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Business Finals2

ch6,ch7, ch10,

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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