Buisness chapter 6

Entrepreneurship, management and leadership

What is the meaning of the word "probotunity"?

It combines the words "problem" and "opportunity."

Why was the word "probotunity" created?

To remind people to view problems as possible opportunities.

What should an entrepreneur do after identifying a problem or market gap?

Set up the structures that will fill that gap.

Who coined the term "intrapreneurship"?

Gifford Pinchot, in the mid 1970s

Do intrapreneurs have the same qualities as entrepreneurs?

Yes, but with two distinct differences:

-They are more cautious, because the risks may involve their personal assets.

-Circumstances force them to remain in a stable job, which stops them from following their dreams or starting their own businesses.

What is an intrapreneur?

An employee who works within a business and uses innovation and leadership to improve it.

Where do intrapreneurs work?

Within an existing business.

What personal qualities do intrapreneurs use in a business?

Their unique talents of innovation and leadership.

What do intrapreneurs try to improve?

Their department or the business as a whole.

What is one goal of an intrapreneur?

take the business to new heights.

Can employees at all levels become intrapreneurs?

Yes.

What does an intrapreneurial manager encourage?

Change through innovation.

What else does an intrapreneurial manager encourage?

Subordinates to pursue ideas despite obstacles.

What is the ambitious goal of an intrapreneurial manager?

To create new ventures within existing organisations or rejuvenate the existing business.

What type of leader is an intrapreneurial manager usually?

A persuasive leader.

How does an intrapreneurial manager help employees?

By assisting them to reach their full potential.

Why does an intrapreneurial manager encourage employees to improve their performance?

Because it benefits the common good of the business.

Which two key words are found in the intrapreneurial dictionary?

Cooperation and team-driven.

Is intrapreneurship limited only to employees?

No,

Why can the original entrepreneur also be considered an intrapreneur?

Because they continue innovating within the business to remain competitive.

What does innovating within a business help the entrepreneur do?

Stay competitive.

What does "intrapreneur" mean in this context?

Innovating within the business.

What does a business philosophy of intrapreneurship require from everyone in the organisation?

Taking full responsibility and being fully accountable for all their actions and interactions.

In which areas must employees be accountable?

In all spheres of the business.

What attitude should management instil in employees?

Innovation, creativity, success and motivation to excel.

At which levels should management encourage innovation, creativity, success and motivation?

At all levels of the business.

What will employees understand if management creates this culture?

That recognising and managing new ideas will directly affect their rewards.

What is directly linked to employees' rewards?

Their performance in recognising and managing new ideas.

According to Napoleon Hill, why do most people fail?

Because they lack persistence in creating new plans to replace those that fail.

Name ten well-known entrepreneurs mentioned in the textbook.

Mark Shuttleworth, Elon Musk, Harry Oppenheimer, Bill Gates, Henry Ford, Raymond Ackerman, Richard Branson, Oprah Winfrey, Herman Mashaba, Richard Maponya and Robbie Brozin.

Besides being famous, wealthy and leading large corporations, what do successful entrepreneurs have in common?

They share critical entrepreneurial qualities.

What is the first entrepreneurial quality shared by successful entrepreneurs?

-They are passionate visionaries

-They can do something no one else has thought of or succeeded in doing before them.

What is the second entrepreneurial quality shared by successful entrepreneurs?

-Creative thinkers

-They challenge conventional ways of doing things.

-They innovate traditional aspects of business: products, methods and marketing campaigns.

What is the third entrepreneurial quality shared by successful entrepreneurs?

-They are risk takers with a positive attitude

-They devote their time, money and other resources to ideas they believed would work

What is the fourth entrepreneurial quality shared by successful entrepreneurs?

-Good leadership

-Because they persuade others to buy into their dream and help them realise the dream.

What is the fifth entrepreneurial quality shared by successful entrepreneurs?

-Independent spirits

-who prefer to be in control.

-Are internally motivated instead of working for a boss who tells them what to do.

What is the sixth entrepreneurial quality shared by successful entrepreneurs?

-Perseverance and commitment.

-They worked hard until they significantly changed the part of the world they lived in

-No entrepreneur changed the world in a day.

-Not every entrepreneur achieved global success

What is the seventh entrepreneurial quality shared by successful entrepreneurs?

-Opportunism

-They are people who happened t be at the right place and at the right time

-People who saw an opportunity and took it

What do entrepreneurs need in order to run a business successfully?

The necessary knowledge and expertise.

How can entrepreneurial skills be learned?

-Through the management functions these include: Planning, leading, organising, control

Why is it important for entrepreneurs to recognise their shortcomings?

So they know what they cannot do themselves, and hire others to fulfil the roles that they cannot do themselves.