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MANGT 220
Exam 3
| Question | Answer |
|---|---|
| entrepreneurship | creating and recognizing new opportunities with the courage to act on them – calculated risk-takers |
| entrp increasing popularity | downsizing large corporations, necessity based, emergence of e-commerce, side hustle, better survival rates of small businesses, etc |
| internal locus of control | believe that they are in control of their own destiny, self directing and like autonomy (entrp characteristic) |
| high energy level | entrepreneurs are persistent, hardworking and willing to exert efforts to succeed (entrp characteristic) |
| self-confidence | feel competent, believe in themselves and are willing to make decisions (entrp characteristic) |
| tolerance for ambiguity | risk-takers, tolerate situations with high degrees of uncertainty entrp characteristic) |
| self-reliance and desire for independence | want independence, self-reliant be your own boss entrp characteristic) |
| high need for achievement | motivated to accomplish challenging goals, thrive on performance feedback entrp characteristic) |
| flexibility | willing to admit problems and errors and change course of action entrp characteristic) |
| passion and action oriented | act ahead of problems, get things done, not waste time entrp characteristic) |
| classic entrepreneur | willing to pursue opportunities in situations others view as problems or threats |
| serial entrepreneur | start and run businesses and nonprofits over and over again |
| social entrepreneurship | seeks ways to solve “grand challenges” like poverty, pollution, climate change, illiteracy, poor health, racial injustice, and social and economic inequalities |
| first mover advantage | being the first to pursue a niche or enter a market – successful entrepreneurs behavior |
| necessity based entrepreneurship | start new ventures because they lack career options |
| small business | fewer than 500 employees, 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 |
| lean startup | using resources such as open-source software while containing costs, staying small and keeping operations simple |
| business plan | describes the direction for a new business and financing needed to operate it |
| industry analysis | part of business plan - nature of the industry, including economic trends, important legal issues and potential risks |
| company description | part of business plan - mission, owners and legal from |
| products and services description | part of business plan - major goods or services with competitive uniqueness |
| market description | part of business plan - size of market, competition strengths and weaknesses, five-year sales goal |
| marketing strategy | part of business plan - product characteristics, distribution, promotion, pricing and market research |
| operations description | manufacturing or service methods, supplies/suppliers and control procedures |
| staffing description | management and staffing skills needed and available, compensation and HR |
| financial projection | cash flow projections for 1-5 years, break even point and phased investment capital |
| capital needs | amount of funds needed to run the business, amount available and requested form new sources |
| milestones | a timetable of date showing when key stages of new venture will be completed |
| sole proprietorship | when an individual pursues business for a profit |
| partnership | when two or more people agree to contribute resources to start and operate a business together |
| corporation | legal entities that exist separately from their owners |
| personal resources | using your own money and borrowed money from friends and relatives to finance business |
| strategic alliance | partnering with established firms such as suppliers in a mutually beneficial relationship |
| lenders | obtaining funding from traditional lenders (banks, government, etc) |
| venture capital companies | groups of small investors who provide capital funds to small high-growth potential startup firms in exchange for an equity position in the firms |
| HR management | the set of organizational activities directed at attracting, developing and maintain an effective workforce |
| job discrimination | when someone is denied a job or work assignment for reasons not job relevant |
| Title VII – equal employment opportunity act | the requirement that employment decisions be made without regard to sex, race, ethnicity, origin, etc |
| bona fide occupation qualifications | employment criteria justified by the capacity to perform a job |
| affirmative action | require employees 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, youth employment standards |
| equal pay act | requires that men and women in the same workplace be given equal pay for equal work |
| family and medical leave act | provides certain employees with up to 12 weeks of unpaid job protected leave per year |
| occupational safety health act | provide a place of employment free from hazards, must obey safety and health standards established by occupational safety and health admin (OSHA) |
| pregnancy discrimination act | cannot discriminate against someone who is pregnant, was pregnant or could be pregnant |
| national labor relations act (wagner act) | encourage workers organizations to promote bargaining power; right to form a union |
| labor management relations act (taft-harley act) | you don’t have to join a union |
| screening applicant info | rejection: deficient qualifications, poor references, inappropriate use of social media |
| interview/site visit | rejection: not prepared, bad impression, lack job skills |
| employment testing | rejection; poor test scores, negative personality indicators |
| preemployment checks | rejection; physically unfit for job, failed drug test/background check |
| HR Planning | analyzes staffing needs and identifies actions to fill those needs |
| recruitment | set of activities designed to attract a talented pool of job applicants |
