Entrepreneurship, Management and Leadership

Question 1

Intrepreneur

Answer 1

Same qualities as entrepreneurs, but more cautious, less likely to take risks and remain in a stable job

Question 2

Entrepreneurial qualities (7)

Answer 2

• Passionate visionaries
• Creative thinkers
• Risk takers with a positive attitude
• Good leaders
• Independent and internally motivated
• Perseverance and commitment
• Opportunists

Question 3

Difference between manager and leader

Answer 3

Manager has power due to position. Leader has power due to expertise

Question 4

Management Styles (6)

Answer 4

• Autocratic: All decisions made by manager
• Democratic: All decisions voted equally
• Liassez Faire: Manager says what, with no input as to how
• Transactional: Give-and-take.
• Transformational: Motivation through what employees can achieve.
• Situational: Change management style depending on what the situation needs

Question 5

Management Tasks (10)

Answer 5

• Planning
• Leading
• Organising
• Controlling
• Delegation
• Discipline
• Decision making
• Motivation
• Co-ordinating
• Communication

Question 6

Planning

Answer 6

Asking why, when, how, where and who

Question 7

Organising

Answer 7

Inform employees of goals, and hand out tasks

Question 8

Leading

Answer 8

Encouraging employees to implement plan, as well as communication, motivation, and leadership

Question 9

Controlling

Answer 9

Set a standard
Measure actual performance
Determine deviation
Take remedial action

Question 10

Co-ordinating

Answer 10

Ensure all functions work well together, and that resources are used efficiently

Question 11

Communication

Answer 11

Conveying ideas, instructions, queries and feedback

Question 12

Delegation

Answer 12

Tasks handed to other employees, while final responsibility still rests on the manager

Question 13

Discipline

Answer 13

Self-discipline as well as upholding rules and values of the business

Question 14

Characteristics of successful managers (8)

Answer 14

• Results driven
• Vision of what needs to be achieved
• Teamwork
• Desire to achieve
• Instilling confidence
• Emotional intelligence
• Communication skills
• Self-motivation to follow through

Question 15

Managerial Competencies (6)

Answer 15

• Strategic-Action Competency
• Planning Competency
• Global Awareness Competency
• Teamwork Competency
• Communication Competency
• Self-Management Competency

Question 16

Strategic-Action Competency

Answer 16

Understanding overall direction of the business, and ensuring all decisions align

Question 17

Planning Competency

Answer 17

Skills and knowledge to plan for tasks effectively. Also the monitoring of the progress

Question 18

Global Awareness Competency

Answer 18

Handling resources across countries, and a sensitivity to culture

Question 19

Communication Competency

Answer 19

The ability to communicate realistic goals and expectations to subordinates

Question 20

Self-Management Competency

Answer 20

Having a high level of integrity and following ethical codes

Question 21

Motivational Factors (2)

Answer 21

• Monetary Motivation

- Non-monetary Motivation

Question 22

Monetary Motivation (5)

Answer 22

> Profit Sharing
 > Project bonuses
 > Equity options
 > Commission
 > Scheduled bonuses

Question 23

Non-Monetary Motivation (4)

Answer 23

> Flexible working hours
Sabbaticals
New tea room
Employee of the month award

Question 24

Problems with Monetary Motivation (3)

Answer 24

• Encourages compliance to task rather than risk-taking
• Employees act for money, not cus its right
• Can cause workplace disputes

Question 25

Considerations with Non-Monetary Motivation (2)

Answer 25

• Differs with income group and career stage

- Needs to be tailored to the employee