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Summary Business Studies General Management Notes
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Summary of BUSINESS STUDIES Chapter 5, IEB
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GENERAL MANAGEMENTAdmin Manager Marketing Manager Production Manager
Supervisor Supervisor Supervisor
ENTREPRENEURSHIP & INTRAPRENEURSHIP
Entrepreneur
The person who combines the factors of production to start a business.
• Sees opportunities in markets and takes risks to make profit
• Starts off at top management level
Intrapreneur
‘Insider’ entrepreneur
• Works within a business and uses entrepreneurial qualities with the businesses’ resources to
transform ideas into profit
ENTREPRENEURIAL QUALITIES, CHARACTERISTICS & SKILLS
Characteristics:
- Identify opportunity
- Taking risk
- Committed and can persevere
- Personally motivated
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, Qualities
- Understand time management
- Creative and innovative
- Implement plans
- Leadership
Skills
- Know who the customers/target market are
- Opportunist
- Anticipate market trends
- Execute plans
- Evaluate achievements
- Communication
LEADERSHIP VS. MANAGEMENT
Manager
Appointed in a position of authority which enables someone to insist people doing as he/she
instructs.
*Manager will be better equipped with entrepreneurial qualities & leadership qualities.
Leader
Expertise to make people aware of the advantages of pursuing a certain cause of action.
*Therefore creating a desire in people to follow him/her to achieve a common goal.
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