ch6,ch7, ch10,
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| entrepreneur | someone who takes a risk in starting a business to earn a profit
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| entrepreneurship | process of starting, organizing,managing, and assuming the responsibility for a business
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| Venture Capital | mone provided by large investors to finance new products and new business that have a good chance to be very profitable
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| innovation | invention or creation that is brand new
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| improvement | designed change that increases the usefulness of a product, service, or process
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| small business | independent business with fewer than 500 employees
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| Small Business Agency(SBA) | government agency that helps small business owners develop business plans and obtain financing and other support for their companies
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| business plan | written description of the business idea and how it will be carried out including all major business activities
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| start-up financing | amount of money needed to open the business
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| Short-term financing | money needed to pay for the current operating activities of a business
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| Long-term financing | money added for the main resources of a business that will last for many years (ex. land, buildings, and equipment)
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| management | process of accomplishing goals an organization through the effective use of people and other resources
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| 5 things managers do | planning, organizing, staffing, implementing, and controlling
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| planning | involves analyzing information, setting goals, and making decisions about what needs to be done
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| organizing | identifying and arranging the work and resources needed to achieve the goals that have been set
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| staffing | the activities that involve in obtaining, and preparing the employees of a business
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| implementing | effort to direct and lead people to accomplish the planned work of the organization
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| controlling | determines what extent the business is accomplishing the goals it set out to reach in the planning stage
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| executives | top-level managers with responsibilities for the direction and success of the entire business
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| mid-managers | specialists with responsibilities for specific parts of a company's operations
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| supervisors | first level of management and in charge of a group of employees
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| management styles | way a manager treats and involves employees (tactical and strategic)
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| tactical management | manager is directive and controlling
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| strategic management | manager is lessdirective and involves employees in decision-making
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| mixed management | combined use of tactical and strategic management
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| leadership | ability to motivate individuals and groups to accomplish important goals
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| human relations | way people get along with each other
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| 5 important human relation skills | self understanding, understanding others, communication, team building, developing job satisfaction
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| influence | enables a person to affect the actions of others
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| formal communication vs. informal communication | formal communications are communication approved by company and informal unofficial ways that information moves
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| internal vs. external | internal is between managers, employees an work groups, while external is between inside organization an outside
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| vertical or horizontal | vertical moves up down, so it is information from employees to managers and horizontal is side to side which is employee to employee
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| oral or written | oral is spoken and written is in words
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| position influence | ability to get other to accomplish tasks by using their position
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| reward influence | results from the leader's ability to give rewards
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| expert influence | a leader who is specialized in that area of work
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| identity influence | personal trust and respect members have for the leader
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| informal influence | leadership role is not part of a formal structure
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| formal influence | leadership organization's structure
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| ethical business practices | ensure that the highest standards or conduct are observed in a company's relationships with everyone who is a part of the business or is affected by the business' activities
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| core values | improtant principles that wil guide decisions and actions in the company
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