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| Term | Deffinition |
|---|---|
| Sole Proprietorship | A business that is owned (and usually operated) by one person. |
| Unlimited Liability | A legal concept that holds a business owner personally responsible for all the debts of the business. |
| Partnership | A voluntary association of two or more persons to act as co-owners of a business for profit. |
| Gereral Partner | A person who assumes full or shared responsibility for operating a business. |
| Limited Partner | A person who contributes capital to a business but has no management responsiibility or liability for losses beyond the amount he or she invested in the partnership. |
| Master limited Parnership (MLP) | A business partnership that is owned and managed like a corporation but often tazed like a partnership. |
| Advantages of Partnership | Ease of start up Availability of capital and credit Personal Interest Combined Business Skills and knowledge Retention of Profits No special taxes |
| Disadvantages of Partnership | Unlimited Liability Management Disagreements Lack of continuity Frozen Investment |
| Small Business | One that is independently owned and operated for profit and is not dominant in its field communication management planning |
| Business Plan | A carefully constructed guide for the person starting a business |
| Small business Administration (SBA) | A governmental agency that assists, counsels, and protects the interests of small businesses in the United States |
| Service Corps of Retired Executives (SCORE) | A group of business people who volunteer their services to small business through the SBA |
| Small-business institutes (SBIs) | Groups of senior and graduate students in business administration who provide management counseling to small businesses |
| Small-business development Centers (SBDCs) | university-based groups that provide individual counseling and practical training to owners of small businesses |
| 3 types franchise | Retail (oldest) License (CocaCola) Service (McDonalds) |
| Venture Capital | Money that is invested in a small (and sometimes struggling) firms that have the potential to become very successful |
| Small-business investment companies (SBICs) | Privately owned firms that provide venture capital to small enterprises that meet their investment standards. |
| Franchise | A license to operate an individually owned business as though it were part of a chain outlets or stores. |
| Franchising | the actual granting of a frinchise |
| Franchisor | An individual or organization granting a franchise. |
| Franchisor | An individual or organization granting a franchise. |
| Frannchisee | A person or organization purchasing a franchise |
| Materal Resources | Human Resources Finalial Resources Informational |
| Materal Resources | Human Resources Finalial Resources Informational |
| Management | the process of coovdinating people and other resources to achieve the goals of an orgainization |
| Management | the process of coovdinating people and other resources to achieve the goals of an orgainization |
| Planning | Establishing organizational goals and deciding how to accomplish them |
| Planning | Establishing organizational goals and deciding how to accomplish them |
| Strategie planning | The process of establishing an organization's major goals and objectives and allocating the resources to achieve them. |
| Mission | A statement of the basic purpose that makes an organization different from others |
| Strategie planning | The process of establishing an organization's major goals and objectives and allocating the resources to achieve them. |
| Goal | an end result that an organization is expected to achieve over a one to ten year period |
| Objective | A specific staement detailing what an organization intends to accomplish over a shorter period of time |
| Plan | An outline of the actions by which an organization intends to accomplish its goals and objectives |
| Strategic Plan | An organization's broadest plan, developed as a guide for major policy setting and decision making |
| Tactical Plan | A smaler-scale plan developed to implement a strategy. |
| Operational Plan | A type of plan designed to implement tactical plan |
| Contingency plan | A plan that outlines alternative courses of action that may be taken if an organizations other plans are disrupted of become ineffective |
| Organizing | the grouping of resources and activities to accomplish some end result in an efficient and effective manner |
| Leading | the process of influencing people to work toward a common goal |
| Motivating | the process of providing reasons for people to work |
| Experience Manager | Has the expertiece in their field |
| Directing | the combined process of leading and motivating |
| Controlling | the process of evaluating and regulating on going activies to ensure that goals are achieved. |
| Top Manager | an upper-level excutive who guides and controls the overall fortunes of organization |
| Middle Manager | A manager who implement the strategy and major policies developed by top management |
| First-line Manager | A manager who coordinates and supervises the activities of opening employees |
| Financial Manager | A manager who is primarily responsible for an organizations financial resources. |
| Operation manager | A manager who manages the systems that convert resources into good and services |
| Marketing Manager | A manager who is responsible for facilisating the exchange of products between an organization and its customers or clients |
| Human resources Manager | a person charged with managing an organizations human resources programs |
| Administrative Manager | A manager who is not associated with any specific functional area but who provides overall administrative guidance and leadership |
| Technical Skill | A specific skill needed to accomplish a specialixed activity |
| Conceptual skill | the ability to think is abstract terms |
| Interpersnal skill | the ability to deal effectively with other people |
| Decisional Role | a role that involves various aspects of management decision making |
| Interpersonal Role | a role in which the manager deals with people |
| Informational Role | A role in which the manager either gathers or provides information |
| Leadership | the ability to influence others |
| Authoritarian Leader | One who holds all authority and responsibility with communication usually moving from top to bottom |
| Laissez-faire leader | One who gives authority to employees and allows subordiantes to work as they choose with minimum of interference communication flows horizontally among group members |
| Demoncratic Leader | one who holds final responsibility but also delegates authority to others who help to determine work assignment; communication is active upward and downward |
| Decision Making | the act of choosing one alternatives from a set of alternatives |
| Three types of small Industries | Distribution Ind. Service Ind. Production Ind. |
| Problem | The discrepance between an actual condition and a desiced condition |
| Total Quality amanagement (TQM) | the coordiration of efforts directed at improving customer satisfaction, increasing employee participation, strengthering supplier partnerships, and facilitating an organizational atmosphere of continuous quality improvement |
Created by:
Toria1253
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