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Entrepreneurial Mind > Leadership > Flashcards

Leadership Flashcards

1
Q

The art of motivating a group of people to act towards achieving a common goal.

A

Leadership

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2
Q

The use of authority in decision-making

A

Leadership

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3
Q

The act of getting others to follow

A

Leadership

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4
Q

A personal characteristic; an ability to achieve effective performance in others

A

Leadership

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5
Q

True or False: Often can entrepreneurs make a company succeed by themselves.

A

False

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6
Q

True or False: Entrepreneurs need to be able to identify staffing needs, expertly fill them, and lead the team to success.

A

True

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7
Q

What are the five entrepreneur leadership qualities?

A
  1. Seeking self-improvement
  2. Possessing technical skills
  3. Accepting responsibility for actions
  4. Making decisions
  5. Role Model
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7
Q

Two importance of leadership in modern business:

A
  1. Changing organizational structures
  2. Rapid environmental change
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8
Q

Changing organizational structures:

A
  • Flatter +greater delegation
  • Teamwork +focus on quality assurance
  • coaching, support, and empowerment
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9
Q

Change is becoming a constant feature of business life

A

Rapid environmental change

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10
Q

Soft skills of leadership and management are increasingly important

A

Rapid environmental change

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11
Q

True or False: Strategic leaders are the people who influence or control the corporate strategy of a business.

A

True, importance of leadership in modern business

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12
Q

True or False: Strategic leadership often personally identified with the strategy

A

True

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13
Q

True or False: Strategic leadership occurs both in small firms (e.g. the founder) and large corporates.

A

True

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14
Q

Strategic leadership: Where leaders take direct control

A

Leadership as command

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15
Q

Strategic leadership: Where leaders set the vision and core beliefs

A

Leadership as vision

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16
Q

Strategic leadership: Where the leader is the embodiment of the strategy, but not involved day-to-day

A

Leadership as symbolic

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17
Q

Strategic leadership: Where the leader weighs up the options and decides

A

Leadership as decision-making

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18
Q

Inspire people; build relationships; take risks; have followers

A

Leaders/ Leadership

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19
Q

Enact the plan; use their authority; manage risks; have subordinates

A

Managers/ Management

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20
Q

The way that the functions of leadership are carried out

A

Leadership style

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21
Q

The way that a leader behaves

A

Leadership style

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22
Q

Type of Leadership style: Focus of power is with the manager

A

Authoritarian

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23
Q

Type of Leadership style: Communication is top-down and one-way

A

Authoritarian

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24
Q

Type of Leadership style: Formal systems of command and control

A

Authoritarian

25
Q

Type of Leadership style: Use of rewards and penalties

A

Authoritarian

26
Q

Type of Leadership style: Very little delegation

A

Authoritarian

27
Q

Type of Leadership style: Leader decides what is best for employees

A

Paternalistic

28
Q

Type of Leadership style: Addressing employee needs

A

Paternalistic

29
Q

Type of Leadership style: Similar to a parent/child relationship

A

Paternalistic

30
Q

Type of Leadership style: Still little delegation

A

Paternalistic

31
Q

Type of Leadership style: A softer form of authoritarian leadership

A

Paternalistic

32
Q

Type of Leadership style: Focus of power is more with the group as a whole

A

Democratic

33
Q

Type of Leadership style: Leadership functions are shared within the group

A

Democratic

34
Q

Type of Leadership style: Employees have greater involvement in decision-making

A

Democratic

35
Q

Type of Leadership style: Emphasis on delegation and consultation

A

Democratic

36
Q

Type of Leadership style: A trade-off between speed of decision-making and better motivation and morale

A

Democratic

37
Q

Type of Leadership style: Leader has little input into day-to-day decision-making

A

Laissez-faire

38
Q

Type of Leadership style: Conscious decision to delegate power

A

Laissez-faire

39
Q

Type of Leadership style: Managers/employees have the freedom to do what they think is best

A

Laissez-faire

40
Q

Type of Leadership style: Effective when staff are ready and willing to take on responsibility

A

Laissez-faire

41
Q

True or False: Right leader for the right situation

A

True

42
Q

True or False: Authoritarian is the best leadership style

A

False, many alternative forms and styles

43
Q

True or False: Autocratic makes more sense when business is in trouble (e.g. rapid turnaround)

A

True

44
Q

True or False: Autocratic would be appropriate where performance is highly dependent on effective team-working and decentralized operation

A

False, inappropriate

45
Q

What are the five essential qualities of a leader?

A
  1. Courage
  2. Confidence
  3. Concentration
  4. Passion
  5. Values
46
Q

True or False: Successful management of change requires positive action from top management and a leadership style that gains a commitment to change.

A

True

47
Q

When a party whose actions are unobserved can affect the probability or magnitude of a payment associated with an event

A

Moral Hazard

48
Q

The possibility that an individual’s behavior may change because she has insurance

A

Moral Hazard

49
Q

When workers perform below their capabilities when employers cannot monitor their behavior

A

Job Shirking

50
Q

True or False: Moral Hazard is a problem only for insurance companies

A

False

51
Q

True or False: Moral Hazard also alters the ability of markets to allocate resources efficiently.

A

True

52
Q

True or False: Moral Hazard is a problem because a person takes a greater risk in the knowledge that a third party pays for the consequences

A

True

53
Q

Problem arising when agents (e.g., a firm’s managers) pursue their own goal rather than the goals of principals (e.g., the firm’s owners)

A

Principal-agent problem

54
Q

True or False: An agency relationship exists whenever there is an arrangement in which one person’s welfare depends on what another person does.

A

True

55
Q

An individual employed by a principal to achieve the principal’s objective

A

Agent

56
Q

True or False: A principal-agent problem arises when agents pursue their own goals rather than the goals of the principal

A

True

57
Q

An individual who employs one or more agents to achieve an objective

A

Principal

58
Q

Explanation for the presence of unemployment and wage discrimination which recognizes that labor productivity may be affected by the wage rate.

A

Efficiency wage theory

59
Q

Principle that workers still have an incentive to shirk if a firm pays them a market-clearing wage because fired workers can be hired somewhere else for the same wage.

A

Shirking Model

60
Q

Wage that a firm will pay an employee as an incentive not to shirk

A

Efficiency wage

61
Q

True or False: Once hired, workers can either work productively or slack off (shirk). But because information about their performance is limited, workers may not get fired for shirking.

A

True

Entrepreneurial Mind (8 decks)

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