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Chapters 5-8 Inclusive

Sole proprietorship

Business owned and usually managed by only one person. most common form


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


soft drink and snack food

Leveraged Buyout

an attempt by employees to borrow the money and buy out the stockholders


we arethe franchisees,personal ownership,recognized name, lower failure rate


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


willing to accept the risk ,keep the bus small keep a balanced lifestyle

Affiliate marketing

internet based marketing strategy- rewarded for referrals


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 and marketing plan


government agency that advises ans assists small business owners


private investment companys

Keeping records

accounting services


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


Mission Statement

outline of fundamentals purpose why does it exist


longtime accomplishments


short term



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


Human Relation Skills

neede at all levels of mgmt


hiring of essential personnel


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


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


need to know what problem you're solving, no criticism

Controlling chart

standards,monitor and record,compare,communicate,take action,realistic

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