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Business Studies > Entreprenuers And Leaders > Flashcards

Entreprenuers And Leaders Flashcards

1
Q

What motivates people to go to work?

A
  • Commission
  • Money
  • Enjoyment
  • Empowerment (make decisions)
  • Team-working
  • Promotion
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2
Q

What was Taylor’s attitude towards employees?

A

Wanted them to obey orders and get them done quickly. Doesn’t trust them

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3
Q

What is Taylor’s approach to management and motivation?

A
  • Identify the most efficient methods of production
  • Spot the most efficient workers
  • Train all workers to be like them
  • Reward the workers based on productivity
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4
Q

What is Taylor’s view on what motivated people?

A

Based on targets, Reward those who meet and Piece rate

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5
Q

What are the implications of Taylorism?

A
  • close control and supervision
  • dictatorial
  • oppressive
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6
Q

What is leadership?

A

The action of leading a group of people or an organisation, or the ability to do this.

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7
Q

What is management?

A

The process of dealing with or controlling things or people, the responsibility for and control of a company or organisation

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8
Q

What are the four styles of leadership?

A
  • Autocratic
  • Paternalistic
  • Democratic
  • Laissez-afire
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9
Q

What is autocratic Leadership?

A

the concentration of decision-making and power in only one person who takes little or no input from others

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10
Q

What is democratic leadership

A

a leadership style in which members of the group participate in the decision-making process

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11
Q

What is paternalistic leadership?

A

a managerial approach that involves a dominant authority figure who acts as a patriarch or matriarch and treats employees and partners as though they are members of a large, extended family

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12
Q

What is laissez-faire leadership?

A

Leaders and supervisors stand back and let their employees make decisions and may let them set their own deadlines

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13
Q

What is a entrepreneur?

A

An entrepreneur is a person who sets up a business and takes risks in the hope of a profit, reward or for a social purpose

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14
Q

What is entrepreneurial characteristics?

A

the skill, quality or trait of the person starting the business

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15
Q

What are entrepreneurial motives?

A

the factor that drives a person to start a business

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16
Q

What are examples of entrepreneurial characteristics?

A
  1. Creativity
  2. Hard-work
  3. Resilience
  4. Initiative
  5. Self-confidence
  6. Risk-taking
17
Q

What are examples of entrepreneurial skills?

A
  1. Communication
  2. Team working
  3. Problem solving
  4. Organisation
  5. Numeracy
  6. IT
18
Q

What are financial motives for starting a business?

A
  • Profit maximisation
  • Profit Satisficing
19
Q

What are non-financial motives to starting a business?

A
  1. Independence
  2. Flexibility
  3. Ethical reasons
  4. Social purpose
  5. Personal challenge
20
Q

What is Maslow’s ‘Hierarchy of Needs’ theory?

A
21
Q

What are the 5 levels of Maslow’s Hierarchy of needs?

A

1.Psychological- Basic needs
2.Safety- Safe working environment
3.Social- Feeling Wanted
4.Esteem- Self respect
5.Self-actualisation- intellectual needs/achieving targets

22
Q

What is Herzberg’s motivation theory called?

A

Two factor theory

23
Q

What are business forms?

A

The legal structure that a business takes

Eg. Sole trader, a partnership, a private limited company

24
Q

What is limited liability?

A

When the owner of the business has no personal liability for business debt.

25
Q

What is unlimited liability?

A

If a business gains debt and there is no money on the business, the owner has to pay through their own funds

26
Q

What is a sole trader business?

A

Business owned by one owner but can have staff who aren’t involved in the control of the business

27
Q

What are the advantages to a sole trader?

A
  • Easy to set up
  • Make decisions quickly
  • Less capital needed
  • All profits go to owner
  • Their are their own boss
28
Q

What is a partnership business?

A

When two or more people share the risks, costs and responsibilities of being in business

29
Q

What are the advantages to a partnership business?

A
  • Easier than a sole trader to raise extra capital
  • Smaller business means good working relationship
30
Q

What are the disadvantages to sole traders?

A
  • Unlimited liability
  • Difficult to raise money
  • Don’t have economies of scale
  • No one to take over for ill health or holidays
31
Q

What is Taylor’s motivation theory called?

A

Scientific management

32
Q

What are the two factors in Herzberg’s theory?

A
  • Motivators (factors that directly motivate people to work harder) eg. Recognition
  • Hygiene (Factors that can de-motivate if not present but do not actually motivate employees to work harder) eg. Salary
33
Q

What are examples of motivators?

A
  • Responsibility at work
  • Meaningful, fulfilling work
  • achieving and recognition
34
Q

What are hygiene factors?

A
  • Pay and other financial rewards
  • Working conditions
  • Appropriate supervision and policies
35
Q

What is intrapreneurship?

A

Where large businesses enable employees and managers to demonstrate entrepreneurial behaviour in their work to the benefit of their employer

Eg. Gmail

36
Q

What are ways to encourage and facilitate intrapreneurship?

A
  • Structured time away from work
  • Cross-functional teams
  • Secondment of staff
  • Competitions
37
Q

Why are businesses not entrepreneurial?

A
  • Complacency
  • Bureaucracy
  • Reward systems
  • Short-termism
38
Q

What do businesses need for successful intrapreneurship?

A
  • Mentoring
  • Communication
  • Culture of innovation
  • Reward system
  • Resources
39
Q

What are the characteristics of a good entrepreneur?

A
  • Understanding the market
  • Determination
  • Passion
  • Resilience
  • Ability to take risks

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