Grade 11 Business notes/summary on management and entrepreneurship

Management
and entrepreneurship
Management

 Definition: process of accepting accountability for the innovative
application of recourses in order to achieve the businesses goal
 Directing a business
 Using resources to achieve a business goal
 Ensuring business is sustainable
 Decisions to survive everchanging environments

Levels of management

Top
 Strategic decisions (for future)
 Conceptual skills
 Integrating different groups
demands
 Responsibility for overall
business results and
performance

Middle
 Tactical decision (medium
term)
 Interpersonal skills
 Interoperate top decisions and
the impact it will have on the
departments

Lower
 Day to day decisions
(operations)
 Technical skills
 Ensures following of policies
and procedures




Management tasks

Planning