| Flap 1 |
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| Flap 2 |
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| entrepreneur |
someone who takes a risk in starting a business to earn a profit |
| entrepreneurship |
process of starting, organizing,managing, and assuming the responsibility for a business |
| Venture Capital |
mone provided by large investors to finance new products and new business that have a good chance to be very profitable |
| innovation |
invention or creation that is brand new |
| improvement |
designed change that increases the usefulness of a product, service, or process |
| small business |
independent business with fewer than 500 employees |
| Small Business Agency(SBA) |
government agency that helps small business owners develop business plans and obtain financing and other support for their companies |
| business plan |
written description of the business idea and how it will be carried out including all major business activities |
| start-up financing |
amount of money needed to open the business |
| Short-term financing |
money needed to pay for the current operating activities of a business |
| Long-term financing |
money added for the main resources of a business that will last for many years (ex. land, buildings, and equipment) |
| management |
process of accomplishing goals an organization through the effective use of people and other resources |
| 5 things managers do |
planning, organizing, staffing, implementing, and controlling |
| planning |
involves analyzing information, setting goals, and making decisions about what needs to be done |
| organizing |
identifying and arranging the work and resources needed to achieve the goals that have been set |
| staffing |
the activities that involve in obtaining, and preparing the employees of a business |
| implementing |
effort to direct and lead people to accomplish the planned work of the organization |
| controlling |
determines what extent the business is accomplishing the goals it set out to reach in the planning stage |
| executives |
top-level managers with responsibilities for the direction and success of the entire business |
| mid-managers |
specialists with responsibilities for specific parts of a company's operations |
| supervisors |
first level of management and in charge of a group of employees |
| management styles |
way a manager treats and involves employees (tactical and strategic) |
| tactical management |
manager is directive and controlling |
| strategic management |
manager is lessdirective and involves employees in decision-making |
| mixed management |
combined use of tactical and strategic management |
| leadership |
ability to motivate individuals and groups to accomplish important goals |
| human relations |
way people get along with each other |
| 5 important human relation skills |
self understanding, understanding others, communication, team building, developing job satisfaction |
| influence |
enables a person to affect the actions of others |
| formal communication vs. informal communication |
formal communications are communication approved by company and informal unofficial ways that information moves |
| internal vs. external |
internal is between managers, employees an work groups, while external is between inside organization an outside |
| 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 |
| oral or written |
oral is spoken and written is in words |
| position influence |
ability to get other to accomplish tasks by using their position |
| reward influence |
results from the leader's ability to give rewards |
| expert influence |
a leader who is specialized in that area of work |
| identity influence |
personal trust and respect members have for the leader |
| informal influence |
leadership role is not part of a formal structure |
| formal influence |
leadership organization's structure |
| 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 |
| core values |
improtant principles that wil guide decisions and actions in the company |
