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48 terms

Business Ch. 6-7

STUDY
PLAY
entrepreneurship
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
micropreneurs
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.
intrapreneurs
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.
incubators
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
market
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)
management
the process used to accomplish organizational goals though planning, organization, leading, and controlling people and other organizational resources
planning
a management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives
organizing
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
leading
creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organization's goals and objectives
controlling
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.
vision
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
goals
the broad, long-term accomplishments and organization wishes to attain
objectives
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
brainstorming
coming up with as many solutions to a problem as possible in a short period of time with no censoring of ideas
PMI
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
staffing
a management function that includes hiring, motivating, and retaining the best people available to accomplish the company's objective
transparency
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
enabling
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