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MANGT 220 Exam 3
Exam 3
| Term | Definition |
|---|---|
| Entrepreneurship | The process of starting a new venture, organizing and managing, and assuming the risks. |
| Small business | A business that is privately owned by one individual or a small group of individuals; it has sales and assets that are not large enough to influence its environment (500 employees or fewer) |
| Necessity based entrepreneurs | Downsized or let go then started their own company |
| Social entrepreneurs | Ethical entrepreneurship, goal is to make life better for people (nothing to do with social media) |
| serial entrepreneur | Starts multiple businesses |
| Internal locus of control (Entrepreneurial personality trait) | You are in control of your own destiny |
| High energy level (Entrepreneurial personality trait) | Persistent, hard working |
| Self-confidence (Entrepreneurial personality trait) | Feel confident, believe in themselves, willing to make decisions |
| Tolerance for ambiguity (Entrepreneurial personality trait) | Accepting change and that it's going to happen, understand that there are some unknowns |
| Self-reliance and desire for independence (Entrepreneurial personality trait) | Rely on themselves and want to work alone |
| High need for achievement (Entrepreneurial personality trait) | Self motivated to achieve high, Care about grades (EX: us lol) |
| Flexibility (Entrepreneurial personality trait) | Willing to admit you made a mistake and change plans |
| Passion and action orientation (Entrepreneurial personality trait) | Stay ahead of your problems |
| Other factors of the entrepreneurial personality | 1. If your parents are entrepreneurs, you are 80% more likely to become one 2. How you were raised |
| Myths about entrepreneurs question on test | answer will be all of the above |
| How many employees do small businesses have | fewer than 500 |
| What is the fastest growing segment of small business enterprise? | Services |
| Buying an existing business (when starting a new business) | Don't have to start from ground zero |
| Starting from scratch (when starting a new business) | Start from ground zero, riskier, 65% start from scratch |
| Business plan | Document designed to map out the course of a company over a specific period of time |
| Part 1 of writing a business plan | Description of the business |
| Part 2 of writing a business plan | Marketing plan - 4ps |
| Part 3 of writing a business plan | Production/Operations Plan (How are you actually going to produce the product) |
| Part 4 of writing a business plan | Management plan (who are you, what is your staffing) |
| Part 5 of writing a business plan | Financial plan (not easy, projections of cost) |
| Personal resources | Using your own money and money borrowed from friends and relatives to finance the business |
| Strategic Alliances | Partnering with established firms such as suppliers in a mutually beneficial relationship |
| Lenders | Obtaining funding from traditional lenders (e.g., banks, independent investors, and government loans) *most common way to finance |
| Venture capital companies | Groups of small investors who provide capital funds to small high-growth potential start-up firms in exchange for an equity position (stock) in the firms HAVE MONEY ALREADY |
| What percent of all new businesses fail in their first five years of operation | 60 to 80% |
| Video Case: Artlifting | Social based, they were still there to make money, passionate and saw how they can help people (Selling art of homeless people) |
| HRM definition | The set of organizational activities directed at ATTRACTING, DEVELOPING, and MAINTAINING an effective workforce. |
| Person-Job fit | Do you meet the requirements of the job |
| Person-organization fit | Do you align with the culture of the organization |
| Equal employment opportunity (EEO) | Implements basic requirements to protect from job discriminations |
| Title VII of the Civil Rights Act of 1964 | Forbids discrimination based on race, color, religion, sex , and national origin in all areas of the employment relationship |
| Affirmative Action (AA) | Requires employers to proactively seek out and hire employees from groups that are underrepresented in the organization |
| Age discrimination in Employment Act | Prohibits discrimination of people over 40 |
| Pregnancy Discrimination Act | Prevents discrimination against pregnant women |
| Americans with disabilities act | Prohibits discrimination of people with disabilities (you have to make accommodations if possible) |
| Sexual Harassment | Any behavior of a sexual nature that affects how an employee works, to be considered sexual harassment it has to be persistent in nature |
| Fair labor standards act (FLSA) (Compensation and benefits) | Oversees min wage, 40 hr work week, overtime |
| Equal Pay Act of 1963 (Compensation and benefits) | Requires equal pay for men and women who preform the same job |
| Family and medical leave Act (FMLA) (Compensation and benefits) | Allows employees up to 12 weeks of leave if have baby, sick, death, etc. |
| Wagner Act (labor relations) | There has to be limitations to what employers are doing, you have a right to collectively object to conditions in the workplace; (Role that unions play on rules and regulations, companies must take care of workers - min wage, work conditions, age restrict |
