Entrepreneurship and Management Review

These vocabulary flashcards cover the key terms, entrepreneurial types, leadership styles, and management functions discussed in Chapters 6A and 6B of the lecture notes.

Entrepreneur

A passionate visionary and risk taker who provides products and services, creates employment, and challenges conventional ways of thinking.

Intrapreneur

An employee who works within a business, using their talents to its benefit, often being more cautious and likely to remain in a stable job compared to an entrepreneur.

Tony Fadell

The engineer employed at Apple who is credited with actually creating the iPod, based on Steve Jobs' idea.

Social Entrepreneur

An entrepreneur focused on solving social issues and benefiting society rather than being driven by profits.

Technopreneur

An entrepreneur who uses technology to solve problems and generates creative and innovative ideas.

Ecopreneur

An entrepreneur driven by the desire to save the environment and provide environmentally friendly products and services.

Tenderpreneur

An individual who obtains tenders from the government to provide specific services such as building roads, schools, or hospitals.

Environmental scanning

A 360-degree process of evaluating internal and external elements to identify imminent threats and possible opportunities.

SMATER

An acronym for goal setting meaning: Specific, Measurable, Achievable, Realistic, Time Bound, Ethical, and Recordable.

Dependent tasks

Tasks in a Gantt chart that cannot be completed until another specific task is finished.

Parallel tasks

Tasks in a Gantt chart that can be performed whenever convenient or necessary, independent of other tasks.

Work Breakdown Structures (WBS)

A tree diagram that divides tasks into manageable portions, breaking them down into specific goals and levels of importance.

Strategic Management

Top-level management focused on long-term planning for the business as a whole.

Tactical Management

Middle-level management that takes strategic plans and breaks them into smaller, manageable departmental areas.

Operational Management

Lower-level management responsible for short-term planning of daily issues and achievable tasks.

CCDDDM

An acronym for the elements of management: Coordination, Communication, Delegating, Decision making, Disciplinary action, and Motivation.

5W and 1H Method

A critical questioning technique (Why, What, Where, When, Who, and How) used during the planning process to find deeper understanding.

KISS

A planning requirement principle meaning 'Keep it short and simple.'

Line Structure

An organizational structure where instructions are given to subordinates in a clear, hierarchical chain of command from only one person.

Line-staff Structure

A structure similar to a line structure but including additional consultants at various levels to assist in decision making.

Autocratic Leader

A leader who makes decisions alone, which is often necessary in crisis situations.

Democratic Leader

A leader who involves workers in decision making to ensure they feel their input is valued, though it may be time consuming.

Laissez-faire Leader

A leader who provides less interference, which is effective when managing highly motivated experts.

Control

The management task of imposing rules and regulations, such as codes of ethics or conduct, to ensure departments run smoothly.

Coordination

The management task of ensuring effective teamwork and the efficient use of the factors of production (CELL).