Summary Business Studies Chapter 5: General Management
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Course
Business Studies
Institution
12th Grade
Summaries made from the "Consumo Business Studies Grade 12" book. These are notes that can be used for the IEB matric final or any IEB portfolio assessment. Notes include summaries of all the content for each chapter.
Person who combines the factors of production in order to start a new business venture,
where they see an opportunity in the market and assume the risk of starting a new business
by investing capital to make a profit
Intrapreneur –
Person who works within the a business and uses entrepreneurial qualities combined with
the business resources to transform innovative ideas into profit
2. ENTREPRENEURIAL QUALITIES
1. The ability to identify a potential opportunity and pursue the risky opportunity to
reap the rewards.
2. Understanding of the target market and continuously scanning the internal and
external environments to be proactive in identifying opportunities
3. Know who the customers are and willing to develop/change the business plan to
meet customers’ needs
4. An opportunist, being able to anticipate market trends, using these to the advantage
of the business
5. Committed and able to persevere
6. Creative and innovative, being different to a competitor which leads to success
7. Able to prepare and implement a plan to achieve goals, where they realistic by
developing contingency plans
8. Able to make quick decisions about opportunities as they arise
3. MANAGEMENT VS LEADERSHIP
Manager –
Appointed into a position of authority, enabling him to insist on people doing as he instructs
, Maintains systems
Focuses on systems and structure
Relies on control
Accepts the status quo
Leader –
Has the expertise to make people aware of the advantages of pursuing a certain course of
action, creating a desire in people to follow him to achieve the goal
Develops new methods
Focuses on people
Inspires trust
Challenges the status quo
NB – For a manager to be successful, they HAVE to also be a leader
4. MANAGEMENT
3. Management Styles
DEMOCRATIC/PARTICIPATIVE LEADERSHIP
Allows subordinates to provide input and participate in the decision making process
Advantage : Ensures buy in and commitment from the people involved in the process
Disadvantage : Slower decision making process when the manager allows participation
from all
AUTOCRATIC LEADERSHIP
Seldomly allows for input from subordinates, making all the decisions
Advantage : There is quick decision making to solve a problem
Disadvantage : Employees have a low morale as they feel undervalued by the manager
LAISSEZ-FAIRE LEADERSHIP
The manager will not interfere with the process of carrying out a task, not exercising
control over his employees, but tells the employee of what is expected
Advantage : Can lead to excellent results if they are motivated to perform optimally
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