Entrepreneurship, leadership & strategies

• What is probortunity?

  identifying a problem or gap in the market and then setting up the structures that will fill it.
• Who are Intrapreneurs?

  employees who work within a business but use their talents to change and improve their department or take the business to new heights.
• Who are entrepreneurs?

  person who starts his/her own business with a new idea/concept. Works for themselves and takes calculated risks.
• list some entrepreneurial qualities, attitudes, and skills.

  • Passionate visionaries who believe they could do something that no-one else has done before
  • Calculated risk takers with positive attitude.
  • Creative thinkers who challenge the norm.
  • Possess emotional intelligence.
  • Has communications and listening skills
• What is the difference between a manager and a leader?

  Manager

  • Maintains systems
  • Focuses on systems and structures
  • Relies on control
  • Accepts the status quo

  Leader:

  • Develops new methods of doing things
  • Focuses on people
  • Inspires trust
  • Challenges status quo
• What are the different management and leadership styles?

  Always Dream, Live Fully, TakeS Time

  • Autocratic
  • Democratic
  • Laissez-Faire
  • Transactional
  • Situational Approach
  • Transformational
• What are the characteristics of an autocratic leader and provide an example?

  • Seldom allows for input from subordinates
  • Makes all decisions
  • Best leadership style for quick decision making/problem solving.
  • Disadvantage is that employees often have low morale as they may feel undervalued.

  example, Martha Stewart
• What are the characteristics of an democratic leader?

  • Allows subordinates to provide input.
  • Allows subordinates to participate in decision making
  • Ensures buy-in and commitment from staff.
  • Disadvantage could be a slower decision-making process.
• What are the characteristics of an Laissez-Faire leader and provide an example?

  • A French word meaning ‘no interference’.
  • Management will tell staff WHAT must be done, not how to do it.
  • Only works with a highly skilled workforce.
  • Practiced predominantly in businesses that require creativity.

  example, google
• What are the characteristics of an Transactional leader and provide an example?

  example, Bill Gates

  • Based on the give-and-take approach.
  • Employees are motivated to perform their task in return for possible salary/bonus/other benefits.
  • Disadvantage: as soon as employees regard the reward as insufficient they become demotivated which often leads to labour disputes.
• What are the characteristics of an Transformational leader and provide an example?



  • This type of leader is charismatic by nature
  • Motivates employees by helping them understand their work.
  • Emphasis is on teamwork.
  • Time spent on explaining to the team why they matter.

  Example, Steve jobs
• What is meant by situational approach when it comes to leadership styles?

  Different leadership style used in different situations.

  Leadership style may be influenced by:

  • Organisational culture which is a reflection of the leader’s and followers value system and beliefs.
  • Abilities of the leader as well as the followers.
  • Relationship between the leader and followers.
• What are the main management tasks?

  POLC

  • Planning
  • Organising
  • Leading
  • Controlling
• What is the management task: Planning?

  Aimed at the future

  In order to plan:

  • All necessary information should be gathered
  • Alternatives must be considered
  • Best option chosen

  Plan should be adaptable, realistic and cost effective and clearly communicated in writing to all concerned parties.
• what are the different management levels in planning?

  • Top management: Long term, strategic planning
  • Middle Management: medium term, tactical planning
  • Lower management: short term, planning of routine tasks
• What is the management task: Organising?


  • Means to arrange activities in such a way that all factors of production (natural resources, capital, labour, entrepreneurship) work together successfully.
  • •Also refers to organisation structure within the business. Example, line or functional structures.
• Regardless of the organisational structure used by the business, it is more important that lines of reporting are clear to employees so that there is no confusion.
• What is the management task: Leading?

  The manager must ensure that staff are guided to achieve the goals of the business as well as their personal goals as employees.

  • Aspects such as communication, motivation and leadership are important when taking command.
  • A good leader will maintain a balance between getting the job done(risk orientated) and focus on its employees (people orientated)
• What is the management task: Controlling?

