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MANGT EXAM 3
| Question | Answer |
|---|---|
| Entrepreneurship | creating and recognizing new opportunities with the COURAGE TO ACT ON THEM |
| Classic entrepreneur | willing to pursue opportunities in situations others view as problems or threats |
| Serial entrepreneurs | start and run businesses and nonprofits OVER and OVER again, moving from one interest and opportunity to the next |
| Social entrepreneurs | create and pursue business models that are driven by a SOCIAL mission, not just financial gain |
| First mover advantage | being the first to exploit a niche or enter a market |
| Why entrepreneurship has increased in popularity (8) | downsizing of large corporations, necessity, crossovers to small businesses by former large business employees, increased options in franchising, e-commerce, increased opportunities for minorities & women, better survival rates (pre covid), tech advances |
| 8 characteristics of entrepreneurs | internal locus of control, high energy levels, self confidence, tolerance for ambiguity, self reliance and desire for independence, high need for achievement, flexibility, passion and action orientation |
| Internal locus of control (8 characteristics) | entrepreneurs believe that they are in control of their own destiny, they are self directing and like autonomy |
| High energy level (8 characteristics) | entrepreneurs are persistent, hardworking, and willing to exert extraordinary efforts to succeed |
| Self confidence (8 characteristics) | competent, believe in themselves and are willing to make decisions |
| Tolerance for ambiguity (8 characteristics) | risk takers, they tolerate situations with high degrees of uncertainty |
| Self reliance and desire for independence (8 characteristics) | independence, self reliant, want to be their own bosses and not work for others |
| High need for achievement (8 characteristics) | motivated to accomplish challenging goals, thrive on performance feedback |
| Flexibility (8 characteristics) | willing to admit problems and errors and are willing to change a course of action when plans aren't working |
| Passion and action orientation (8 characteristics) | act ahead of problems, wanting to get things done and not waste valuable time |
| Services | the fastest growing segment of small business enterprise - low barriers of entry |
| Pros of purchasing existing business | less risk, networks |
| Pros of starting a business from scratch | avoid problems with previous owners, freedom to choose suppliers, equipment, location and workers |
| Cons of purchasing existing business | inherit existing negatives |
| Cons of starting a business from scratch | risk and uncertainty |
| Small business | fewer than 500 employees and are independently owned and operated |
| Business model | plans for making profit by generating revenues that are greater than costs |
| Startups | new and temporary ventures that are trying to discover a profitable business model for future success |
| Lean startup | using resources such as ipen source software while containing cots, staying small, and keeping operations as simple as possible |
| Percentage of small businesses fail within the first 5 years | 60-80% |
| Reasons why small businesses fail (8) | insufficient financing, lack of experience, commitment, strategy and strategic leadership, ethical failure, lack of expertise, growing too fast, and poor financial control |
| ethical failure | falling prey to the temptations of fraud, deception, and embezzlement |
| self management | ability to understand oneself exercise initiative, accept responsibility, and learn from experience |
| business incubators/accelerators | offer space, shared service, and advice to help get small businesses started |
| small business development centers | founded with support from the US small business administration and provides advice to new and existing small businesses |
| family businesses | owned and controlled by members of family |
| family business feud | occur when family members have major disagreements over how the business should run |
| succession problem | the issue of who will run the business when the current head leaves |
| succession plan | how leadership transitions and related financial matters will be handled |
| 3 stages in life cycle of entrepreneurial firms | birth, breakthrough and maturity |
| birth stage | establish, getting customers and finding the money - fighting for survival and existence |
| breakthrough | working on finances, becoming profitable - coping with growth and takeoff |
| maturity stage | refining the strategy, continuing growth, managing for success - investing wisely and staying flexible |
| Human resource management: | the set of organizational activities at attracting, developing and maintaining an effective workforce |
| Person job fit | the extent to which an individual's knowledge, skills, experiences, and personal characteristics are consistent with the requirements of their work |
