Economics and Business unit 1

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  • Created by: apple87
  • Created on: 12-03-15 17:54
What is an entreprenur?
Someone who organises a business venture and is responisble for risks invloved and putting business ideas into practice.
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What are the characteristics of successful entrepreneurs?
Hard work, motivation, risk taking, initiative, creativity, resillience, perseverence, understanding the market.
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What motivates entrepreneurs?
Profit, self actualisation, creativity, satisfaction of making things happen, independence, ethical and green considerations doing the right thing.
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What is a social entreprenure?
Someone who uses their skills to benefit society.
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What is an autocratic manager?
Makes all the decisions gives orders without consulting anyone else. Top down one wat system of communicating.
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What is a democratic manager?
Listens to other peoples ideas and opinions before reaching a decision. Two way system of communicating, tasks and resopnsibilities are likely to be delegated.
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What is a paternalistic manager?
Think they know best although there is some consultation, the manager thaks ultimate responsibilty.
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What are the characteristics of democratic management?
No consultation, no employees involved in decisions, no delegation, no employee responsibiliy, top down one way communication.
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What are the characteristics of paternalistic management?
Some consultation, some employee involved decisions, some delegation, some employee responsibility, mostly top down, some two way communication.
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What are the characteristics of democratic management?
Consultation, employees involved in decisions, delegation, employee responsibility, two way communication.
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What are the advantages of autocratic leadership?
Useful for guiding new employees, swift decision making can be crucial.
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What are the advantages of paternalistic leadership?
Some consultaion, needs of staff looked after leading to better decision making.
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What are the advantages of democratic leadership?
Consultation increases motivation, all ideas considered.
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What are the disadvantages of autocratic leadership?
Useful suggestions not heard, staff may resent and become de-motivated.
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What are the disadvantages of paternalistic leadership?
Still mostly autocratic, some staff will not like it.
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What are the disadvantages of democratic leadership?
Lengthy decision making, final decision may not be the best but a compromise.
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What does a Theory X manager assume?
Thinks workforce dislikes work and needs direction and control, need threat of punishment otherwise they will avoid work, they rather follow and are unambitious.
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What does a Theory Y manager assume?
Workeforce is capable of enjoying work, can be trusted without spervision, respond well to praise, happly to lead, people are ambitious.
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What is a market?
When buyers and sellers interact to agree a price.
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Card 2

Front

What are the characteristics of successful entrepreneurs?

Back

Hard work, motivation, risk taking, initiative, creativity, resillience, perseverence, understanding the market.

Card 3

Front

What motivates entrepreneurs?

Back

Preview of the front of card 3

Card 4

Front

What is a social entreprenure?

Back

Preview of the front of card 4

Card 5

Front

What is an autocratic manager?

Back

Preview of the front of card 5
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