BUSINESS STUDIES
GENERAL MANAGEMENT &
CORPORATE GOVERNANCE
INTRODUCTION
Management operates on various levels within the organization. General Management operates
at Top level; Middle level management (functional managers) and lower level (supervisors)
ENTREPRENEURSHIP & INTRAPRENEURSHIP
ENTREPRENEUR
❖ Person who combines the 3 factors of production to start a new business venture.
❖ Sees an opportunity in the market & takes the risk of starting a new business by investing
capital to make a profit.
❖ Usually operate at top level management.
INTRAPRENEUR
❖ ‘inside entrepreneur” who works within a business
❖ Uses entrepreneurial qualities & business resources to change innovative ideas into
profit.
❖ Does not have to operate at the top management level but will implement the new idea
within the department with approval of their manager.
❖ Employees at all levels in the business can be intrepreneurs.
A BUSINESS PHILOSOPHY OF INTRAPRENEURS REQUIRES
❖ Everybody in the business taking full responsibility & being fully accountable for all their
action and interactions in all spheres of the business
❖ Management must instill an attitude of innovation, creativity, success & motivation to excel
in all employees at all the levels in the business
❖ Employee performance of recognizing and managing new ideas should be directly linked
to their rewards
1
, ULTRAPRENEURS
❖ identify a viable business opportunity & then establish a business.
❖ The ultrapreneur then acquires a super management team of highly competent
individuals who then develop, produce & market the idea.
❖ Often sell a large number of shares in the business as soon as the business is
established.
❖ AIM: achieve a maximum return in the shortest possible time & then repeat the process
ENTREPRENEURIAL QUALITIES, CHARACTERISTICS AND SKILLS
❖ Ability to identify an opportunity with potential & to then pursue the opportunity, even if
risky
❖ Understands the target market & continuously scans the internal/external environment to
be proactive in identifying opportunities & threats.
❖ Has to know who the customers are, their needs, & then develop/change business plans
to satisfy needs.
❖ Opportunist who participates in market trends, identifies positives & uses these to the
advantage of the business.
❖ Commitment and perseverance.
❖ Creativity & innovation
❖ Ability to prepare & implement a plan to achieve goals
❖ Being realistic & proactive by developing contingency plans to manage potential risks.
❖ Ability to obtain & coordinate the required resources in the ideal manner to execute plans.
❖ Good leadership qualities
➢ ability to convince/motivate others to buy into the plan & follow them to achieve
the desired goals.
❖ Ability to evaluate achievements
➢ Progress is crucial in order to initiate corrective measures if needed.
❖ Make quick decisions about opportunities as they arise.
❖ Ability to communicate clearly & accurately
➢ critical in order to implement strategies to overcome challenges and capitalize
opportunities.
❖ Personally motivated & often prefer to work on their own/be in charge.
❖ Need to be insightful enough to know their shortcomings & surround themselves with a
supportive team.
2
GENERAL MANAGEMENT &
CORPORATE GOVERNANCE
INTRODUCTION
Management operates on various levels within the organization. General Management operates
at Top level; Middle level management (functional managers) and lower level (supervisors)
ENTREPRENEURSHIP & INTRAPRENEURSHIP
ENTREPRENEUR
❖ Person who combines the 3 factors of production to start a new business venture.
❖ Sees an opportunity in the market & takes the risk of starting a new business by investing
capital to make a profit.
❖ Usually operate at top level management.
INTRAPRENEUR
❖ ‘inside entrepreneur” who works within a business
❖ Uses entrepreneurial qualities & business resources to change innovative ideas into
profit.
❖ Does not have to operate at the top management level but will implement the new idea
within the department with approval of their manager.
❖ Employees at all levels in the business can be intrepreneurs.
A BUSINESS PHILOSOPHY OF INTRAPRENEURS REQUIRES
❖ Everybody in the business taking full responsibility & being fully accountable for all their
action and interactions in all spheres of the business
❖ Management must instill an attitude of innovation, creativity, success & motivation to excel
in all employees at all the levels in the business
❖ Employee performance of recognizing and managing new ideas should be directly linked
to their rewards
1
, ULTRAPRENEURS
❖ identify a viable business opportunity & then establish a business.
❖ The ultrapreneur then acquires a super management team of highly competent
individuals who then develop, produce & market the idea.
❖ Often sell a large number of shares in the business as soon as the business is
established.
❖ AIM: achieve a maximum return in the shortest possible time & then repeat the process
ENTREPRENEURIAL QUALITIES, CHARACTERISTICS AND SKILLS
❖ Ability to identify an opportunity with potential & to then pursue the opportunity, even if
risky
❖ Understands the target market & continuously scans the internal/external environment to
be proactive in identifying opportunities & threats.
❖ Has to know who the customers are, their needs, & then develop/change business plans
to satisfy needs.
❖ Opportunist who participates in market trends, identifies positives & uses these to the
advantage of the business.
❖ Commitment and perseverance.
❖ Creativity & innovation
❖ Ability to prepare & implement a plan to achieve goals
❖ Being realistic & proactive by developing contingency plans to manage potential risks.
❖ Ability to obtain & coordinate the required resources in the ideal manner to execute plans.
❖ Good leadership qualities
➢ ability to convince/motivate others to buy into the plan & follow them to achieve
the desired goals.
❖ Ability to evaluate achievements
➢ Progress is crucial in order to initiate corrective measures if needed.
❖ Make quick decisions about opportunities as they arise.
❖ Ability to communicate clearly & accurately
➢ critical in order to implement strategies to overcome challenges and capitalize
opportunities.
❖ Personally motivated & often prefer to work on their own/be in charge.
❖ Need to be insightful enough to know their shortcomings & surround themselves with a
supportive team.
2
