theme 1 - 1.5.6

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7 Terms

1
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What is a entrepreneur

is an indivudal who establishes a b assuming they took both financial risk and uncertainty , with the aim of generating profit for achieving a reward ( recognition )

  • key role in economy ; converting ideas into p/s through innovation and resource allocation

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What is a leader

a leader directs and influences others within an organisation

  • involves vision seeking ( providing stragetie direction )

  • Motivation

  • DM ( managing stakeholders + resources )

to lead means to take charge , set directions + command authority

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Skills required in transition ( entrepreneurs → leader )

1) learning to delegate

  • entrepreneurs often start as sole traders , managing all functions

  • as b grows , delegation becomes essential to prevent bottlenecks + to focus on strategic activities

  • delegation is the process of transferring to employees to carry out tasks

  • effective delegation prevents burnout , improves efficiency and allows specialisation of labour

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2) trusting others

entrepreneurs must shift mindset of completion control to shared reposnsibility

  • hiring partners requires trust in competence , this is extended externally - to customers , suppliers expecting credibility and reliability

  • but you have to balance trust with need to verify performance ( monitoring accountability )

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3) listening to others

  • stronger leaders consult to key stakeholders before major decisions

  • stakeholders include - joint owners , mangers , investors

  • encouraging participative leadership , builds e engagement and enhances corprate reputation

  • listing allows better DM + reduces risk of strain mistakes

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4) being less reactive

entrepreneurs make impulsive reactive DM in dynamic market

  • leaders must shift towards productivity - idneifying market gap , setting trends

  • a more ensures , strategic approach enhances LT competitiveness

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5 ) developing emotional intelligence

ability to recognise , understand , manage one’s own emotions + those of others

  • this reduces steady , conflict , burnout . omporves communication + empathy making leaders relatable + effective .

  • entrepreneurs often run out passion while leaders requires strategic composure + empathy