| pros of internal recruitment | familiar with company and systems, less steep learning curve, cost effectiveness, employee motivation |
| cons of internal recruitment | candidate pull limited, domino effect filling positions |
| pros of external recruitment | wide candidate pool, better quality candidates, new ideas in company |
| cons of external recruitment | expensive, steep learning curve, unmotivated employees |
| reliability | means that a selection device repeatedly gives consistent results |
| validity | means that scores on a selection device have a demonstrated correlation |
| onboarding | familiarizing new hires with the organization’s mission and culture, their jobs and co-workers and performance expectations |
| behavioral interview | ask about past behaviors |
| situational interview | how would you react in specific situation |
| performance management system | set standards, assess results and plan for performance improvements |
| performance review/assessment | the process of formally evaluating performance and providing feedback for the job holder |
| behavior based performance test | : behaviorally rating scale- specific descriptions of actual behaviors to rate levels of performance |
| result based performance test | rank ordering- all employees arranged in order of performance - Forced distribution: each employee is placed in a category |
| 360 degree feedback | Getting info and feedback from everywhere, multiple perspectives |
| recency bias | bias based on recent events/efforts |
| leniency | tendency to give employee higher rating than they deserve |
| critical incident technique | keeps log of employees effective and ineffective behaviors, not full evaluation |
| multi-person comparison | compares one person to that of others, being compared to over achievers around you, vice versa |
| merit pay | your pay increases continuously based at least in part on how well you perform |
| bonus pay | provide one-time or lump-sum payments to employees who meet specific performance targets or make some other extraordinary contribution, such |
| profit sharing | sharing gives employees a proportion of the net profits earned by the organization during a performance period |
| employee stock ownership | , help employees purchase stock in a company, sometimes at special discounted rates |
| stock options | ; rights to buy shares of stock at a future date at a fixed price |
| direct compensation | base wage/salary, incentive pay, bonuses, compensation |
| indirect compensation | required by law – social security, unemployment comp - and not required by law – retirement, insurance, etc |
| employee benefits | : include nonmonetary forms of compensation that are intended to improve the work and personal lives of employees- social security, unemployment compensation, etc |
| flexible benefits | allow employees to choose a set of benefits within a certain dollar amount. |
| family friendly benefits | help employees balance work and non-work responsibilities- child care, parental leave, elder care, etc |
| employee assistance programs | help employees deal with personal problems including stress, counseling on alcohol and substance abuse, referrals for domestic violence and sexual abuse, and family and marital counseling |
| early retirement incentive programs | offers workers financial incentives to retire early |
| 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 |
| person job fit | the extent to which an individual’s knowledge, skills, experience |
| big 5 personality model | extraversion, agreeableness, conscientiousness, emotional stability, openness to new experiences |
| extraversion | outgoingness, assertiveness, where you get your energy from |
| agreeableness | good natured, cooperative and trusting - do you get along or cause conflict, need healthy balance |
| conscientiousness | responsible, dependable and careful - EQ, awareness of people around them |
| emotional stability | relaxed, secure and unworried - positive or negative emotionality |
| openness to new experiences | curious, receptive to new ideas, imaginative - routine vs trying new things |
| locus of control | curious, receptive to new ideas, imaginative - routine vs trying new things |
| authoritarianism | extent to which an individual believes that power and status differences are appropriate |
| self-efficacy | extent to which a person believes they can complete a task |
| machiavellianism | the extent to which someone’s emotionally detached and manipulative |
| self esteem | extent to which a person believes they are a worthwhile individual |
| job dis/satisfaction | attitude that reflects the extent to which an individual is gratified or fulfilled by his/her work |
| organizational commitment | are reliable, plan longer tenure with organization, put forth more effort |
| cognitive dissonance | discomfort felt when attitude and behavior are inconsistent |
| perception | process through which people receive, organize and interpret information form the environment |
| attribution theory | when we observe behavior and attribute a cause to it (internal and external) |
| attribution error | incorrectly attributing things to something that doesn’t correlate with the behavior |
| selective perception | screening out information that causes discomfort or that contradicts our beliefs |
| decrease turnover | hiring process, let employee go, compensation/benefits, generosity, reward/recognition, work/life balance, growth opportunities, respect, etc |
| debt financing | : involves borrowing money that must be repaid overtime with interest (expecting growth in you business, better for procurement of product) |
| equity financing | exchanging ownership shares for outside investment money (hiring new employees) |
| initial public offering | initial selling of shares of stocks to the public at large |
| angel investor | : wealthy individuals willing to invest in a new venture in return for an equity stake (not necessarily professionals) |
| crowdfunding | entrepreneurs starting new ventures go online to get startup financing from crowds of investors |
Created by:
kayleejh0829