  • Control ensures the implementation of the plan• Control is not possible if there are no clearly defined goals.
  • Provides manager with feedback on whether plans are working or not.
  • Also provides feedback to determine how problems can be addressed in order to improve employee performance and overall business.
• What are other management tasks?

  Crazy Dogs Chase Daring Mice

  • Coordination
  • Communication
  • Delegation
  • Discipline
  • Motivation
• What is the management task: Coordination?

  to create synergy between individual efforts, teams and departments.
• What is the management task: Communication?

  refers to transfer and receiving of ideas and attitudes between management and workers as well as media, suppliers, government and customers.
• What is the management task: Delegation

  to reduce workload of senior employees and to achieve meaningful distribution of tasks and responsibilities.
• What is the management task: Discipline?

  purpose is to improve future behaviour in the business. Must be done consistently. Fair treatment for all.
• What is the management task: Motivation?


  different people are motivated in different ways through monetary and non-monetary means.
• What are managerial Competencies?

  Combination of skills, attitudes, behaviours and knowledge that a person needs to be effective as a manager
• What are the different managerial competencies?

  Seven Green Narrow Turtles Often Jump Around Every Tree In Circles

  • Strategic-action
  • Global Awareness
  • Negotiation
  • Teamwork
  • Organisational Awareness
  • Judgement
  • Analysis
  • Empowerment and Talent Development
  • Initiative
  • Customer Service orientation
• What is strategic action?

  Involves the manager’s ability to look at the current position of the business in relation to the rest of the market and then to decide where the business should be in the months or years ahead.

  • Environmental scanning should be conducted before any plan of action is drawn up.
• What is Global Awareness?

  involves understanding political, language and cultural differences to avoid making general assumptions.

  • Management should be aware of the difference in values from country to country.
  • An awareness of the supply chain is important.
• What is negotiation?

  the ability  of a manager to convey a message/opinion in a clear and accurate manner to the audience (employees, trade unions, suppliers) and then to persuade the audience to accept his/her point of view.

  • This is a skill that all managers should acquire.
• What is teamwork?

  A good manager will be aware of other people’s feelings and fears and will anticipate how these will affect the team dynamics.

  • Teams should be designed in such a way that members complement each others strengths and weaknesses.
• What is organisational awareness?

  • No organisation operates in a vacuum.
  • Management must be aware of internal and external factors that may have an impact on the success of the business
• What is judgement?

  Can only be done if all relevant facts have been evaluated in an objective manner.

  • Judgment call shows leadership.
  • Manager must be accountable for his/her decision.
• What are the two types of motivational factors?

  • Extrinsic Motivation

  Motivated to perform an activity to earn a reward or avoid punishment

  • Intrinsic Motivation

  Motivated to perform an activity for its own sake and personal rewards
• What are the advantages of a motivated workforce?

  • Employees more likely to provide good customer service.
  • Employees are usually productive which will lead to increased profits.
  • Lower levels of absenteeism/staff turnover.
  • Staff may be less likely to embark on a strike.
  • Image of business improved when staff say good things about the business.
  • Motivated workers have a positive impact on boosting general morale of the business.
• Monetary factors to motivate employees.

  • A salary increase may temporarily raise motivation levels of some employees.
  • Cost to company principle is the norm for most companies where pension and medical aid benefits are included as part of their package.
  • Performance bonus, profit sharing and commission are other monetary payments to employees.
  • Above works well as employees know that only if certain targets are met, he/she will be rewarded
• Non-monetary factors to motivate employees.

  • Job enlargement
  • Job enrichment
  • Empowerment
• What is job enlargement?

  where additional tasks are added to the original job.

  • Motivates employee as he/she may feel less repetition.
  • Downside may be that employee may feel they doing more for same pay.
• What is job enrichment?

  employee gets more responsibility and often more authority.

  • This makes employee feel valued and thus more productive.
• What is empowerment?

  given opportunities to learn new skills and knowledge to apply to their current job or to new responsibilities.