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Busn 1010 Exam 2
Cards with an * Next to the term/concept are NOT on the study guide
106
Business
Not Applicable
02/24/2013
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Term
Entrepreneurship
 Definition
Managed and Calculated Risk
Term
Managing Risk
 Definition
Home-based entrepreneurs should review their home-owners policy, since not all policies cover business-related claims. Some even void the coverage if there is a business in the home.
Term
Business Plan
 Definition
oA detailed written document that describes the nature of the business, the target market, the advantages the business will have over competition, and the resources and owners qualifications
oFinancial statements, assets, liability, essential for lending
Term
Intrapreneurship
 Definition
An individual or group of individuals that work together
Term
Executive Summary
 Definition
Captures attention of lenders- Catches and tempts potential investors in order to get them to read on.
Term
Characteristics of successfull entrepreneurs
 Definition
Self-directed & Self disciplined, self-nurturing, action-oriented, highly energetic, tolerant of uncertainty.
Term
Angel Investors
 Definition
Individual that uses personal money in businesses with the expectations of taking the company public.
Term
Venture Capitalists
 Definition
Individuals or companies that invest in new businesses in exchange for partial ownership.
o In most cases the venture capitalists will bring in their own managers to oversee and run.
Term
SCORE
 Definition
Website that assigns executives and people who know the business to a person who is trying to pursue their small business. The executive helps and gives advice free of charge. It is a government funded program.
Term
Hurdle that small businesses face when exporting products/services to global markets:
 Definition
1. Financing is often difficult to find. 2. would-be exporters dont know how to get started and do not understand the cultural differences between markets. 3. the bureaucratic paperwork can threaten to bury a small business.
Term
Outlook for small business in international markets
 Definition
They have better growth opportunities
Term
SBA
 Definition
o Small Business Administration: Helps small businesses succeed
o U.S. Government agency that advises and assists small businesses by providing management training and financial advice and loans.
Term
Today's progressive managers fous on
 Definition
Teamwork
Term
Functions of managment
 Definition
1.Planning
 Strategic- Broad, Long-Range, Goal-Setting by top managers
 Tactical- Specific, Short-Range, Objective/identification by lower management
 Operational- Setting work standards and schedules
 Contingency- Backup Plan in case primary plan fails
2. Organizing
3. Leading
4. Controlling
Term
Leadership characteristics
 Definition
Common sense, Flexibility, Communication, Courage & Tenacity, Humility, Integrity, Fairness, Optimism, and self confidence
Term
Controlling function of management
 Definition
o Management function that involved establishing clear standards to determine whether or not an organization is progressing toward its goal and objectives, rewarding people for a good job and taking corrective action if they are not.
o There are five steps of the control function
 1. Setting Clear Standards
 2. Monitoring and recording performance
 3. Comparing performance plans and standards
 4. Communicating results and deviations to employees
 5. Providing positive feedback for a job well done and taking corrective action if necessary.
Term
Vision statement
 Definition
Where a company sees themselves in the future
Term
Mission statement
 Definition
Purpose of the company- Most mission statements include serving the community, protecting the environment, treating people as the most valuable asset and shareholder value.
Term
SWOT Analysis
 Definition
Shows potential internal strengths, potential internal weaknesses, potential external opportunities and potential external threats
Term
Contingency planning
 Definition
Backup Plan in case primary plan falls
Term
Downsizing
 Definition
In an effort for a company to increase its entity or staff it may downsize and eliminate unneeded positions in order to pay out less which will hopefully increase revenue
Term
Technical Skills
 Definition
Skills that involve the ability to perform tasks in a specific discipline or department
Term
Participative Management Style
 Definition
Leadership Style: Preferred US way, Downside: slow, not responsive to marketplace
Term
Free-Rein leadership
 Definition
o Leadership Style: Free to do what you want to: Ex. Google, Apple, etc.
o BEST LEADERSHIP USES ALL 3 TYPEs
Term
Reorganization/reengineering of an organization
 Definition
o Traditional: Many layers of Management
o Inverted: Less Management, more employees making the decisions
Term
Organizational Hierarchy Chart
 Definition
o Shows how the business is designed and operated.
