Unit 1- Business Intro

Question 1

What is Leadership?

Answer 1

Business leadership describes how individuals determine objectives, provide guidance, motivate others, measure performance, and establish an environment of excellence.
Goal: is to facilitate the achievement of common goods

Question 2

What is Democratic Leadership? How is it most useful? Drawbacks?

Answer 2

Employees contribute to the workplace
Most useful:
-To make employees feel appreciated and increase team spirit/morale. Employees work harder/ more productively.
Drawbacks: It takes longer to make decisions

Question 3

What is Autocratic leadership?

Answer 3

One person is in charge
Most useful:
- By taking control of the situation
- It doesn’t allow participation in decision-making, quick decisions
The input of others doesn’t matter, and unpopular decisions need to be made.
Drawbacks: This leads to more misunderstanding and discontentment, and employees can rebel.

Question 4

What is Laissez-faire leadership?

Answer 4

Just get the job done right, with minimal supervision
Most useful: The employee group is mature and has high levels of experience in the workforce.
Drawbacks:
- All employees need direction, guidance, motivation and feedback from time to time
- Employees need to believe their input is valued
- Not effective if there are new employees on the job

Question 5

What is Transformational Leadership?

Answer 5

Motivated because they want to do well, overachieving
Key characteristics:
- Inspirational vision
- Individual consideration
- Intellectual stimulation
Impact:
- Effective in certain contexts
- The shared vision can lead to increased job satisfaction, motivation and commitment
- Leads to higher engagement, creativity and innovation

Question 6

What is Transactional Leadership?

Answer 6

Rewards and punishments
Key characteristics:
- Contingent rewards
- Management by exception
- Clarity of expectation
Impact:
- Effective in certain contexts (eg. industries with strict regulations or environments where safety and adherence to established protocols are paramount)
- Maintains order but it can stifle creativity and innovation
- Employees may become motivated safely by rewards