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53 terms

Introduction to Business Study Guide

Chapters 5-8 Inclusive
STUDY
PLAY
Sole proprietorship
Business owned and usually managed by only one person. most common form
Partnerships
when 2 or more people legally agree to become co-owners of a business
Limited Liability Partnership
limits partner's risk of losing their personal assets to the outcomes of only their own acts
Conventional corporations
an entity unto itself , ability to raise money
state chartered,don't lose your personal assets
"S" Corporations
taxed like sole proprietorship, no more than 100 shareholders,only 25% of income from passive sources ie rent.s royalties, interest.
Limited Liability Corporations
similar to an s corp but without the special eligibility requirements maximum 30 years
Horizontal Merger
joins 2 firms in the same industry, soft drink and water
Vertical Merger
soft drink and artificial sweetener
Conglomerates
soft drink and snack food
Leveraged Buyout
an attempt by employees to borrow the money and buy out the stockholders
Franchises
we arethe franchisees,personal ownership,recognized name, lower failure rate
Entreprenuer
self-directed, action oriented, highly energenetic and tolerant of uncertainty
Entreprenuerial teams
group of experienced people who are from diifferent areas of business working together to develop, make and market a new product
Microprenuers
willing to accept the risk ,keep the bus small keep a balanced lifestyle
Affiliate marketing
internet based marketing strategy- rewarded for referrals
Intrapreneurs
Entepreneurs within corporations
Small Business
independently owned and operated, meets certain standards of size, not dominant in any field
The business plan
summary,company background.mgmt team,financial plan.capital and marketing plan
SBA
government agency that advises ans assists small business owners
SBIC
private investment companys
Keeping records
accounting services
SCORE
more than 10,500 volunteers who council small businesses
Functions of Management 1
planning-strategic goals
Fom 2
organizing-allocate resources, people
Fom 3
leading-teaching how to reach goals
Fom 4
controlling-feedback
Mission Statement
outline of fundamentals purpose why does it exist
Goals
longtime accomplishments
Objectives
short term
SWOT
strengths,weaknesses,opportunities,threats
Strategic Planning
the setting of long-term goals by top managers
Tactical Planning
indentification of specific short range,lower level mgmt
Operational Planning
work standars and schedules
Contingency Planning
backup plans in case primary plan fails
Decision Making Step 1
choose among 2 or more alternatives,the heart of all mgmt functions
Define the situation Step 2
agreements with those involved
Collect information Step 3
decide which is best
Develop alternatives Step 4
do what's indicated,was the decision correct
Problem Solving
2 or more workers assigned to a problem, brainstormimg
Management levels- Top
cfo/ceo's president
Mgmt levels-middle
plant, division head
Mgmt levels-Supervisors
Dept heads, section chiefs
Mgmt levels-Non
employees
Human Relation Skills
neede at all levels of mgmt
Staffing
hiring of essential personnel
Transparency
presentation of a company's facts and figures
Leadership styles
autocracy,decisions made alone,participation, gives reasoning, free-rein get there as best you can
Enabling
gives workers the best education and tools to make decisions
Knowledge Mmgt
right info, readily accessible known to all
Internal Customers
cindy in the deli, I buy from her in the bakery
External customers
me shopping at walmart
Brainstorming
need to know what problem you're solving, no criticism
Controlling chart
standards,monitor and record,compare,communicate,take action,realistic