entrepreneurship, management , leadership Flashcards
what is an intrapreneur
like an entrepreneur that operates within the structure of an existing business, more cautious, remains in stable job.
what is a business philosophy of intrepreneurship
everybody in organisation is responsible and accountable for all his or her actions and interaction regarding the business.
what are 8 entrepreneurial qualities
- passionate visionaries
- creative thinkers
- risk takers
- good leaders
- independent spirits
- internally motivated
- perseverance and commitment
- opportunists
what are entrepreneurial skills
individuals with necessary knowledge to run a business successfully, includes aspects from all management function, PLOC, recognise own flaws hire people to do stuff they can’t do
what must an entrepreneur look at before starting a business
viability of product and service
strength of competitor
size of potential market
stability of resources
what is the difference between management and leadership
manager is is given power due to the position he holds, leader has power to due his perceived or real expertise. a manager should also be a leader
what are the different management and leadership styles
- autocratic
- democratic
- laissez faire
- transactional
- transformational
- situational approach
what are management tasks
PLOC3D3M or POLC 3DMC2
what must entrepreneurs as managers and leaders do?
- be results driven
- vision of what should be achieved
- desire to achieve
- instilling confidence
- ability to inspire
- high EQ
- communications skills
- follow through and implement plans
what are the 6 management competencies
- strategic action
- planning
- global awareness
- teamwork
- communication
- self management
what are 2 motivation factors
- monetary
2. non monetary
what are the problems with monetary motivation
encourages compliance to task
employees are driven for monetary reward, could encourage unethical behaviour , disrupt working environment
what is non monetary motivation
differs to demographic, retirement and supplementing retirement, must be tailored to needs of employees, ned a balance with monetary and non monetary motivation
what are critical success factors in the micro environment
- size and type
- clear goals and obj
- economic goals
- clear aims and values
critical success factors in market environment
- good relationship with customers and suppliers
- good grip on porters
