Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
131 Cards in this Set
- Front
- Back
|
employee fit
|
the match between the needs, expectations, and culture of the small business with the expectations and the skills of the individual employee
|
|
|
probationary period
|
trial period in which an employee has temporary status before a formal offer to work full time is presented
|
|
|
networking
|
relatively low cost, although time intesive, method of recruiting that can include colleagues, business professionals (your attorney or accountant), vendors, alumni, and advisory board members
|
|
|
internet recruiting
|
method of recruiting that allows you to search a resume, database, or post a job description to the Web; a small business owner who knows exactly what he wants can use filters to search vast numbers of resumes with pinpoint accuracy
|
|
|
employee referral
|
an underused, low-cost method for finding workers that rewards your employees for recommending potential candidates that would be a great employee fit
|
|
|
outsourcing
|
contracting w/ others outside your firm to do work that would otherwise be done within your firm
|
|
|
virtual employees
|
independent contractors who provide specialized business services or support from a distance, through the internet, telephone, fax, or another method of communication
|
|
|
job description
|
defines and discusses all the essential knowledge, skills, and abilities that are needed to fill a position
|
|
|
on-the-job training
|
delivered to employees while they perform their regular jobs; techniques include orientations, job instruction training, apprenticeships, internships and awssistantships, job rotation, and coaching
|
|
|
psychological contract
|
refers to employee's beliefs about the promises b/w the employee and the firm
these beliefs are based on the perception that promises have been made (ex competitive wages, promotional opportunities) in exchange for certian employee obligations such as giving of their energy, time, and skills |
|
|
open-book policy
|
concept that key employees should be able to see and understand a firm's financials, that they should have a part in moving the numbers in the right direction, and that they should have a direct stake in the strategy and success of the firm
|
|
|
living wage
|
the amount needed for a person (or family of a particular size) to meet the basic necessities of life from a single job
|
|
|
nepotism
|
a management philosophy of selecting and promoting people based on family ties
|
|
|
meritocracy
|
a management philosophy of selecting and promoting people based solely on their being the most capable person for the job
|
|
|
___ businesses in the US had no employees at all, only the owner
|
more than 3/4
|
|
|
t/f: employee match is the fit b/w the needs of the businss and the skills of the individual
|
FALSE
|
|
|
Americans w/ Disabilities
Act only applies to businessws w/ ______ |
15+ employees
|
|
|
a job description defines and discusses.....
|
all essential knowledge, skills, and abilities that are needed to fill the position
|
|
|
t/f: on the job techniques include orientations, job instruction training, lectures, and case studies
|
FALSE
|
|
|
t/f: according to Jill Kickul's research, salary rewards, bonuses, and perks were most important to small business employees
|
FALSE
|
|
|
fist step to developing a compensation plan:
|
determine your org's salary philosophy
|
|
|
__% of all businesses are family owned
|
95
|
|
|
Which of these is NOT an additional expense for having your first full-time employee as opposed to a part-time employee?
A) Retirement costs B) Compensation C) Employee tax D) Training costs |
retirement costs
|
|
|
What piece of legislation applies to organizations with 15+ employees?
|
Civil Rights Act of 1991
|
|
|
Family and Medical Leave Act
|
gives employees up to 12 weeks leave for a qualifying medical condition
|
|
|
What allows you to search a resume database or post a job description on the web?
|
internet recruiting
|
|
|
whats the first step in crafting a jbo description?
|
job title
|
|
|
______ is an area that Job analysis does NOT cover.
A) The competitive pay required B) The mental and physical tasks involved C) The qualifications needed D) How the job will be done |
the competitive pay required
|
|
|
what question will give you insight into an applicants career goals?
|
are you willing to work flextime?
|
|
|
when interviewing candidates, the questions asked should be seeking all of these EXCEPT:
A) specific and measurable responses B) analytical answers C) personal information D) descriptive responses |
personal information
|
|
|
case studies (are/are not) on the job training
|
are NOT
|
|
|
what factor is most important to employees?
|
autonomy and growth
|
|
|
a suggested guideline for training is
|
think of training as an investment rather than an expense
|
|
|
Which of Kickul's factors, includes the psychological contract item, job training?