| Person organization fit | the extent to which an individual's values, interests and behavior are consistent with the culture of the organization |
| Human resource analytics | employee data for insights helpful to human resource management |
| Psychological contracts | the set of individual expectations about the employment relationship |
| HOw much does it cost to hire an employee? | $12,000-$14,000 |
| Equal employment opportunity (EEO) TITLE VII OF CIVIL RIGHTS ACT | the requirement that employment decisions be made without regard to sex, race, color ethnicity, etc |
| Bonafide occupational qualifications (BFOQ) | employment criteria justified by the capacity to perform a job |
| Affirmative action (AA) | requires employers to proactively seek out and hire employees from groups that are underrepresented in the organization |
| Fair labor standards act | establishes minimum wage, overtime pay, record keeping and youth employment laws in the employment sector |
| Equal pay act of 1963 | requires that men and women in same workplace are given equal pay for equal work |
| Family and medical leave act | provides certain employees up to 12 weeks of unpaid job protected leave per year |
| Occupational safety and health act of 1970 | employers must provide a place of employment free from hazards and must obey safety and health standards established by OSHA |
| National labor relations act of 1935 | allowed to join a union |
| Labor management relations act of 1947 | prohibits joining a union |
| human resources planning | analyzes staffing needs and identified actions to fill those needs |
| 3 steps in human resources planning | job analysis, job description, and job specifications |
| recruitment | set of activities designed to attract a talented pool of job applicants |
| selection | choosing individuals to hire from a pool of qualified job applicants |
| reliability in selection techniques | a selection device repeatedly gives consistent results |
| validity in selection techniques | scores on a selection device have a demonstrated correlation |
| selection process - 4 steps | screening applicant information, interview, employment testing, preemployment checks |
| behavioral interviews | ask about past behaviors |
| situational interviews | ask applicants how they would react in situations |
| STAR method | situation, task, action, result |
| Onboarding | familiarizing new hires with the organizations mission and culture |
| Performance management system | set standards, assess results, and plans fo rperformance improvements |
| Performance review/assessment | the process of formally evaluating performance and providing feedback to the job holder |
| Performance coaching | provides frequent and developmental feedback for how a worker can improve job performance |
| Job rotation | increases task variety by periodically shifting workers between different jobs |
| Mentoring | assigns new hires and early career employees as proteges to more senior employees |
| Coaching | an experienced employee offers performance to a less experienced coworker |
| Reverse mentoring | when younger employees mentor seniors to improve their technology skills |
| Graphic rating scale | checklist of traits or characteristics to evaluate performance |
| Behaviorally anchored rating scale | specific descriptions of actual behaviors to rate various levels of performance |
| Rank ordering | all employees arranged in order of performance |
| Forced distribution | each employee is placed into a category |
| 360 degree feedback | feedback from quite literally everyone (BEST PERFORMANCE APPRAISAL) |
| Management development | training to improve knowledge and skills in the management process |
| Leniency bias - performance appraisal error | being too easy on people |
| Critical incident technique -performance appraisal error | only writing stuff down if they do really good or really bad |
| Multiperson comparison -performance appraisal error | only compare to people around them - not fair |
| Recency bias -performance appraisal error | overemphasizes the most recent behaviors when evaluating performance |
| compensation benefits (4) | employee benefits, flexible benefits, family friendly benefits, employee assistance programs |
| merit pay | awards pay increases in proportion to performance |
| bonus pay | provides one time payments based on performance |
| profit sharing | distribute to employees a proportion of net profits earned by the organization |
| employee stock ownership | helps employees purchase stock in their employing companies |
| stock options | rights to purchase shares at a fixed price in the future |
| direct compensation | incentive pay like bonuses and stock options |
| indirect compensation | benefits required by law or things like retirement and insurance |
| employment at will | employees can be terminated at any time for any reason |
