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Summary NSC purple business studies book - grade 12 notes.

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Business chapter 6

Entrepreneurs vs Intrepreneurs:

Intrepreneurs: they have the same qualities as entrepreneurs
BUT
They are more cautious (can not take financial risks)
Is an employee who works in a business (leaderships to improve departments)
Encourages change through innovation

Entrepreneurs: starts their own business (sees a gap in the market)
Passionate visionaries
Risk takers
Good leaders
Hardworking

Entrepreneurial skills: focussing on PLOC

Personal attitudes: Driven
Have a vision
Desire to strive and improve
Honesty and integrity
Confidence
Communication skills
Self motivation

Management and leadership:

Manager: has the power due to the position
Maintains the system
Focuses on structure
Relies on control

Leader: power due to expertise
New methods
Focuses on people
Relies on trust

Different management styles:

Autocratic: management makes all the decisions

Democratic: involvement of workers to make decisions

, Laissez faire: non interférence. Managers tell workers what the goal is but they have the free
rein to achieve it.

Transactional: give and take (negotiation)

Transformational: emphasis on teamwork, creative and flexible

Situational: a combination of everything depending on the situation.


Management tasks: (PLOCCCDDDM)

planning: all info gathered. Ask questions. Have a plan b.


Organization: making sure all resources are available


Leading: encourages employees to implement the plan


Control: control over the implementation of the plan. Ensure goals are reached.


Coordination: all employees must be aware of the expectations. All sections of the work.


Communication: convey ideas. Includes feedback. Good communication can improve the
relationships between the manager and employees.


Delegation: delegation between staff members. Empowers employees. Giving employees trust


Discipline: to maintain order and optimum working conditions. Have codes of conduct with
disciplinary hearings.


Motivation: How can it be done?


Decision making: an important task

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