BUSINESS UNIT 1

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Entrepreneurs

Characteristics

  • Risk taking
  • Time and energy
  • Initiative
  • Creative skills
  • ICT skills

Why do they do it?

  •  Responsibilities - if they are parents or look after elderly parents
  • Profit - generating as much surplus of revenue over costs as they can
  • Satisficers - want reasonable targets rather than maximum success
  • Ethics - they want to do something to help the community
  • Personal objectives - comfort, convenient hours, creativity, profit, job satisfaction and independence.
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Leadership Styles

Autocratic

  • Strict discipline
  • Give orders
  • Prevents fresh ideas and flexibility

Paternalistic

  • Manager has authority
  • Likely to say please and thank you when telling workers what to do

Democratic

  • Views are sought before the boss takes responsibility

Laissez - Faire

  • Maximum independence/responsibility for each worker (left to do things themselves)
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