Entreprenuers And Leaders Flashcards
What motivates people to go to work?
- Commission
- Money
- Enjoyment
- Empowerment (make decisions)
- Team-working
- Promotion
What was Taylor’s attitude towards employees?
Wanted them to obey orders and get them done quickly. Doesn’t trust them
What is Taylor’s approach to management and motivation?
- 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
What is Taylor’s view on what motivated people?
Based on targets, Reward those who meet and Piece rate
What are the implications of Taylorism?
- close control and supervision
- dictatorial
- oppressive
What is leadership?
The action of leading a group of people or an organisation, or the ability to do this.
What is management?
The process of dealing with or controlling things or people, the responsibility for and control of a company or organisation
What are the four styles of leadership?
- Autocratic
- Paternalistic
- Democratic
- Laissez-afire
What is autocratic Leadership?
the concentration of decision-making and power in only one person who takes little or no input from others
What is democratic leadership
a leadership style in which members of the group participate in the decision-making process
What is paternalistic leadership?
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
What is laissez-faire leadership?
Leaders and supervisors stand back and let their employees make decisions and may let them set their own deadlines
What is a entrepreneur?
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
What is entrepreneurial characteristics?
the skill, quality or trait of the person starting the business
What are entrepreneurial motives?
the factor that drives a person to start a business
What are examples of entrepreneurial characteristics?
- Creativity
- Hard-work
- Resilience
- Initiative
- Self-confidence
- Risk-taking
What are examples of entrepreneurial skills?
- Communication
- Team working
- Problem solving
- Organisation
- Numeracy
- IT
What are financial motives for starting a business?
- Profit maximisation
- Profit Satisficing
What are non-financial motives to starting a business?
- Independence
- Flexibility
- Ethical reasons
- Social purpose
- Personal challenge
What is Maslow’s ‘Hierarchy of Needs’ theory?
What are the 5 levels of Maslow’s Hierarchy of needs?
1.Psychological- Basic needs
2.Safety- Safe working environment
3.Social- Feeling Wanted
4.Esteem- Self respect
5.Self-actualisation- intellectual needs/achieving targets
What is Herzberg’s motivation theory called?
Two factor theory
What are business forms?
The legal structure that a business takes
Eg. Sole trader, a partnership, a private limited company
What is limited liability?
When the owner of the business has no personal liability for business debt.
What is unlimited liability?
If a business gains debt and there is no money on the business, the owner has to pay through their own funds
What is a sole trader business?
Business owned by one owner but can have staff who aren’t involved in the control of the business
What are the advantages to a sole trader?
- Easy to set up
- Make decisions quickly
- Less capital needed
- All profits go to owner
- Their are their own boss
What is a partnership business?
When two or more people share the risks, costs and responsibilities of being in business
What are the advantages to a partnership business?
- Easier than a sole trader to raise extra capital
- Smaller business means good working relationship
What are the disadvantages to sole traders?
- Unlimited liability
- Difficult to raise money
- Don’t have economies of scale
- No one to take over for ill health or holidays
What is Taylor’s motivation theory called?
Scientific management
What are the two factors in Herzberg’s theory?
- 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
What are examples of motivators?
- Responsibility at work
- Meaningful, fulfilling work
- achieving and recognition
What are hygiene factors?
- Pay and other financial rewards
- Working conditions
- Appropriate supervision and policies
What is intrapreneurship?
Where large businesses enable employees and managers to demonstrate entrepreneurial behaviour in their work to the benefit of their employer
Eg. Gmail
What are ways to encourage and facilitate intrapreneurship?
- Structured time away from work
- Cross-functional teams
- Secondment of staff
- Competitions
Why are businesses not entrepreneurial?
- Complacency
- Bureaucracy
- Reward systems
- Short-termism
What do businesses need for successful intrapreneurship?
- Mentoring
- Communication
- Culture of innovation
- Reward system
- Resources
What are the characteristics of a good entrepreneur?
- Understanding the market
- Determination
- Passion
- Resilience
- Ability to take risks
