These PDF document contains all the necessary information needed to achieve a 95% PASS in the IEB FINALS, as I did with these very notes. Each page contains colour (not too much that it becomes distracting) and takes a very structured and consistent approach to summarising. The TEXTBOOK is often TO...
Chapter 5- General Management
- General Manager at TOP management
- Functional Managers (Marketing, Admin, HR Managers) at MIDDLE management
- Supervisors at LOWER management
1. Entrepreneurship and Intrapreneurship
Entrepreneur Intrapreneur
Combines all 3 factors of production Combines all the entrepreneurial qualities
(Land, Labour, Capital) with resources to lead to profitable ideas
Takes the risk of starting a business Works within the business
Usually operates in top-management Doesn’t necessarily operate at
top-management
2. Entrepreneurial Qualities, Characteristics and Skills
- Most entrepreneurial skills can be developed or learnt
- Identify opportunities with potential and pursue (even if risky) and endure the
risks and rewards
- Understand the target market, internal and external markets proactively to
identify opportunities and threats
- Know the customers (Living Standards Measurement) needs and wants and be
willing to adapt the business plan
- Opportunistic in order to predict market trends and identify positives to use to the
competitive advantage
- Commitment and perseverance
- Creativity and innovation are often needed to start the business in order to create
a competitive advantage of differentiation (strategy)
- Be prepared to implement a plan and achieve the goals set out in the plan, by
being proactive and realistic - while also developing contingency plans incase
- Ability to obtain and coordinate the required resources in the optimal manner
- Leadership to convince and motivate others to buy into the plan and follow them
to achieve the goals of the business
- Evaluate achievements and progress in order to correct any issues if needed
- Quick decision-making about opportunities or threats as they arise
- Ability to communicate clearly and accurately to implement the correct strategies
to overcome challenges and capitalise on opportunities
, 3. Leadership vs. Management
- Leader has expertise to create a desire in people to follow them to achieve a common
goal (making aware of the advantages of a certain plan of action)
- Manager is appointed in a position of authority which often dictates to people what they
should be doing
- Ideally a manager should be a leader as well
- People respond better to someone who respects and recognises each
individual’s strengths and their contributions
4. Management
4.1 Management Styles
4.1.1 Democratic (Participative leadership)
- Allows subordinates to provide input and participate in the
decision-making process
- Ensures buy-in and commitment
- May lead to slower decision-making
4.1.2 Autocratic
- Seldom allows input from subordinates and makes all decisions
- May be the best approach for certain circumstances (crisis and quick
decision-making needed)
- Low employee morale (feel undervalued)
4.1.3 Laissez-faire
- Management should not interfere with the task process
- Explain what management expects from employees but doesn’t tell them
how do do the task
- May yield excellent results with highly skilled workforce (motivated)
4.1.4 Transactional
- “Give and take”
- Manager motivates the employees to perform the task in return for salary/
bonus/ other benefits
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