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Intro to Business Ch 6-10
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
Money given to start
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.
Delegation to all levels
Problem solving team
A team who solves problems
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.