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Business Finals2
ch6,ch7, ch10,
| Question | Answer |
|---|---|
| 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 |
Created by:
studybuddy300
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