o Shows who reports to who
Term
Economics of scale
 Definition
o Situation in which companies can reduce their production costs if they can purchase raw materials in bulk; the average cost of goods goes down as production levels increase
Term
Bureaucratic organization
 Definition
o An Organization with many levels of managers who set rules and regulations and oversee all decisions
 Can take weeks or months to have information passed down to lower-level employees
 They can annoy people
Term
Decentralization
 Definition
o Advantages: Informed decisions, Worker responsibility, few lawyers/faster, Industry knowledge base
o Disadvantages: Loss of control, possible duplication, costly
Term
Tall Organization Structure
 Definition
o Have many layers of management, high cost of management, the decision making is flow.
Term
Benefits of flat organizations Vs. Tall organization structures
 Definition
o Flat has more current trends and the creation of teams
o Tower vs. House
Term
Staff Personal
 Definition
o Staff supports lines, advises
o Staff= Executives, HR, Etc
o Line= Contributes to Revenue
Term
Benchmarking
 Definition
o Services against competition to see best in class
o Definition: Process in which an organization improves performance by continually comparing and measuring itself against the leading firms in an industry.
Term
Core Competencies
 Definition
o Strengths or what the company does well.
o Things a firm does extremely well (Strengths), which sometimes gives it an advantage over its competition.
Term
Outsourcing
 Definition
o Benefits: time to focus on company’s primary function, increased level or expertise, cost effectiveness, decreased overhead, risk reduction ( Legacy Benefits), flexibility, technology
o Downsides: Less personal approach, quality, less control by owner in planning, implanting and carrying out the company’s future, potential for competing for the outsourcing firm’s times.
Term
Trends in the U.S. manufacturing sector
 Definition
Computer-based, computer aided, etc
Term
Current trend in the U.S. service sector
 Definition
More service sector jobs
Term
Current economic trends during the Great Recession of 2008-2009
 Definition
loss of manufacturing jobs, housing market, etc.
Term
Quality standards in the service sector
 Definition
What customers Like
Term
Lean Manufacturing
 Definition
The production of goods using less of everything compared to mass production
• Just-in-time- Production process in which a minimum inventory is kept on the premises and parts, supplies and other needs are delivered just in time to go on the assembly line.
Term
Just-In-Time
 Definition
Production process in which a minimum inventory is kept on the premises and parts, supplies and other needs are delivered just in time to go on the assembly line.
Term
Deming Cycle
 Definition
Quality Control approach- After the father of movement toward quality. It’s steps are Plan, Do, Check, Act- The idea is to find potential errors before they happen.
Term
Theory X
 Definition
Autocratic: dislike work, avoid responsibility, little ambition, force/control/threaten, motivated by fear & money
Term
Theory Y
 Definition
Democratic: Likes work, naturally works towards goals, seeks responsibility, imaginative/creative/clever, motivated by empowerment
Term
Theory Z
 Definition
o Known as Japanese management style and is no longer exists today.
o Long-term employment, collective decision-making, individual responsibility, slow evaluation/promotion, specialized career path, holistic concern for employees
Term
Type A
 Definition
o Known as American
o Short-term employment, individual decision-making, individual responsibility, rapid evaluation and promotion, explicit formalized control, specialized career paths, segmented concern for employees.
Term
Management by objectives
 Definition
A system of goal setting and implementations; it involves a cycle of discussion, review, and evaluation of objectives among top and middle-level managers, supervisors, and employees.
Term
Coaching
 Definition
acting as a resource- teaching, guiding, and recommending- but not participating actively of doing the task.
Term
Job Rotation
 Definition
A job enrichment strategy that involves moving employees from one job to another.
Term
Entrepreneurship
 Definition
Managed and Calculated Risk
Term
Managing Risk
 Definition
Home-based entrepreneurs should review their home-owner's policy, since not all policies cover business-related claims. Some even void the coverage if there is a business in the home. Pg. 153
Term
Business Plan
 Definition
oA detailed written document that describes the nature of the business, the target market, the advantages the business will have over competition, and the resources and owners qualifications
oFinancial statements, assets, liability, essential for lending
Term
Intrapreneurship
 Definition
An individual or group of individuals that work together
Term
Executive Summary
 Definition
Captures attention of lenders- Catches and tempts potential investors in order to get them to read on.
