Intro To Business Chapter 5-7

Front 1

What are the four types of business planning?

Back 1

Strategic, Tactical, Operational, and Contingency

Front 2

Why do people want to be entrepreneurs? (hint: 4 of them)

Back 2

Opportunity, Challenge, Profit, and Independence

Front 3

What does it take to be an entrepreneur? (Hint: 4 items)

Back 3

Self-directed, self-nurturing, action oriented, and highly engergetic

Front 4

managers nowadays are becoming from a boss to being

Back 4

encouraging and helping

Front 5

four functions of management

Back 5

planning, leading, organizing, and controlling

Front 6

what does the SWOT analysis stand for?

Back 6

Strength, Weaknesses, Opportunities, and Threats

Front 7

6 steps to decision making

Back 7

1. Define the situation

2. describe and collect info

3. develop alternatives

4. decide which alternative is best

5. do what is indicated

6. determine if the decision is good or not

Front 8

what is sole proprietorship?

Back 8

a business that is owned and usually managed by one person.

Front 9

what is a partnership?

Back 9

a legal form of business with two or more owners

Front 10

what is a corporation?

Back 10

a legal entity with authority to act and have a liability apart from his owners

Front 11

unlimited liability

Back 11

the responsibility of business owners for all of the debts debts of the business

Front 12

general partnership

Back 12

a partnership in which all owners share in operating the business and in assuming liability for the business' debts

Front 13

limited partnership

Back 13

a partnership with one or more general partners and one or more limited partners

Front 14

general partner

Back 14

an owner who has unlimited liability and is active in managing the firm

Front 15

limited partner

Back 15

an owner who invests money in the business but does not have any management responsibility or liability from losses beyond the investment

Front 16

limited liability

Back 16

the responsibility of a business's owners for losses only up to the amount that they invest

Front 17

master limited partnership

Back 17

a business that acts like a corporation but gets taxed like its a partnership

Front 18

conventional corporation

Back 18

a state chartered legal entity with authority to act and have liability separate from its owners

Front 19

S corporation

Back 19

a unique government creation that looks like a corporation but is taxed like sole proprietorships and partnerships

Front 20

what does LLC stand for?

Back 20

Limited Liability Company

Front 21

what is a merger?

Back 21

the result of two firms forming into one company. i.e. us airways and american airlines

Front 22

acquisition

Back 22

one company's purchase of a property and and obligations of another company

Front 23

vertical merger

Back 23

the joining of two companies involved in different stages of related businesses

Front 24

horizontal merger

Back 24

the joining of two firms in the same industry

Front 25

conglomerate merger

Back 25

the joining of firms in completely unrelated industries

Front 26

What does LBO stand for?

Back 26

Leveraged Buyout

Front 27

franchise agreement

Back 27

an arrangement where someone with a good idea for a business sells the rights to the business

Front 28

franchisor

Back 28

a company that develops a product concept and sells others the rights to make and sell the product

Front 29

franchise

Back 29

the right to use a specific business's name and sell its products or services in a given territory

Front 30

franchisee

Back 30

a person who buys a franchise

Front 31

entrepreneurship

Back 31

accepting the risk of starting and running a business

Front 32

entrepreneurial term

Back 32

a group of experienced people from different areas of businesses who join together to form a team to create a new product

Front 33

micropreneurs

Back 33

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

Front 34

affiliate marketing

Back 34

an online marketing strategy in which a business's rewards individual or other business's for each visitor or customer the affiliate sends to its website. a form of advertising

Front 35

intrapreneurs

Back 35

creative people who work as entrepreneurs with companies. i.e. the guy who made post-it for 3M

Front 36

enterprise zones

Back 36

specific geographic areas to which governments try to attract private business investments by offering lower taxes and other forms of government support

Front 37

incubators

Back 37

centers that offer new businesses low cost offices with basic business services

Front 38

what is the most amount a small company can make per year to stay as a small company

Back 38

$2.5 million

Front 39

business plan

Back 39

a detailed written statement that must be sent to the bank in order to get a loan. it describes what the business will do

Front 40

venture capitalists

Back 40

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

Front 41

what does SBA stand for?

Back 41

Small Business Administration

Front 42

market

Back 42

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

Front 43

SBIC program

Back 43

Small Business Investment Company program where private investment companies lend money to small businesses

Front 44

S.C.O.R.E.

Back 44

The Service Corps Of Retired Executives are people that volunteer at small businesses and help out at no cost

Front 45

advantages of small businesses

Back 45

1. Overseas buyers find it easier to deal with small businesses

2. can begin shipping faster

3. can provide a wide variety of suppliers

4. can give customers personal service and undivided attention

Front 46

management

Back 46

the process used to accomplish organizational goals through planning, organizing, leaing, and controlling other people and organizational resources

Front 47

what does the vision of a company mean?

Back 47

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

Front 48

what is a mission statement of a company?

Back 48

an outline of the fundamental purposes of an organization

Front 49

what is the general goal of a business mean?

Back 49

the broad, long-term accomplishments that an organization wants to obtain

Front 50

objectives

Back 50

specific, short-term statements dealing how to achieve the organizations goals

Front 51

SWOT analysis

Back 51

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

Front 52

PMI

Back 52

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

Front 53

top management

Back 53

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

Front 54

middle management

Back 54

general managers, plant managers, division managers

Front 55

supervisory management

Back 55

managers who are directly responsible for supervising the employees

Front 56

technical skills

Back 56

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

Front 57

human relations skills

Back 57

communication and motivation; they enabke managers to work through and with people

Front 58

conceptual skills

Back 58

involve the ability to picture the organization as a whole and the relationships among its various parts

Front 59

staffing

Back 59

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

Front 60

transparency

Back 60

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

Front 61

autocratic leadership

Back 61

leadership style that involves making managerial decisions without consulting others

Front 62

participative (democratic) leadership

Back 62

consists of managers and employees working together to make decisions

Front 63

free-rein leadership

Back 63

involves managers setting objectives and employees being free to do whatever it takes to accomplish the job at hand

Front 64

enabling

Back 64

giving workers the education and tools they need to make decisions

Front 65

knowledge management

Back 65

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

Front 66

external customers

Back 66

dealers who buy products who sell to others, and ultimate customers who buy products for their own use

Front 67

internal customers

Back 67

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