Podcast
Questions and Answers
The General Manager operates at ______ Management level
The General Manager operates at ______ Management level
TOP
Functional Managers are known as the ______ Management
Functional Managers are known as the ______ Management
MIDDLE
Supervisors operate at the ______ level management
Supervisors operate at the ______ level management
LOWER
An entrepreneur combines the three factors of production: capital, labour, and ______
An entrepreneur combines the three factors of production: capital, labour, and ______
The entrepreneur sees an opportunity in the market and assumes the ______ of starting a new business
The entrepreneur sees an opportunity in the market and assumes the ______ of starting a new business
An intrapreneur is often known as an 'inside ______'
An intrapreneur is often known as an 'inside ______'
An entrepreneur needs to take ______ to reap rewards.
An entrepreneur needs to take ______ to reap rewards.
The entrepreneur has to know who the customers (LSM) are, their ______, and then be willing to develop or change the business plan to satisfy the customers' needs.
The entrepreneur has to know who the customers (LSM) are, their ______, and then be willing to develop or change the business plan to satisfy the customers' needs.
Starting a new business is hard work and takes commitment and ______.
Starting a new business is hard work and takes commitment and ______.
Being different to that of a competitor (differentiation strategy) may lead to a successful ______.
Being different to that of a competitor (differentiation strategy) may lead to a successful ______.
The ability to prepare and to implement a plan to achieve goals is very important. But the entrepreneur must be realistic and ______ by developing a contingency plan to manage potential risks.
The ability to prepare and to implement a plan to achieve goals is very important. But the entrepreneur must be realistic and ______ by developing a contingency plan to manage potential risks.
Without leadership qualities, the entrepreneur is not likely to achieve ______. He/she must have the ability to convince and motivate others to buy into the plan and follow him/her to achieve the desired goals.
Without leadership qualities, the entrepreneur is not likely to achieve ______. He/she must have the ability to convince and motivate others to buy into the plan and follow him/her to achieve the desired goals.
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Study Notes
Management Levels
- General Manager operates at top management level.
- Functional Managers are categorized as middle management.
- Supervisors function at the lower management level.
Role of an Entrepreneur
- An entrepreneur combines capital, labour, and land as essential factors of production.
- Identifies opportunities in the market and assumes the risks associated with starting a new business.
- An entrepreneur requires a strong understanding of the target market and its consumers (Living Standards Measure - LSM).
- Must be willing to adapt business strategies to meet customer needs for success.
Intrapreneurship
- An intrapreneur is often referred to as an "inside entrepreneur," innovating within an existing organization.
Challenges of Entrepreneurship
- Requires taking calculated risks to secure potential rewards.
- Starting a business involves hard work, commitment, and perseverance.
- A differentiation strategy can lead to competitive advantages and business success.
Planning and Leadership
- Effective planning and implementation are crucial for achieving organizational goals.
- Realistic approaches should include developing contingency plans to mitigate potential risks.
- Strong leadership qualities are essential for entrepreneurs to motivate others and gain support for their vision.
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