Term
Characteristics of successfull entrepreneurs
 Definition
Self-directed & Self disciplined, self-nurturing, action-oriented, highly energetic, tolerant of uncertainty.
Term
Angel Investors
 Definition
Individual that uses personal money in businesses with the expectations of taking the company public.
Term
Venture Capitalists
 Definition
Individuals or companies that invest in new businesses in exchange for partial ownership.
o In most cases the venture capitalists will bring in their own managers to oversee and run.
Term
SCORE
 Definition
Website that assigns executives and people who know the business to a person who is trying to pursue their small business. The executive helps and gives advice free of charge. It is a government funded program.
Term
Hurdle that small businesses face when exporting products/services to global markets:
 Definition
1. Financing is often difficult to find.
2. Would-be exporters don't know how to get started and do not understand the cultural differences better markets.
3. The bureaucratic paperwork can threaten to bury a small business.
Term
Outlook for small business in international markets
 Definition
They have better growth opportunities
Term
SBA
 Definition
o Small Business Administration: Helps small businesses succeed
o U.S. Government agency that advises and assists small businesses by providing management training and financial advice and loans.
Term
Today's progressive managers fous on
 Definition
Teamwork
Term
Functions of managment
 Definition
1.Planning
 Strategic- Broad, Long-Range, Goal-Setting by top managers
 Tactical- Specific, Short-Range, Objective/identification by lower management
 Operational- Setting work standards and schedules
 Contingency- Backup Plan in case primary plan fails
2. Organizing
3. Leading
4. Controlling
Term
Leadership characteristics
 Definition
Common sense, Flexibility, Communication, Courage & Tenacity, Humility, Integrity, Fairness, Optimism, and self confidence
Term
Controlling function of management
 Definition
o Management function that involved establishing clear standards to determine whether or not an organization is progressing toward its goal and objectives, rewarding people for a good job and taking corrective action if they are not.
o There are five steps of the control function
1. Setting Clear Standards
2. Monitoring and recording performance
3. Comparing performance plans and standards
4. Communicating results and deviations to employees
5. Providing positive feedback for a job well done and taking corrective action if necessary.
Term
Vision statement
 Definition
Where a company sees themselves in the future
Term
Mission statement
 Definition
Purpose of the company- Most mission statements include serving the community, protecting the environment, treating people as the most valuable asset and shareholder value.
Term
SWOT Analysis
 Definition
Shows potential internal strengths, potential internal weaknesses, potential external opportunities and potential external threats
Term
Contingency planning
 Definition
Backup Plan in case primary plan falls
Term
Downsizing
 Definition
o In an effort for a company to increase its entity or staff it may downsize and eliminate unneeded positions in order to pay out less which will hopefully increase revenue
Term
Technical Skills
 Definition
Skills that involve the ability to perform tasks in a specific discipline or department
Term
Participative Management Style
 Definition
Leadership Style: Preferred US way, Downside: slow, not responsive to marketplace
Term
Free-Rein leadership
 Definition
o Leadership Style: Free to do what you want to: Ex. Google, Apple, etc.
o BEST LEADERSHIP USES ALL 3 TYPEs
Term
Reorganization/reengineering of an organization
 Definition
o Traditional: Many layers of Management
o Inverted: Less Management, more employees making the decisions
Term
Organizational Hierarchy Chart
 Definition
o Shows how the business is designed and operated.
o Shows who reports to who
Term
Economics of scale
 Definition
o Situation in which companies can reduce their production costs if they can purchase raw materials in bulk; the average cost of goods goes down as production levels increase
Term
Bureaucratic organization
 Definition
o An Organization with many levels of managers who set rules and regulations and oversee all decisions
 Can take weeks or months to have information passed down to lower-level employees
 They can annoy people
Term
Decentralization
 Definition
o Advantages: Informed decisions, Worker responsibility, few lawyers/faster, Industry knowledge base
o Disadvantages: Loss of control, possible duplication, costly
Term
Tall Organization Structure
 Definition
o Have many layers of management, high cost of management, the decision making is flow.
