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OU Management Spring 2018 > Leadership, Entrepreneurship, & Innovation > Flashcards

Leadership, Entrepreneurship, & Innovation Flashcards

1
Q

Qualities of Leadership

A
  • Occurs at all levels of the organization
  • Does not require a charismatic personality
  • Relational process
  • Culturally influenced
  • Develops over life
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2
Q

Requirements of Leadership

A
  • Learned behavior
  • Teachable
  • Requires follower-ship
  • Involves purposeful change that satisfies collective needs and aspirations
  • Includes the components of effectiveness and ethics
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3
Q

Leadership Theories

A
  • before the 1980’s, there were the traditional leadership

- after 1980’s, there are the modern leadership theory

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4
Q

What are the traditional leadership theories?

A
  • Trait Theory
  • Behavioral Theory
  • Contingency Theory
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5
Q

What are the modern leadership theories?

A

Transformational

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6
Q

Early (Trait) Theories

A
  • 1940s and 1950s
  • Identified traits that could distinguish leaders from non-leaders
  • implies that leaders are born and individuals without these traits cannot be leaders
  • criticisms: fails to take into account other factors (situational and environmental)
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7
Q

Behavioral Theory

A
  • 1950s to 1960s
  • Shifting from leaders to leadership
  • Leadership can be taught and developed
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8
Q

What are the different behavioral theory?

A
  • Autocratic
  • Democratic
  • Laissez-Faire
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9
Q

Autocratic

A

Leaders make all decisions with little or no input from employees

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10
Q

Democratic

A

Consult with subordinates and allow for input during decision-making processes

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11
Q

Laissez-Faire

A

Allow employees complete autonomy

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12
Q

Contingency Theory

A
  • Late 1960s
  • There is no best way to lead.
  • Instead, the optimal course of action is contingent (dependent) on the several contextual factors
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13
Q

With respect to the contingency theory, what are the contextual factors that contribute to the optimal course of action?

A
  • relationship between leader and subordinate
  • degree of power held by leader
  • structure of task
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14
Q

Traditional vs. Modern Leadership

A
  • Traditional: task oriented, maintain good relations with the leader by exchanging promises of reward for performance
  • Modern: relationship oriented, reflected business environment, includes factors related to crisis, change, and turning around a failing business
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15
Q

Transformational Leadership

A
  • Modern
  • Make subordinates conscious of the importance and value of their task outcomes
  • Provide followers with a vision and motivation to go beyond self-interest for the good of the organization
  • Create an environment that supports exploration, experimentation, risk-taking, and sharing of ideas.
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16
Q

Hallmarks of Effective Leaders

A
  • Modeling
  • Mentoring
  • Motivating
  • Monitoring
  • Multiplying Successes
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17
Q

Modeling

A

Employees will replicate leader behavior

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18
Q

Mentoring

A

Leaders serve as instructors for personal development

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19
Q

Motivating

A

Leaders motivate employees to be responsible for their behavior

20
Q

Monitoring

A

Leaders ensure efficient operation of the organization

21
Q

Multiplying Successes

A

Individuals given greater responsibility will more likely work toward improving the organization

22
Q

What are the ways to help develop leadership skills in others?

A
  • experience
  • delegating tasks
  • evaluate tools
23
Q

What are examples of leadership evaluative tools?

A
  • Myers-Briggs Type Indicator
  • The Thomas Killman Conflict Mode Instrument
  • The StrengthsFinder Profile
  • DISC Assessment
  • The Strength Deployment Inventory
  • 360-Degree Feedback
24
Q

What are ways to develop leadership skills as a student pharmacist?

A
  • Observe mentors and preceptors at work and on rotations
  • Discuss your leadership style with those close to you
  • Become active in local, state, and national organizations to build relationships and network
  • Take a leadership evaluation tool
  • Attend pharmacy leadership programs
25
Q

define entrepreneurship

A

The process by which individuals pursue opportunities without regard to resources they currently control.

26
Q

What are the implications of entrepreneurship?

A
  • It is a process that can be taught and repeatable

- Implies characteristics of passion and perseverance

27
Q

characteristics of entrepreneurs

A
  • High level of achievement motivation
  • Internal locus of control
  • Tolerance for ambiguity
  • Decisive
  • Good at external relationship building
28
Q

steps in the entrepreneurial process

A
  1. Identify an opportunity (Idea generation)
  2. Develop the concept (Research)
  3. Determine the Required Resources (People and Product)
  4. Acquire the Necessary Resources ($)
  5. Implement and Manage (Monitor, reinvestment, expansion)
  6. Harvest the Venture (Incorporate new concepts/products, license rights, family succession, sell)
29
Q

steps to sell an idea

A
  • What is the benefit?
  • How is the opportunity mew and different?
  • What is the reason to believe?
30
Q

measures to protect intellectual property

A
  • Copyright Protection
  • Trademarks
  • Patents
31
Q

define intellectual property (IP)

A

A work or invention that is the result of creativity, such as a manuscript or a design, to which one has rights.

32
Q

Copyright Protection

A
  • Easiest and least costly to acquire ($30)

- Least amount of protection - Only protects original work (not ideas, processes, or methods)

33
Q

Trademarks

A
  • Moderately expensive ($750)
  • Protects names, brands, logos, and other marketing devices
  • “Trademark” for “Marketing”
34
Q

Patents

A
  • Most expensive and time consuming (Thousands $$$, 2 years)
  • Protects idea, method, and design of products and businesses
  • Patent expiration: 17 years from grant date; 20 years from first filing date
35
Q

Timing

A

First-Mover Advantage – rewards gained by early entry into a market

36
Q

Competition

A

Competitive convergence – most companies focus on matching and beating rivals, and as a result their strategies tend to converge along the same basic dimensions

37
Q

Literary, musical, graphic, or sculptural works can be protected by what?

A

Copyright Protection

38
Q

Motion pictures and other audio-visual works can be protected by what?

A

Copyright Protection

39
Q

Derivative of protected works, such as a sequel (Star Wars) can be protected by what?

A

Copyright Protection

40
Q

Original compilation of facts, such as a field guide can be protected by what?

A

Copyright Protection

41
Q

Name – Coco Chanel can be protected by what?

A

Trademark Protection

42
Q

Symbols – McDonald’s golden arch can be protected by what?

A

Trademark Protection

43
Q

Catchphrases – Just Do It. can be protected by what?

A

Trademark Protection

44
Q

Figure or Mascot – Geico gecko can be protected by what?

A

Trademark Protection

45
Q

Lyrics can be protected by what?

A

Trademark Protection

OU Management Spring 2018 (21 decks)

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