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accepting the risk of starting and running a business

entrepreneurial team

a group of experienced people from different ares of business who join together to form a managerial team with the skills needed to develop, make, and market a new product


entrepreneurs willing to accept this risk of starting and managing the type of small business that remains small, lets then do the kind of work they want to do, and offers them a balanced lifestyle

affiliate marketing

an internet-based marketing strategy in which a business rewards individuals or other business (affiliates) for each visitor or customer the affiliate sends to its Web site.


creative people who work as entrepreneurs within corporations

enterprise zones

specific geographic areas to which governments try to attract private business investment by offering lower taxes and other government support.


centers that offer new business low-cost offices with basic business services such as accounting, legal advice, and secretarial help

small business

a business that is independently owned and operated, is not dominant in its field of operation, and meets certain standards of size (set by Small Business Administration) in terms of employees and annual receipts

business plan

a detailed statement that describes the nature of the business, the target market, the advantages the business will have in relation to competition, and the resources and qualifications of the owner

venture capitalists

individuals or companies that invest in new business in exchange for partial ownership of those businesses

Small Business Administration (SBA)

a U.S. government agency that advises and assists small businesses by providing management training and financial advice and loans

Small Business Investment Company (SBIC) Program

a program through which private investment companies licensed by the Small Business Administration lend money to small businesses


people with unsatisfied wants and needs who have both the resources and the willingness to buy

Service Corps of Retired Executives (SCORE)

an SBA office with volunteers from industry, trade associations, and education who counsel small businesses at no cost (except for expenses)


the process used to accomplish organizational goals though planning, organization, leading, and controlling people and other organizational resources


a management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives


a management function that includes designing the structure of the organization and creating conditions and systems in which everyone and everything works together to achieve the organization's goals & objectives


creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organization's goals and objectives


a management function that involves establishing clear standards to clear to determine whether or not an organization is progressing toward its goals and objectives, rewarding people for doing a good job, and taking corrective action if they do not.


an encompassing explanation of why the organization exists and where it's trying to head

mission statement

an outline of the fundamental purpose of an organization


the broad, long-term accomplishments and organization wishes to attain


specific, short-term statements detailing how to achieve the organization's goals

SWOT analysis

a planning tool used to analyze an organization's strengths, weaknesses, opportunities, and threats

strategic planning

the process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve goals

tactical planning

the process of developing detailed, short-term statements about what is to be done, who is to do it, and how its is to be done

operational planning

the process of setting work standards and schedules necessary to implement the company's tactical objectives

contingency planning

the process of preparing alternative courses of action that may be used if the primary plans don't achieve the organization's objectives

decision making

choosing among two or more alternatives

problem solving

the process of solving the everyday problems that occur, less formal than decision making and usually calls for quicker action


coming up with as many solutions to a problem as possible in a short period of time with no censoring of ideas


listing all the pluses for a solution in one column, all the minuses in another, and implications in third column

organizational chart

a visual device that shows relationships among people and divides the organization's work, it shows who reports to whom

top management

highest level of management, consisting of the president and other key company executives who develop strategic plans

middle management

the level of management that includes general managers, division managers, and who branch and plant managers who are responsible for tactical planing and controlling

supervisory (first-line) management

managers who are directly responsible for supervising workers and evaluating their daily performance

technical skills

skills that involve the ability to perform tasks in a specific discipline or department

human relations skills

skills that involve communication and motivation, they enable managers to work through and with people

conceptual skills

skills that involve the ability to picture the organization as a whole and the relationship among its various parts


a management function that includes hiring, motivating, and retaining the best people available to accomplish the company's objective


the presentation of a company's facts and figures in a way that is clear and apparent to all stakeholders

autocratic leadership

leadership style that involves making managerial decisions without consulting others

participative (democratic) leadership

leadership style that consists of managers and employees working together to make decisions

free-rein leadership

leadership style that involves managers setting objectives and employees being relatively free to do whatever it takes to accomplish those objectives


giving workers the education and tools they need to make decisions

knowledge management

finding the right information, keeping the information in a readily accessible place, and making the information known to everyone in the firm

external customers

dealers, who buy products to sell to others, and ultimate customers (or end users), who buy products for their own personal use

internal customers

individuals and units within the firm that receive services from other individuals or units

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