Term
Benefits of flat organizations Vs. Tall organization structures
 Definition
o Flat has more current trends and the creation of teams
o Tower vs. House
Term
Staff Personal
 Definition
o Staff supports lines, advises
o Staff= Executives, HR, Etc
o Line= Contributes to Revenue
Term
Benchmarking
 Definition
o Services against competition to see best in class
o Definition: Process in which an organization improves performance by continually comparing and measuring itself against the leading firms in an industry.
Term
Core Competencies
 Definition
o Strengths or what the company does well.
o Things a firm does extremely well (Strengths), which sometimes gives it an advantage over its competition.
Term
Outsourcing
 Definition
o Benefits: time to focus on company’s primary function, increased level or expertise, cost effectiveness, decreased overhead, risk reduction ( Legacy Benefits), flexibility, technology
o Downsides: Less personal approach, quality, less control by owner in planning, implanting and carrying out the company’s future, potential for competing for the outsourcing firm’s times.
Term
Trends in the U.S. manufacturing sector
 Definition
Computer-based, computer-aided design and manufacturing
Term
Current trend in the U.S. service sector
 Definition
There are more service sector jobs
Term
Current economic trends during the Great Recession of 2008-2009
 Definition
Loss of manufacturing jobs and the housing market.
Term
Quality standards in the service sector
 Definition
What customers like
Term
Lean Manufacturing
 Definition
The production of goods using less of everything compared to mass production
• Just-in-time- Production process in which a minimum inventory is kept on the premises and parts, supplies and other needs are delivered just in time to go on the assembly line.
Term
Just-In-Time
 Definition
Production process in which a minimum inventory is kept on the premises and parts, supplies and other needs are delivered just in time to go on the assembly line.
Term
Deming Cycle
 Definition
Quality Control approach- After the father of movement toward quality. It’s steps are Plan, Do, Check, Act- The idea is to find potential errors before they happen.
Term
Theory X
 Definition
Autocratic: dislike work, avoid responsibility, little ambition, force/control/threaten, motivated by fear & money
Term
Theory Y
 Definition
Democratic: Likes work, naturally works towards goals, seeks responsibility, imaginative/creative/clever, motivated by empowerment
Term
Theory Z
 Definition
o Known as Japanese management style and is no longer exists today.
o Long-term employment, collective decision-making, individual responsibility, slow evaluation/promotion, specialized career path, holistic concern for employees
Term
Type A
 Definition
o Known as American
o Short-term employment, individual decision-making, individual responsibility, rapid evaluation and promotion, explicit formalized control, specialized career paths, segmented concern for employees.
Term
Management by objectives
 Definition
A system of goal setting and implementations; it involves a cycle of discussion, review, and evaluation of objectives among top and middle-level managers, supervisors, and employees.
Term
Coaching
 Definition
acting as a resource- teaching, guiding, and recommending- but not participating actively of doing the task.
Term
Job Rotation
 Definition
A job enrichment strategy that involves moving employees from one job to another.
Term
**Enterprise Zones ( Ch. 6 Slides)
 Definition
Particular area that gov't sanctions to create economic growth.
Term
**Incubators ( Ch. 6 Slides)
 Definition
Locally funded- Provides basic services to entrepreneurships at low or no cost.
Term
**Small Business Success ( Ch. 6 Slides)
 Definition
Individual learns from others, gets experiences, gets to know the operation and in many times can take over the business when the owner retires.
Term
**Importance of empowerment ( Ch. 7 Slides)
 Definition
Pushing decision making down to its lowest level.
Term
**Span of control ( Ch. 8 Slides)
 Definition
Number of people reporting to a manager/person.
Term
** Matrix Organization ( Ch. 8 Slides)
 Definition
Advantages: Flexibility, Cooperation & Teamwork, creativity, More efficient use of resources
Disadvantages: Costly/Complex, Confusion in loyalty, requires good interpersonal skills/cooperation, and not permanent.
Term
Facility Location ( Ch. 9 Slides)
 Definition
Be centric or close to customer to better serve them.
Term
Mentor ( Ch. 10 Slides)
 Definition
An individual who provides advice and support.
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