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1.3.1 Characteristics of a Successful Enterpreneur
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Transcript of 1.3.1 Characteristics of a Successful Enterpreneur
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1.3.1
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Mind map
Entrepreneur
Characteristics
Motives
Leadershipstyles
Mc Gregorstheory
Successfulentrepreneurs
Definitions
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JEFF BEZOS
Founded Amazon.com
Chief Executive of Amazon.com
He is the co-founder, Chairman, and CEO of
Apple Inc.
Steven Paul Jobs III
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Duncan BannatyneDirector of Bannatyne Enterprises
RICHARD BRANSON
Founder of VIRGIN brand and ownerof over 360 companies
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http://images.google.mv/imgres?imgurl=http://i31.photobucket.com/albums/c355/mattsontherise/Richard-Branson-2.jpg&imgrefurl=http://profile.myspace.com/index.cfm?fuseaction=user.viewprofile&friendid=144130715&h=500&w=433&sz=32&hl=en&start=60&tbnid=6yCzLuXiv_IDHM:&tbnh=130&tbnw=113&prev=/images?q=richard+branson&start=54&gbv=2&ndsp=18&hl=en&sa=N -
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6/23/2009 CHSE BUSINESS DEPARTMENT 5
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DefinitionsMeaning of enterprise:An enterprise
is the business organization that is
formed and which provides goods andservices, creates jobs, contributes tonational income, exports and overall
economic development. Factors of anenterprise are land, labor, capital andentrepreneur.
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DefinitionsMeaning of entrepreneur:An entrepreneur is the
person who bears risk, unites various factors ofproduction to exploit the perceived opportunities in
order to evoke demand, create wealth andemployment.
The word derived from the French entre (to enter)and predndre(to take). It was first defined by theIrish economist Richard Cantillon.
A female entrepreneur sometimes known as anentrepreneuse.
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DefinitionsMeaning of intrapreneur: Is an individual who
acts like an entrepreneur but from inside the
confines of a large organization or corporation.These people within the organization work hardand bring the innovative thought into practice.
Meaning of entrepreneurship: Entrepreneurship
can be described as a process of action anentrepreneur undertakes to establish his enterprise.
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Characteristics of an entrepreneur Initiative: showing the spark to seize the
opportunities, without being intimidated by
the thought why is no one else doing thisalready; this requires self confidence andthe ability to cope with.
Planner: entrepreneur frames realisticbusiness plans and follows them rigorouslyto achieve the objectives in a stipulated time
limit.6/23/2009 9CHSE BUSINESS DEPARTMENT
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Resilience and determination: to see throughif the going gets tough, backed by simple hardwork. Readily recovering form shock or distress.
Innovation/Creative: Innovation is the specific
tool of entrepreneurs, the means by which theyexploit change as an opportunity for a differentbusiness or a different service. It is capable ofbeing practiced.Entrepreneur thoughts and way
of doing things will be different than others. Forexample innocent drinks, Richard Branson, BillGates etc.,
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Risk bearer: entrepreneur accepts risk they select amoderate risk situation and they understand andmanage risk. He has to guarantee wages toemployees, interest on capital, rent to the landlord
without any guarantee of returns. High degree ofvision, foresight, and imagination are required tohandle risks. Take calculated risks, weighing up thepotential risks and rewards.
Opportunity explorer: entrepreneur identifiesopportunities. The seize opportunity and convertthem into realistic achievable goals.
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Self confidence: entrepreneurdirects his abilities towards theaccomplishment of goals with the
help of his strengths and weaknesses.Motivator: entrepreneur influence
and initiate people and make themthink in his way and act accordingly.
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What motivates entrepreneurs?Entrepreneur is motivated by three
motives (motives means which are
attracts and stimulate the person (i.e.entrepreneur) to do the business)
Profit motive
Non profit motive (Socialresponsibility)
Ethical Stance.6/23/2009 13CHSE BUSINESS DEPARTMENT
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Ethical uniforms at Tesco. Smart kidscan be stylish and ethical by choosingTesco's recycled, organic or Fair trade
cotton ranges.
Tesco wins green awardBusiness in the Community has recognizedus as the green leader with a prestigiousenvironmental award!
The big tick award6/23/2009 14CHSE BUSINESS DEPARTMENT
http://www.tesco.com/greenerliving/what_we_are_doing/environmental_awards.page?http://www.tesco.com/greenerliving/what_we_are_doing/ethical_clothing.page? -
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Tesco is the first supermarket to trial labelsshowing the carbon footprint of theproducts you're buying.
6/23/2009 15CHSE BUSINESS DEPARTMENT
http://www.tesco.com/greenerliving/what_we_are_doing/green_clubcard_points/default.page?http://www.tesco.com/greenerliving/what_we_are_doing/carbon_labelling.page? -
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LeadershipLeadership is the process of influencinggroup activities towards the accomplishment
of goals in a given situation.Leadership depends on three things such as
the individual, the follower and the
condition.Management is doing things right,
leadership is doing the right things (Peter
Ducker)6/23/2009 16CHSE BUSINESS DEPARTMENT
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What leader does?Leader develops teamwork
Leader represents his/her subordinators
Leader uses power properly
Leader manages the time well
Leader strives for effectiveness
Leader counsels appropriately
Leader sets realistic goals.
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IMPORTANCE OF LEADERSHIPAid to authority
Motive power to GroupEfforts
Basis for cooperation
Integration of formal andinformal organization
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FACTORS AFFECTING LEADERSHIP
STYLES AND APPROACHESThe task
The tradition of the organization
The type of labor force
The group size
The leaders personality
Group personality
Time
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Types of leadership stylesAutocratic Style
Democratic Style Paternalistic Style
Free Rein or Laissez Faire leadership
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Autocratic styleLeader makes decisions without reference
to anyone else, quick and decisive.
