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Summary NSC purple business studies book - grade 12 notes.
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Business chapter 6Entrepreneurs 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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