Key Terms
Intrapreneur
Employee working within a business who shows enterprise
Autocratic leadership
Manager makes all the decisions without employee input
Explain 'motivating' in the business sense
When a manager encourages employees to work harder and commit themselves to achieving the goals of the business
Explain Communication
Transfer of information between people
Creator of Microsoft
Bill Gates
Entrepreneur
Person who takes a risk in setting up a business
Democratic Leadership
Involves employees when making decisions
Theory that believes there are two types of managers
McGregors theory X and theory Y
Explain internal communication
Communication between the people within the organisation
Founder of Apple
Steve Jobs
Leadership
The ability to direct people so they follow and obey you
Style of leadership when the manager has very little involvement in the decision-making, mostly leaving everything to the employees
Laissez-Faire
Theory that believes it is peoples needs that drive them and motivate them
Maslows Hierarchy of Needs
The communication method where managers deal with employees
Downward
Minimum wage in Ireland
€12.70
Delegation
When a manager assigns authority to an employee to carry out a task
Example in business of a laissez-faire leader
Richard Branson
Manager who believes employees enjoy working
Theory Y
AGM
Annual General Meeting
Consumer Price Index
a measure of the average change over time in the prices paid by consumers for a representative basket of consumer goods and services i.e INFLATION
Efficiency
the quality of working well in an organized way, without wasting time or energy
keeping productive and talented workers and reducing turnover by fostering a positive work atmosphere to promote engagement
Self Actualisation needs
need for personal growth and fulfilment to be the best version of you
EGM
Extraordinary General Meeting
MNC
Multinational company