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.
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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