial qualities, attitudes and skills?
- risks takers with positive attitudes
- communication and listening skills
- high EQ
- can self motivate
- are passionate
What is the difference between a manager and a leader?
A manager:
- maintains systems
- focuses on systems and structures
- relies on control
- accepts status quo
A leader:
- develops new methods of doing things
- focuses on people
- inspires trust
- challenges status quo
What are the different management styles?
Autocratic: is a dictator and makes all decisions (good for urgent decisions)
Democratic/ participative: allows subordinates input and allows them to take part in decision making
Laissez-faire: no interference from leader. Only works with a highly skilled workforce
Transactional: based on give and take relationship.
Transformational: motivates employees by helping them understand their work. Emphasises teamwork
Situational: different leadership style used in different situations (can appear as inconsistent)
What are the management tasks?
Plan
Organise
Leading
Controlling
Explain the task of planning
- all necessary information should be gathered and alternatives should be considered.
- the goal should be a SMART goal
Explain the task of organising
- arrange all activités in a way that all factors of production work successfully
Explain the task of leading
- manager must ensure staff are guided to achieve the goals of the business
- communication must be good
- must focus on getting the job done and on employees well being
Explain the task of controlling
- ensure the implementation of the plan
- must have clearly defined goals
- provides feedback on whether things are working and how they can be improved
What are additional management tasks?
- co ordination
- communication
- delegation
- discipline
- motivation
Define managerial competencies and what are they?
Definition: combination of skills, attitudes, behaviours and knowledge that a person needs to be effective as a manager
Competencies:
- communication
- planning and administration
- strategic action: look at current position of the business in relation to the rest of the market and decide on action plans for years or months ahead
- self management
- global awareness: understanding political, language and cultural differences in order to avoid making general assumptions.
- teamwork: must be aware of people’s feelings and fears and foresee how this will affect team dynamics
What is the difference between extrinsic and intrinsic motivation?
Extrinsic motivation is to perform an activity to earn a reward or avoid punishment
Intrinsic motivation is to perform an activity for its own sake and personal rewards
