Entrepreneurship, Management and Leadership Flashcards
Intrepreneur
Same qualities as entrepreneurs, but more cautious, less likely to take risks and remain in a stable job
Entrepreneurial qualities (7)
- Passionate visionaries
- Creative thinkers
- Risk takers with a positive attitude
- Good leaders
- Independent and internally motivated
- Perseverance and commitment
- Opportunists
Difference between manager and leader
Manager has power due to position. Leader has power due to expertise
Management Styles (6)
- 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
Management Tasks (10)
- Planning
- Leading
- Organising
- Controlling
- Delegation
- Discipline
- Decision making
- Motivation
- Co-ordinating
- Communication
Planning
Asking why, when, how, where and who
Organising
Inform employees of goals, and hand out tasks
Leading
Encouraging employees to implement plan, as well as communication, motivation, and leadership
Controlling
Set a standard
Measure actual performance
Determine deviation
Take remedial action
Co-ordinating
Ensure all functions work well together, and that resources are used efficiently
Communication
Conveying ideas, instructions, queries and feedback
Delegation
Tasks handed to other employees, while final responsibility still rests on the manager
Discipline
Self-discipline as well as upholding rules and values of the business
Characteristics of successful managers (8)
- Results driven
- Vision of what needs to be achieved
- Teamwork
- Desire to achieve
- Instilling confidence
- Emotional intelligence
- Communication skills
- Self-motivation to follow through
Managerial Competencies (6)
- Strategic-Action Competency
- Planning Competency
- Global Awareness Competency
- Teamwork Competency
- Communication Competency
- Self-Management Competency
Strategic-Action Competency
Understanding overall direction of the business, and ensuring all decisions align
Planning Competency
Skills and knowledge to plan for tasks effectively. Also the monitoring of the progress
Global Awareness Competency
Handling resources across countries, and a sensitivity to culture
Communication Competency
The ability to communicate realistic goals and expectations to subordinates
Self-Management Competency
Having a high level of integrity and following ethical codes
Motivational Factors (2)
- Monetary Motivation
- Non-monetary Motivation
Monetary Motivation (5)
> Profit Sharing > Project bonuses > Equity options > Commission > Scheduled bonuses
Non-Monetary Motivation (4)
> Flexible working hours
Sabbaticals
New tea room
Employee of the month award
Problems with Monetary Motivation (3)
- Encourages compliance to task rather than risk-taking
- Employees act for money, not cus its right
- Can cause workplace disputes
Considerations with Non-Monetary Motivation (2)
- Differs with income group and career stage
- Needs to be tailored to the employee
