Topic 1

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  • Created by: Laura
  • Created on: 26-11-13 14:33
Enterprise
Using skills to turn ideas into a succesful business
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Entreprenuer
Person who sets up a business and takes risks
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Characteristics of an Entrepreneur
Risk taker, ability to learn, modest, confident, innovative, driven
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Types of Risk
Internal - decisions made by entrepreneur External - factors the business can't control
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Trade Off
A choice between alternatives that an entrepreneur has to choose
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Oppurtunity Cost
The benefit from the next best alternative that has been given up
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Motives for an Entrepreneur
Freedom, make money, knowlege of industry, spotting a good market oppurtunity
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Concerns for entrepreneurs
Competition, financial management, legislation, time/work load
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Leadership v Managment
Leaders have the ability to influence others whereas managers are given power
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Authoritarian (autocratic)
The leader tells her employees what she wants done and how she wants it done, without getting the advice of her followers
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Participative (democratic)
The leader including one or more employees in on the decision making process however the leader makes the final decision
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Delegative (free reign)
The leader allows the employees to make the decision. However, the leader is still responsible for the decisions that are made
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Paternalistic
The leader is likely to consult the workforce before implementing any decision, but he is unlikely to listen too much of the feedback but the leader considers the welfare of the staff
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Theory X
Very authoritarian, assuming that employees need constant supervision
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Theory Y
The manager assumes that employees wish to be given praise and recognition for their achievements, they like to be given responsibility at work, and they wish to use their imagination, creativity and initiative
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Other cards in this set

Card 2

Front

Person who sets up a business and takes risks

Back

Entreprenuer

Card 3

Front

Risk taker, ability to learn, modest, confident, innovative, driven

Back

Preview of the back of card 3

Card 4

Front

Internal - decisions made by entrepreneur External - factors the business can't control

Back

Preview of the back of card 4

Card 5

Front

A choice between alternatives that an entrepreneur has to choose

Back

Preview of the back of card 5
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