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Business Studies – Unit 1. . HOW TO GET AN A. Summary of Entrepreneurs. .
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Business Studies – Unit 1. HOW TO GET AN A.
Summary of Entrepreneurs. An entrepreneur is defined as someone who takes responsibility for organising business activity and carries business risks. An entrepreneur is important as they contribute around £24bn to the UK economy a year. Different entrepreneurs have many different characteristics however, they usually are determined; organised and willing to take risks. Many entrepreneurs share qualities such as having initiative; being creative and are usually self- confident. Obviously there will be a minority of exceptions to this. Entrepreneurs are often motivated by various things which may include; money; looking for a challenege; to be their own boss etc.
Summary of Leadership and Management. Leadership takes certain characteristics which may include: expertise in one aspect of their job and an all round knowledge of the rest; vision and the ability to solve problems; ability to focus on completing a job and also self motivation along with self confidence. Autocratic – subordinates are expected to obey and carry out orders without any discussion. Paternalistic – similar to autocratic but greater emphasis is placed on the welfare of workers. Democratic – workers are involved in decision making and it is more of a joint effort. Democratic is much more common within businesses in modern day society because it can olead to greater employee motivation and therefor job satisfaction is higher. This can have several benefits including lower labour turnover and more commitment. McGregor's Theory Y and Theory X – Theory Y is more commonly associated with a Democratic leadership style as workers are involved and workers tend to enjoy work a lot more. Whereas Theory X is associated with an autocratic leadership style because workers are not trusted and its believed that the workers need to be controlled in order for them to do their job. Various factors affect leadership styles, this includes personality; nature of the task and time constraint.