| Taft-Hartley Act (labor relations) | You have a right to decertify from the union, goal is to balance power |
| Occupational safety and health act of 1970 | Employers must provide a place of employment free from hazards |
| HR Planning | When management ensures that it has the right number and mix of workers needed to meet the organizational goals |
| 3 Steps in HR planning | 1. Assessing current HR 2. Assessing future HR needs 3. Developing program to match resources with needs |
| Job analysis | Analyzing orderly study of job facts; orderly study of all of the job facts to understand what is done, when, how, where, why and by whom |
| Job description | Most important plan, written statement of job duties and needs |
| Job specifications | Specific qualifications that need to be met |
| Recruitment | The process of attracting qualified job candidates to fill vacant positions |
| Internal recruiting | Looking for employees inside the organization |
| External Recruiting | Job candidates from outside the company |
| Social recruiting | Social media (LinkedIn, Instagram) |
| Selection | Involves gathering and assessing information about job candidates and making decisions about whom to hire |
| Selection process | 1. Screening 2. Interview 3. Employment testing 4. Preemployment checks |
| Selection techniques | Reliability and Validity |
| Reliability test | Consistent in measurement (should give same results every time) |
| Validity test | Demonstratable relationship between test and work proficiency |
| Unstructured interview | Talking back and forth without a structured set of questions, ex: coffee interview |
| Behavioral interview | How do you deal with situations? (What behaviors to expect from them) |
| Situational interview | Focus of question is on your task of a situation (Walk through steps of what you would do in a situation) |
| Onboarding | Familiarizing new hires with the organizations mission and culture, their jobs and co workers and performance expectations |
| Mentoring | Someone you can go to to ask questions with no judgement |
| Reverse mentoring | New employee is the mentor, brought in to company to help change something |
| Performance appraisal | Formally assessing someone's work and providing feedback |
| Behavior based performance | Focusing on how you treat other people |
| Results based performance | Did you meet certain criteria? |
| 360 Degree feedback | Getting evaluations from everyone, customers, boss, co-workers, yourself |
| Recency Bias (Performance Appraisal errors) | Something that recently happened right before the performance evaluation |
| Error of leniency and strictness | Someone is very strict and someone is very lenient in evaluating staff |
| Multiperson comparison | Over compare people against each other |
| Merit pay | Getting additional pay because of what you are doing different than others |
| The Psychological Contract | The overall set of expectations held by an individual with respect to what he/she will contribute to the organization and what the organization will provide in return |
| The Big Five Personality Model | 1. Aggreableness 2. Conscientiousness 3. Emotional Stability 4. Extraversion 5. Openness to New Experiences |
| Agreeableness | high = good team players/trusting low = push back/disagree |
| Conscientiousness | high = reliably low = no attention to detail |
| Emotional stability | High = relaxed/resilient low = anxious, nervous |
| Openness to New Experiences | Curious/broad minded or narrow minded and resistant to change |
| External locus of control | Future is not in your control |
| Self-Efficacy | Person's belief about his/her capability to perform a task |
| Authoritarianism | Extent to which an individual believes that power and status differences are appropriate |
| Machiavellianism | "The goal justifies the means" |
| Self-Esteem | Extent to which a person believes she/he is a worthwhile individual |
| Risk Propensity | Degree to which an individual is willing to take chances and make risky decisions |
| Attitudes | A predisposition to react in a certain way toward people and things in one's environment |
| Attractive component of attitudes | Feelings and emotions. Explains how we feel (love, hate, scared) |
| Cognitive Component of attitudes | Attitudes derived from perceived knowledge. Explains why we feel the way we feel |
| Intentional Component of attitudes | How a person expects to behave in a given situation |
| Job Satifaction/Dissatisfaction | Attitude that reflects the extent to which an individual is gratified or fulfilled by his/her work |
| Job satisfaction leads to... | low absenteeism and low turnover |
| Job satisfaction does not always lead to ... | to high job performance |
| Organizational commitment | An attitude that reflects an individual's identification with and attachment to an organization |
| Commitment strengthens with | Age, years with the organization, job security, participation in decision making |
| Committed Employees | Have highly reliable habits, plan a longer tenure with the organization, muster more effort in performance |
| Bona Fide Occupational Qualification (BFOQ) | Exceptions to title 7 EX: you have to be 21 to work at a bar and serve alcohol |
| Attribution | When we observe behavior and attribute a cause to it |
| Selection perception | Screening out information that causes discomfort or contradicts our beliefs |
| Stereotyping | Categorizing or labelling on the basis of a single attrbute |
Created by:
sekavecr