Summary
Summary General Management Business Studies Grade 12 IEB Full Notes
- Course
- Business Studies
- Institution
- 12th Grade
Full In-depth Notes and Summary for General Management Business Studies Grade 12 IEB
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GENERAL MANAGEMENT• The General Manager operates at top management level.
• The Functional Managers (admin manager, marketing manager, etc) operates at middle management level.
• Supervisors operate at the lower management level.
Admin Manager Supervisor
General
Manager
Marketing
Supervisor
Manager
1. Entrepreneurship and Intrapreneurship
The Entrepreneur
• The entrepreneur is a person who combines the 3 factors of production to start a new business venture.
• They see an opportunity in the market and assumes the risk of starting a new business by investing their
capital to make a profit.
• They usually operate at top management level.
The Intrapreneur
• They work within a business and use entrepreneurial qualities combined with business’ resources to
transform ideas into profit.
• The intrapreneur doesn’t have to operate at top management level but will often implement a new and
profitable idea within the department with the approval of their manager.
2. Entrepreneurial qualities, characteristics, and skills
• Opportunity Identification: Entrepreneurs must spot potential opportunities in the market and be
proactive in analyzing both internal and external environments to identify trends and threats.
• Market Understanding: A deep understanding of the target market, including customer demographics (e.g.,
Living Standards Measure or LSM), needs, and preferences, is essential. Entrepreneurs must be willing to
adapt their business plans accordingly.
• Opportunism: Entrepreneurs should be adaptable and able to respond to changing market conditions, even
if they deviate from their initial plans. Anticipating market trends can give the business a competitive edge.
• Commitment and Perseverance: Starting and running a new business requires hard work, dedication, and
the willingness to face challenges.
• Creativity and Innovation: Differentiating the business from competitors through innovative ideas and
unique offerings is crucial for success.
• Planning and Implementation: Entrepreneurs must develop realistic plans to achieve their goals, including
contingency plans to address potential risks.
• Resource Coordination: Effectively obtaining and coordinating the necessary resources is essential for
executing business plans successfully.
• Leadership and Motivation: Strong leadership qualities enable entrepreneurs to inspire and motivate their
teams, fostering a collaborative work environment.
, • Progress Evaluation: Regularly assessing progress allows entrepreneurs to make necessary adjustments
and improvements.
• Quick Decision-Making: The ability to make timely decisions in response to emerging opportunities is vital
for capitalizing on market changes.
• Effective Communication: Clear and accurate communication is essential for conveying ideas, goals, and
expectations to team members and stakeholders.
3. Leadership vs. management
A manager is appointed in a position of authority which enables them to insist on people doing as they instruct.
A leader has the expertise to make people aware of the advantages of pursuing a certain course of action,
thereby creating a desire in people to follow them to achieve a common goal.
Manager Leader
Maintains systems Develops new methods to do things
Focuses on systems and structure Focuses on people
Relies on control Inspires trust
Accepts the status quo Challenges the status quo
4. Management
4.1 Management styles
4.1.1 Democratic:
Allows input from subordinates.
Participation in the decision-making process.
Advantage – ensures buy-in and commitment from people involved.
Disadvantage – slower decision making.
4.1.2 Autocratic:
Seldom allows for input from subordinates and makes all decisions.
Best if there is a crisis and quick decision making is required to solve a problem.
Disadvantage – employees often have low morale as they feel undervalued by the manager.
4.1.3 Laissez-faire:
Manager believes that they should not interfere in the process of carrying out a task.
Manager will tell employees what is expected from them and allows them to do the task without
interference.
This management style may yield excellent results, if there is a highly skilled workforce motivated to do well.
4.1.4 Transactional:
Manager motivates employees to perform tasks by means of salary, bonus, etc.
Disadvantage – when employees feel the reward is insufficient, they become demotivated.
4.1.5 Situational:
Manager will use any of the above management styles required for the situation faced.
4.2 Motivational factors: Monetary vs. Non-Monetary Factors
Monetary factors to motivate employees:
A salary increase.
A performance bonus, profit sharing, or commission motivate employees to reach certain targets.
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