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26 Cards in this Set
- Front
- Back
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Business
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An organization that combines inputs of raw material,capital, labor, and management skills to produce useful outputs of goods and services so as to earn a profit
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Small business
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A business which is independently owned and operate and is not dominant in its field of operations
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Entrepreneur
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One who organizes,manages,and assumes the risk of a business firm or venture
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Venture Capitalist
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an investor or investment groups that commits money to new business ventures
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Corporate Refugees
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Those individuals who flee the bureaucratic environment of big business by going into busniess for themselves
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Founder
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An entrepreneur who brings a new firm into exsitence
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Genera Manager
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An entrepreneur who functions as an administrator of a business
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Franchisees
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An entrepreneur whose power is limited by a contractual relationship with a franchising organization
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Artisan Entrepreneur
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A person who states business with primarily technical skills and little business knowedge
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Opportunistic Entrepreneur
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A person who states a business with both sophisticated managerial skills and technical knowledge
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Manufacturing
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A business that makes finished goods from raw materials by hand or machinery
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Merchandising
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A business that purchases finished goods for resae
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Service Business
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A business that provides a service as opposed to a product
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Paternalistic
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The business pattern in which the parent is in control
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Laissez-faire
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The business pattern in which the family members do not interfere with each others department or responsibilities
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Participative
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The business pattern in which all family memebers participate in the operations, decisions or profits of the family home
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Professional business pattern
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The business owned by one person who is subject to claims of creditors
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Paper board
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The business governance board which exists only on paper and never hold true meetings
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Rubber-Stamps Board
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The business governance board which exists and holds meetings, but only approves actions desired or completed by the manager of the funeral home
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Advisory board
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The business governance board which helps make major decisions for the funeral, but does not deal with the daily operations
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Overseers Board
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The business governance boards which makes most decision for a family funeral homes, including the decisions made during the daily operations
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Patriarchal
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The family pattern in which the parent is in control
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Matriarchal
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The family pattern in which the mother is in charge
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Collaborative
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The family pattern in which the family members work together
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The 6 best practice of family businesses including
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1. Stimulate new thinking and fresh strategic insights.
2.Attract and retain excellent non-family managers 3.Create a flexible, innovative organization 4. Create and conserve capital 5. Prepare successors for leadership 6. Exploit the unique advantages of family ownership |
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7 Stages of Business Succession
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1. Pre-Business stage
2. Introductory stages 3. Introductory Functional stages 4. Functional Stages 5, Advances Functional stages 6. Early Successions Stages 7. Mature Succession stages |
