Types of Entrepreneurs, Leadership Styles & Levels of Management Flashcards
List the four types of entrepreneurs
Techno-entrepreneur, social-entrepreneur, tourism-entrepreneur, enviro-entrepreneur
Give information on techno-entrepreneurs and examples of such.
They look at ways to develop technology or use technology to grow their business.
E.g, bill gates, Elon musk, Steve jobs
Give information on social -entrepreneurs and examples of such.
Start businesses to solve social problems in society. Usually Non Government Organisations (NGO’s).
E.g, Working to solve poverty, crime, education
Give information on tourism -entrepreneurs and examples of such.
They identify gaps in the tourism industry and then offer goods/services to attract tourists to the country.
E.g, hotels, sight-seeing tours, selling memorabilia.
Give information on enviro-entrepreneurs and examples of such.
Create businesses to solve environmental problems, therefore contributing to a sustainable environment.
E.g, selling solar panels.
Due to the developments in SA over the past few years, there has been a rise in a couple “new” types of entrepreneurs. Name them and give detail.
Emerging entrepreneurs:
- previously disadvantaged
- the Preferential Procurement act created a group of entrepreneurs that focus on opportunities offered by rendering services/selling goods to the public sector (government contracts)
Informal entrepreneurs:
- operates in the informal sector
- has no fixed premise & does not pay tax
- positive role in the economic development as it creates jobs, contributes to skills development and encourages economic growth
Youth entrepreneurs:
- private-public-partnerships initiatives have been set up to encourage youth entrepreneurship.
- initiatives assist in training youth through entrepreneurial programs, while providing necessary resources and on-going support
- if youth entrepreneurship can be grown, unemployment will decrease, resulting in a higher standard of living in SA.
Give examples of skills that would be considered to be on the top level of management.
Executive coaching, change management, leadership, delegations, and empowerment, et cetera. The section is in charge of strategic decisions. An example of a job in this sector would be a CEO (chief executive operator).
Give examples of skills that would be considered to be on the middle level of management
Problem-solving, teambuilding, talent, development, performance, management, et cetera. This sector is in charge of making tactical decisions. An example of a job in the sector would be a manager of marketing at the headquarters of a business.
Give examples of skills that would be considered to be on the low level of management
Emotional intelligence and coaching for performance, et cetera. For example, being a manager in store. This level makes the operational decisions, AKA the day to day decisions.
List the leadership styles.
Autocratic
Democratic
Laissez-faire (AKA free reign)
Transformational
Describe the autocratic leadership style in detail.
Also known as authoritarian leadership. Autocratic leadership style can easily be summed up by the command, “do as you’re told.” Direction comes from the top, a singular figure who leads a company or team. An autocratic leader, determines strategy, policies, procedures, and the direction of the organisation, dictating everything to subordinates. Authoritarian leaders are not focused on collaboration with those in their circle, they are rarely interested in feedback, and they prefer to hold all of the power and be in charge.
Describe the Democratic leadership style in detail
Also known as Participative leadership. Involves gathering input from your subordinates and team members. So everyone has a chance to contribute to the decision-making process. Democratic leaders are still the decision-makers, but their approach allows others to feel engaged and have a stake in the final outcome. Democratic leaders excel at sparking creativity among subordinates, and projects are enhanced fast when positive contributions come from all sides. Creativity = motivated employees.
Describe laissez-faire leadership style in detail
This leadership style involves empowering your employees, being hands-off, and trusting them to accomplish the task at hand, without constant questions or micromanagement. Laissez-faire leaders, leave decisions of employees, while staying available to provide feedback when necessary.
This style is good for creative jobs. An advantage of this is that it stimulates creativity, while a disadvantage is that it can cause confusion amongst employees.
Describe transformational leadership style in detail.
This leadership style is a combination of all of the other three and is the best of them all. It involves developing a grand vision and rallying your employees around it. Under the style, the team is eager to transform and evolve – personally and professionally – in order to achieve the overall goal. With the organisation and employees aligned, teams working under transformational leader, are united for a singular cause, and willing to commit their effort, time, and energy to the organisation.
