a summary booklet including all the chapters from 11 and 12 needed to write finals, short and summarised to help you ace those exams! color coordinated, in-depth descriptions per sub-topic, and clear organization structure for easy studying and memorizing.
made for ieb matrics x
,ENTREPRENEURSHIP, MANAGEMENT
AND LEADERSHIP
DIFFERENCE BETWEEN AN INTRAPRENEUR AND AN ENTREPRENEUR
intrapreneur entrepreneur
same qualities as an entrepreneur however:
they have more caution combines FOP to start a new business
have a stable job with benefits
use innovation and leadership to improve a seeks opportunities + assumes risk by investing in
department own capital for profit
a persuasive leader + assists employees to reach
their full potential
encourages employees to help other to improve
the business performance
uses cooperation and is very team driven
thinks like an entrepreneur by seeking
opportunities + uses resources to be more
productive and profitable
ENTREPRENEURIAL QUALITIES AND SKILLS
creative thinkers: challenge the conventional ways of doing things
perseverance and commitment: work hard to change the part in life that they live in
risk takers: positive attitudes to devote time money and resources to something they believe in
good leaders: persuade others to buy into their dream
opportunists: uses every opportunity to gain money and power (in the right place at the right time - they see an
opening and they take it)
skills:
knowledge and expertise to run a business successfully
can be learnt + including the management functions
recognise shortcomings - hire employees to fill the roles they cannot
,PERSONAL ATTITUDES OF ENTREPRENEURS
own leadership style - attitudes and characteristics that contribute to success
results driven - know the outcome
display honesty and integrity
build success based off of team work
have confidence to make decisions in uncertain circumstances
influence followers - can motivate without popularity + gains trust + inspire
IQ + EQ:
emotional intelligence: controls emotions and deals with problems in a mature manner
communication skills: transfer ideas and obtain input from others
IQ means you do better academically (better cognitive abilities)
WHAT IS THE DIFFERENCE BETWEEN A MANAGER AND A LEADER
LEADER MANAGER
shares vision and inspires others to carry it out authority due to their position in the business
has power due to their expertise ensures that the work is done and carried out
LEADERSHIP STYLES
manager is the only decision maker in the business
keeps authority and controls the team without consultation
employees have no say in negotiations
when to use:
autocratic leadership
routine unskilled jobs, emergencies, to restore discipline
disadvantages include:
high absenteeism
high staff turnover
more involvement from workers in the decisions which improves the buy
in of the business
varied degrees:
1. democratic - leader + followers equal in the decision making
democratic leadership
2. participative - team members in full control + make decisions
advantages: increased job satisfaction + develops skills
disadvantages: takes more time to make decisions as everyone needs to be
included in the process
, no interference
laissez-faire leadership workers are informed on what to achieve but not how to get there
advantages: allows creativity and out of the box thinking
give and take transaction
offer something in value for a return for a service
transactional leadership
results in win-lose (obey orders but you're not self motivated)
eg: commission based jobs
looks at what we can achieve together to improve the organisation
satisfies the higher order needs (self-actualisation) and helps to achieve
transformational leadership goals
(charismatic - leads through motivates other to do more
the power of their personality creative and flexible - set empowerment is put into motion
and charm) successful if the followers are motivated to take action based on a
group
very people driven
leader behaves varied to the situation at hand
different styles are appropriate
influenced by the leader and follower relationship
situational leadership
likelihood of accepting instructions varies style:
not likely - autocratic
artistic - laissez-faire (as they do not respond well to structure)
MANAGEMENT TASKS
planning
ask questions delegating
appropriate info should be assigns responsibility
gathered and alternatives gives tasks to trusted
organising
should be considered and employees
resources (money, people,
best possible option should ultimate responsibility still
materials) need to be available
be chosen in case the remains in the hands of the
in order to carry out a plan
original plan fails plan B manager
plans should be adaptable, empowers employees to gain
realistic, cost-effective and skills and confidence
communicated
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