Intro to Business Ch 6-10

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What is a small business?

A small business independently owned and operated.

Why is a small business important in society?

Boost the local economy, brings new products and ideas, provides jobs.

What is an entrepreneur?

A business run by one person

What are some goals of a entrepreneur?

To make money, bring new products and ideas, build a sustainable business.

4 advantages to starting a new business

Make money, control everything yourself, recognition, making a difference.

4 disadvantages to starting a new business

High start up costs, risk, poor investments, liability.

Why should a business make a business plan?

To outline their business to show to investors

What are some important sections of a business plan?

summary, what you are doing, strategies, goals, how to get money

What should be included in a business plan?

Market, strategies, goals

Seed Money

Money given to start

Venture capitalists

people who loan money and get a percent of the business.

Why do businesses have managers?

To help run a business, set goals, organize, and oversee employees.

3 types of managers

CEO, finance manager, 1st level manager

What does SWOT stand for?

Strengths, weaknesses, opportunities, threats.

Why should a business make a SWOT analysis?

To identify parts of a business, set goals, overcome weaknesses, over come threats

Why should a business be able to explain core competencies?

To define whats most important to the company.

Centralization

All decisions

Decentralization

Delegation to all levels

Problem solving team

A team who solves problems

Committee

Permanent group who solves problems regularly.

Advantages of working with a team

Different levels of communication, higher quality, more ideas, more people to help

Disadvantages of working with a team

inefficiency, overwhelming others, conflict, decision making arguments

What makes a good team?

more open talking, compromise, helping others, creative thinking, clear sense of purpose, focus.

What are the 5 stages of TEAM development?

forming, storming, norming, preforming, adjourning

Why is motivation important for employees?

To make the job fun, and make them work harder

What is a MBO?

Management by objective

What is the goal of a MBO & employee?

Opportunity to know goals and be measured, set expectations, communication, motivation.

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