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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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  • November 10, 2020
  • 14
  • 2020/2021
  • Summary
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GENERAL MANAGEMENT




Admin 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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