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Summary Chapter 5 - General Management

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  • Grado
  • General Management
  • Institución
  • St Stithians College (Stithian)

Comprehensive summary of General Management (Chapter 5), adapted from the Consumo Publishers Business Studies Grade 12 Textbook. Easy to understand with clear headings and sub-headings, diagrams and tables, and important terms highlighted in bold.

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Información del documento

  • 21 de agosto de 2020
  • 11
  • 2020/2021
  • Resumen

Temas

  • business
  • business studies
  • grade 12 business
  • ieb business
  • general management

Escuela, estudio y materia

  • St Stithians College (Stithian)
  • General Management
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Kayla Humphries




Chapter 5 – General Management


o Top management (strategic decisions) – general manager.
o Middle management (tactical decisions) – admin manager, advertising
manager etc.
o Lower management (day-to-day decisions) – supervisors.




Entrepreneurship vs Intrapreneurship



ENTREPRENEURSHIP:

Entrepreneur = person who combines three FOP (capital, labour and raw materials)
to start a new business venture.

- Sees an opportunity in the market and assumes the risk of starting a new
business by investing his capital in order to make a profit.
- Starts off at top management when opening a business.



INTRAPRENEURSHIP:

- AKA inside entrepreneur.
- Works within a business, using entrepreneurial qualities to transform
innovative ideas into profit.
- Doesn’t have to operate at top management.
- Implements new idea with manager approval.




Entrepreneurial qualities, characteristics and skills

Cannot be learned/developed.

• Ability to identify opportunity with potential and to then pursue the
opportunity.
• Continuously scan both markets.
• Opportunist = able to anticipate market trends.

, Kayla Humphries


• Committed and have perseverance.
• Creative and innovative.
• Realistic and proactive by developing a contingency plan to manage risks.
• Able to obtain/coordinate required resources to execute a plan.
• Leadership qualities = convince and motivate others to buy into plan.
• Ability to evaluate achievements and progress.
• Makes quick decisions.
• Ability to communicate clearly and accurately.
• Personally motivated.



Leadership vs Management

- A manager appointed in a position of authority which enables him to insist
on people doing as he instructs.
- A leader has expertise to make people aware of the advantages of pursuing
a certain course of action, thereby creating a desire in people to follow him
to achieve a goal.

Successful manager should be a leader.


Manager Leader
Maintains systems Develops new methods to do things
Focuses on systems & structures Focuses on people
Relies on control Inspires trust
Accepts the status quo Challenges the status quo




Management



MANAGEMENT STYLES:

Democratic:

o Allows for subordinates to provide input and participate in the decision-
making process.
o Advantage - usually ensures buy-in and commitment from people involved.
o Disadvantage - can lead to slower decision-making.

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