The notes seen attached, provide an in depth summary of the Entrepreneurship and intraprneurship section of the Business Studies syllabus required by the IEB.
These notes have been used to successfully complete the NSC final examinations, confidently and with ease.
Entrepreneurship and Intrapreneurship
Entrepreneurs vs Intrapreneurs
Intrapreneurs
Intraprenuers have all the same qualities as entrepreneurs, although they are more
cautious/don't take risks and they prefer to remain in a stable job.
Intraprenuers work within a business although they use their talents of innovation and
leadership in order to change and improve the workplace.
Example of intrapreneurs:
➔ Checkers fresh X in order to become Woolworths competitors.
They have the necessary knowledge and expertise to run a business successfully. Skills
can be learnt and may include aspects from the management functions as well as the
basic management elements: Planning, organising, leading and control.
Types of Entrepreneurs
● Techno-entrepreneur: develop technology or use technology to grow their
business
● Social – entrepreneur: solve social problems in society, normally NGOs
, ● Tourism- entrepreneur: identifies gaps in the tourism industry
● Enviro/Eco-entrepreneurs: solve environmental problems
● Tender-preneur: develops a business around a tender they want to apply for
Management and Leadership
Difference between Leadership and Management
A manager is granted authority when appointed to a specific position, while a leader is
someone that shares his vision and inspires others to carry it out. The manager has
power due to the position they hold while the leader has power due to their expertise.
Plan, organise, lead, control, coordination, communication, decision making, delegation,
discipline and motivation are crucial for a manager.
Different Management and leadership styles
Autocratic
The manager is the only person making decisions. Strongly associated with the second
wave management approach.
Democratic/Participative
This leadership style allows for more involvement by the workers in the decision making
process. There are varying degrees of participation that can be implemented:
● A fully democratic environment: Leaders and followers have equal powers.
● A fully participative setup: Team members or followers are in full control.
Laissez faire
Managers inform workers what they must achieve but they do not get involved and tell
the workers how the objectives should be achieved.
Transactional
Transactional leadership is based on a give-and-take transaction where the leaders offer
something of value to their followers in return for their services and following.
Negotiation
Transformational
People are motivated through what they can achieve together to improve the company.
Teamwork. Employees are encouraged to be creative and innovative. The
transformational leader helps their followers to satisfy their higher order needs while at
the same time reaching the goals of the business. Expectations shared in the group
rather than individual gain are followed. Charismatic leaders.
The situational approach
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