| labor unions | organizations that deal with employers on the workers collective behalf |
| labor contracts | formal agreements between a union and an employer about the terms of work for union members |
| collective bargaining | negotiating, administering and interpreting a labor contract |
| two tier wage systems | pay new hires less than more seniors workers already doing the same job |
| Big five personality model | extraversion, agreeableness, conscientiousness, emotional stability, openness to new experiences |
| extraversion (big five) | being outgoing, sociable and assertive |
| agreeableness (big five) | being good natured, cooperative and trusting |
| conscientiousness (big five) | being responsible, dependable and careful |
| emotional stability (big five) | being relaxed, secure and unworried |
| openness to new experiences (big five) | being curious, receptive to new ideas and imaginative |
| extraverted vs introverted | outgoing and social or shy and quiet |
| sensing vs intuition | gathering data whether one focuses on details or the big picture |
| thinking vs feeling | decision making whether a person uses logic or feelings |
| judging vs perceiving | whether a person prefers order and control or acts of flexibility and spontaneity |
| clifton strengths | executing, influencing, relationship building, strategic thinking |
| locus of control | extent to which one believes that what happens IS within ones control (external is victim mentality) |
| machiavellianism | extent to which someone is emotionally detached and manipulative |
| authoritarianism | extent to which an individual believes that power and status differences are appropriate |
| self monitoring | degree to which someone is able to adjust behavior in response to external factors |
| type A personality | person oriented toward extreme achievement, impatience, and perfectionism |
| self efficacy | extent to which a person believes they can complete a task |
| self esteem | extent to which a person believes they are a worthwhile individual |
| risk propensity | willingness to take chances and make risky decisions |
| job satisfaction/dissatisfaction | attitude that reflects the extent to which an individual is gratified or fulfilled by their work |
| strong and positive relationship between | low absenteeism and low turnover |
| withdrawal behaviors | low absenteeism and low turnover |
| high levels of job satisfaction DO NOT LEAD TO | high job performance |
| how to decrease turnover (8) | consider hiring process, make hard choice on firing employees, keep benefits current, encourage generosity and gratitude, reward employees, offer a flexible work life balance, pay attention to employee engagement, prioritize employee happiness |
| how to decrease turnover again (4) | make opportunities for development and growth, clean up performance reviews, provide inclusive plan, demonstrate respect |
| 4 ways recognition improves employee retention | strengthens connection and reduces burnout, supports and advances diversity, equity and inclusion, builds work community, creates psychologically safe, connected work environment |
| what does employee recognition do | prevents burnout |
| attitude | predisposition to react in a certain way toward people and things in ones environment |
| cognitive component | attitude derived from perceived knowledge - explains WHY we feel the way we feel |
| affective component | feelings and emotions - HOW we feel |
| behavior component | how a person EXPECTS to behave in a situation |
| cognitive dissonance | discomfort felt when attitude and behavior are inconsistent |
| commitment strengthens with (4) | age, years, job security, participation in decision making |
| committed employees have (3) | highly reliable habits, plan a longer tenure with organization, muster more effort in performance |
| perception | process through which people receive, organize and interpret information from the environment |
| attribution theory | when we observe behavior and attribute a cause to it (external or interal) |
| attribution error | incorrectly attribute things that may not correlate (deeper than surface level going on) |
| selective perception | screening out information that causes discomfort or that contradicts beliefs |
| stereotyping | categorizing or labeling on the basis of a single attribute |
| PERCEIVED REASON WHY SMALL BUSINESSES FAIL | RAN OUT OF MONEY |
| SUSIE MAY | EQUAL PAY ACT |
| CHARACTER TRAIT THAT ALLOWS PEOPLE TO BE BETTER AT TERMINATION | MACHIAVELLIANISM |
| what is not one of the 6 entrepreneurial truths | they are extreme risk takers |
| foster teen has kid in daycare and jobs wanted to work nightshift and started cleaning service out of | necessity based entrepreneurship |
| involved in HRM task of attracting a quality workforce | human resource planning |
| perception | receive, organize and interpret information from the environment |
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