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Business Studies > Management & Entrepreneurship > Flashcards

Management & Entrepreneurship Flashcards

1
Q

Define management

A

The process of accepting accountability for the innovative application of resources in order to achieve business goals

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2
Q

What is the Top management responsible for

A

For strategic decision making and ensuring a sustainable future.

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3
Q

What is the Middle management responsible for

A

For making medium-term tactical decisions and ensuring that there’s synergy in different functional areas of the business

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4
Q

What is the Lower management responsible for

A

For day to day decision making like managing operations of the business

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5
Q

What are the Management tasks

A

Planning
Organisation
Leading
Controlling
Communication
Coordination
Delegation
Discipline
Decision- making
Motivation

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6
Q

What is planning

A

A rational process aimed at the future

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7
Q

What is the importance of planning

A
  • helps the business focus on objectives
  • Minimises risks and uncertainty
  • Ensures coordination in order to achieve the overall mission
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8
Q

What are the steps in the planning process

A
  1. Establishing objectives
  2. Deciding the planning processes
  3. Considering the alternative plans
  4. Implement the plan
  5. Control process
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9
Q

Define Organising

A

Identifying the activities that the business undertake to ensure success

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10
Q

What are the steps involved in organising

A
  1. Consider objectives
  2. Identify and group activities
  3. Assign duties
  4. Delegate authority
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11
Q

What are the advantages of proper organisation

A
  • helps facilitate necessary communication
  • helps employees understand their different roles
  • Stimulates creativity to solve particular problems
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12
Q

What are the principles of Leading

A

Harmony of objectives
Effective communication
Unity of direction
Direct supervision
Follow up

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13
Q

What are the qualities of a sound leader

A
  • guides people to ensure objective are met
  • encourages others
  • Able to make decisions
  • is a mediator and arbitrator
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14
Q

Name the different Leadership styles

A

Autocratic leadership style
Democratic leadership style
Laissez faire leadership style

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15
Q

Autocratic Leadership

A
  • Formulates all objectives, policies and procedures without input from anyone
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16
Q

An advantage of Autocratic Leadership

A

Quick decision making so crisis is handled quickly

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17
Q

A Disadvantage of Autographic Leadership

A

People don’t feel valued because they don’t take part in decision making

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18
Q

Democratic Leadership

A
  • Internal stakeholders brainstorm then leader takes the final decision
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19
Q

Advantages of Democratic Leadership

A

-Helps grow the confidence & collective performance of the workforce
- Boosts morale

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20
Q

Disadvantages of Democratic leadership

A
  • Can be used as an excuse to avoid responsibility
  • It takes a while to make decisions
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21
Q

Laissez faire leadership

A
  • Free-rein leadership
  • consists of creative, intrapreneurial , competent and independent thinkers
  • Provides necessary information and resources needed to achieve objectives
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22
Q

An Advantage of Laissez faire leadership

A

It motivates staff by trusting them

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23
Q

A Disadvantage of Laissez faire leadership

A

It May create uncertainty and confusion

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24
Q

Characteristics of a Leader

A

-Has informal power
- People follow them by choice
- People must believe in their vision
- Inspires, influences and motivates

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25
Q

Characteristics of a Manager

A
  • Has formal power
  • People work for them
  • is appointed
  • should be a leader as well
26
Q

What is Control about

A

Checking the current performance against the predetermined standards that were set in the planning phase to ensure there is progress in achieving the business’s objectives

27
Q

What are the steps in the Controlling process

A
  1. Establish Standards
  2. Measure actual performance
  3. Corrective action
28
Q

What the components of a good control system

A

-suitable
- Flexibke
- Motivate staff
- Aimed at the future

29
Q

Define Communication

A

The process of exchanging information, opinions, views and ideas between staff members and managers

30
Q

What is the importance of clear communication

A

It helps employees understand the whats, whys and hows in-order to achieve objectives

31
Q

What are the principles of sound Coordination

A

-Clear objectives
- Comprehensive business policies
- Proper Initiation process
- Clearly communicated chain of command

32
Q

Define Delegation

A

The allocation of responsibility and authority to subordinates to ensure a more meaningful distribution of work.

33
Q

Define discipline

A

Action taken to improve future behaviour of employees

34
Q

What influences Decision- making

A

PESTLE factors

35
Q

Define what Motivational theories are and give examples of them

A

Are theories that look at different methodologies that can applied to convince employees to perform at optimum levels
- Maslow’s hierarchy of needs
- Adam’s equity theory

36
Q

Maslow’s hierarchy of needs

A

Satisfied needs= motivation

37
Q

What are Maslow’s five levels of needs

A

Self-actualisation
Esteem needs
Social needs
Security needs
Physiological needs

38
Q

Self-actualisation

A

Looks at the person’s desires to achieve his/her full potential

39
Q

Esteem needs

A

The desire for esteem results in the need for power, prestige and stayisy

40
Q

Social needs

A

People needs to feel a sense of belonging and friendship

41
Q

Security needs

A

Security of body, employment, resources and property

42
Q

Physiological needs

A

Basic needs to ensure a sustained life

43
Q

Inequitable rewards

A

Dissatisfaction leads to reduced output

44
Q

Equitable rewards

A

Continuing at the same level of output

45
Q

More that equitable rewards

A

Works harder and exceeds required output

46
Q

What is an entrepreneur

A

A person who has the ability to see and evaluate business opportunities

47
Q

Give 5 Entrepreneurial characteristics

A

-Initiative
- Persistent
- risk taking
- Problem solver
- Assertive

48
Q

What is the difference between a Manager and an Entrepreneur’s motives

A
  • A Manager ensures the success of the business they work at
  • An Entrepreneur ensures the success of their own business in order to gain personal gratification
49
Q

What is the difference between a Manager and Entrepreneur’s Status

A

-A manager is an employee in a business
- An Entrepreneur is the owner of the business/ employer

50
Q

What is the difference between the risk faced by a Manager and the risk faced by an Entrepreneur

A
  • Manager faces the risk of job security
  • Entrepreneur assumes all the risks
51
Q

How is a Manager and an Entrepreneur differently rewarded

A
  • Manager is rewarded with a salary/ bonus
  • Entrepreneur receives all profits
52
Q

How does the Innovation of a Manager differ from that of an Entrepreneur

A
  • Manager innovates through being involved with the execution of plans
  • Entrepreneur innovates through creative thinking and problem solving
53
Q

What are the activities performed by an intrapreneur

A
  • Idea generation
  • Raising of funds
  • Project implementation
54
Q

What is the difference between an Intrapreneur and an Ultrapreneur

A
  • Intrapreneur creates new ideas and then converts them into products & services within the framework of the business
  • Ultrapreneur identifies viable business opportunities and then establishes a business.
55
Q

What are the components of a Socio-preneur

A
  • Solvers social problems
  • Profits to achieve widespread social improvement
56
Q

What is an example of a socio-preneur

A
57
Q

What are the components of a Techno-entrepreneur

A
  • uses technological advancements
    -Technology developer
    -Technology user
58
Q

Give examples of techno-entrepreneurs

A
59
Q

What are the components of an Eco-preneur

A
  • solves problems by creating environmentally friendly products/ services
60
Q

Give an example of an Eco-preneur

A
61
Q

What does a Tender-preneur do

A

-gets tenders and subcontracts them to others

62
Q

Give an example of a tender- preneur

A

Business Studies (12 decks)

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