High degree of dependency on the leaderCan create de motivation and alienation
of staff
May be valuable in some types of businesswhere decision need to be made
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Evaluation Advantages It permits quick decisions
as a single person takesdecisions
It provides strongmotivation and satisfactionto the leader.
It can be successful wheresubordinates are reluctantto take initiative
Decisions and direction ofbusiness will be consistent.
Disadvantages It leads to frustration, low
morale and conflict whichaffect organizational
efficiency Subordinates highly
dependent upon leaders. Supervision needed which
increases supervision cost.
Insecure and afraid of leaderspower There is resistance to change
as workers feel harassed anddisturbed.
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Democratic style Decentralize power and authority Encourages decision making from different perspectives
leadership may be
Emphasized throughout the organization. May helpmotivation and involvement Consultative: Process of consultation before decisions are
taken Persuasive: leader takes decision and seeks to persuade
others that the decision is correct. Workers feel ownership of the firm and its ideas improves
the sharing of ideas and experiences within the business. Itwill delay decision making.
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EvaluationAdvantages It reduces resistance to
change and increasesacceptance of new ideas.
It improves the attitudes ofemployees towards their jobsand the organization
It increases cooperation
between management andworkers
It improves employee moraleand reduces complaints or
grievances
Disadvantages
It may delay in decisions
It may be used covertly to
manipulate employees. Participation will not be
meaningful unless thesubordinates understandthoroughly the complex
problems of the organization. It may not be liked by people
who want minimuminteraction with superiors andcolleagues.
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PaternalisticLeader acts as a father
figurePaternalistic leader makesdecision but may consult
Believes in the need tosupport staff
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EvaluationAdvantages can get loyalty low labor turnover
it emphasis on social needs It guides, helps and protect
the followers. Good working conditions Fringe benefits
Welfare facilities andservices.
Disadvantages Employees may resent the
leaders gratitude in industrialorganizations.
Little opportunity to exerciseinitiative to grow and realizetheir full potential.
Groups will becomedependent.
They may become dissatisfiedwith leader. It is similar to autocratic It will not allow subordinate
to take decisions.
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Free Rein or Laissez - Faire This is also called free rein style of leadership It avoid power and responsibility Group members train themselves and provide their own
motivation Leader plays only a minor role Let it be the leadership responsibilities are shared by all Can be very useful in business where creative ideas are important Can be highly motivational, as people have control over their
working life. Can make coordination and decision making, time consuming
and lacking in overall direction Relies on good team work Relies on good interpersonal relations.
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EvaluationAdvantages complete freedom to
subordinates improves theirmotivation and morale
There is maximumopportunity for thedevelopment of subordinates.
May bring best out of highlyprofessional or creativegroups.
Disadvantages
There is abdication of formalleadership role; informal leadersemerge to fill the void.
The group does not get thebenefit of leaders inspiredmotivation, guidance and socio emotional support.
It can succeed only when the
followers are highly mature, ableand self motivated.
It ignores the managerscontribution just as autocraticleadership ignores the
contribution of the group.6/23/2009 28CHSE BUSINESS DEPARTMENT
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Evaluation continued.. All persons are given the
chance to express themselvesand to function relativelyindependently.
No supervision, it reducessupervision expenses
No bossism
Flexibility in doing work
May not be deliberate, but badmanagement
Staff lack focus and sense ofdirection, Muchdissatisfaction
Lack of group cohesion andunity toward organizationalobjectives.
Without leader, the groupmay have little direction and alack of control.
The result can be inefficiencyor, even worse, chaos.
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Douglas McGregor Theory X and Theory Y
It was an attempt to apply implications of
Maslow, Taylor and Mayo It is not dividing the employees into two
categories but it is the manager perspectiveabout employees
It assumes theory X employees are lazy theory Ypeople are active/motivated
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Theory X is based on the following
assumptionsPeople in general have an inherent
dislike for work and avoid it if they
can. They are basically lazy and liketo work as little as possible.
Most people have lack of ambitionWorkers are motivated by money
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Assumptions continued ..Workers are selfish, ignore the
needs of organizations avoidresponsibility and lack ambition
They are by nature resistant to
change. They lack creativity andprefer to maintain status quo.
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Theory Y is based on the following
assumptionsManager assumes that employees are motivated.
Workers have many different needs which
motivates them Workers can enjoy work
If motivated, workers can organize themselves andtake responsibility
Management should create a situation whereworkers can show creativity and apply their jobknowledge.
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The concept of McGregor to
motivate X employeesAutocratic leadership is required
because workers need more control
Decision making can be centralized
Apply scientific management (i.e.
money is motivating factor)Pay and punish.
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The concept of McGregor to
motivate theory Y employeesA democratic or even free rein style
of leadership is required
Decentralization of decisionmaking
Encouraging the employees to domore work.
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EvaluationAdvantagesManagers can take the
decisions according to
X and Y Competition between X
and Y employeesincreases efficiency
Management controlcan be possible
DisadvantagesEmployees dislike
the discriminationConflicts between
Y and X employees
Managementbiased to Yemployees.
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Criticism The main contribution of McGregor is that he helped to
crystallize and set in right perspective the findings of theHawthorne Experiments. One might get the impression
that Theory X is bad and Theory Y is good. This is nottrue as in practice people do not belong to either of thetwo extremes. An enterprise man shares the traits of boththe theories and the emphasis shifts with changes in
environment and motives. Therefore, it is a combinationof both. Theory X and Theory Y will be more effective thaneither of the two alone.