|
rewards and oppertunities
|
|
|
3 areas of human resource management:
|
-what work should be done
-who is the best person to do the work -how should the firm take care of them |
|
|
a probationary period typically lasts for....
|
90 days
|
|
|
FICA
|
social security and medicare witholding law
|
|
|
Uniformed SErvices Employment and Reemployment Rights
Act USERRA |
gives veterans the right to jobs they left behind when called up for service
|
|
|
Fair Labor Standards Act
|
minimum wage, time and a half for over-time
males=same pay as females |
|
|
Title VII of Civil Rights Act of 1964
|
no discrimination on race, color, sex, religion, or origin
no sexual harassment |
|
|
Immigration Reform and Control Act
|
can't hire illegal aliens
|
|
|
Employee Polygraph Protection Act of 1988
|
can't use polygraph results for anythi
|
|
|
Age Discrimination in Employment Act
|
can't discriminate for over 40
|
|
|
Americans w/ Disabilities Act
|
can't discriminate, have to make accommidations
|
|
|
Family and Medical Leave Act
|
up to 12 weeks off paid or unpaid, can come back to same position
|
|
|
Worker Adjustment and REtraining Notification Act
|
must have 60 days notice to layoff 50+ employees
|
|
|
executive order no. 11246
|
affirmative action plan for hiring and promoting females and minorities
|
|
|
Employee Leasing
|
hybrid between outsourcing and having a paid staff
|
|
|
job description covers the following 4 areas:
|
-reason the job exists
-mental and physical tasks involved -how the job will be done -qualifications needed |
|
|
job description is used to....
|
help you evaluate whether an individual would be the right match for the position
|
|
|
questions to asses training needs:
|
WHERE is training needed?
WHAT specifically must an employee learn in order to be more productive? -WHO needs to be trained? |
|
|
2 types of trianing:
|
initial
ongoing |
|
|
2 types of training for small businesses:
|
on the job
off the job |
|
|
3 guidelines of training:
|
1. give your employees opportunities to use their new skills
2. make training an ongoing process 3. think of training as an investment |
|
|
5 factors most valuable to employees:
|
teamwork
recognition training empowerment contribution |
|
|
2 parts of a review:
|
performance review
pay review should be held at different times of the yr |
|
|
2nd step to developing compensation plan:
|
find comparison factors for salary
|
|
|
rule of thumb for perks:
|
no mroe than 3% of annual perosnnell budget
|
|
|
2 key factors in traditional leadership theories:
|
TASK and PERSON
|
|
|
3 components of entrepreneurial leadership
|
innovation
operation inspiration |
|
|
2 key HR mgmt issues for family businesses:
|
striking a balance b/w nepotism and meritocracy
managing privelege |
|
|
business life cycle
|
sequence or pattern of developmental stages any business goes through during its life span
|
|
|
liability of newness
|
set of risks faced by firms early in their life cycles that comes from a lack of knowledge by the owners ab out the business they are in and by customers about the new business
|
|
|
slack resources
|
profits that are available to be used to satisfy the preferences of the owner in how the business is run
|
|
|
lifestyle/ part time firm
|
small business primarily intended to privide partial or subsistence financial support for the existing lifestyle of the owner, most often thru operations that fit the owners schedule and way of working
|
|
|
traditional small business
|
firm intended to provide a living income to the owner, and operating in a manner and on a schedule consistent w/ other firms in the idnustry and market
|
|
|
high-performing small business
|
a firm intended to provide the owener w/ a high income thru sales or profits superior to those of the traditional small business
|
|
|
high-growth venture
|
a firm started w/ the intent of evenutally going public, following the pattern of growth and opeartions of a big business
|
|
|
harvest
|
recover value thru a sale of a firm or its assets
|
|
|
IPO
|
initial public offering
transfer method describing the first time public sale of a stock listed on a public stock exchange |
|
|
consolidation
|
a transfer method in which a small businmess is bought by a larger firm for the purpose of quickly gorwing the larger firm
|
|
|
employee stock ownership plan
|
a fomalized legal method to transfer some or all of the ownership of a buisness to its employees
|
|
|
transfer
|
an endgame strategy in which ownership is moved form one person or group to another
|
|
|
termination
|
an endgame strategy in which the owener closes down a business
|
|
|
bankruptcy
|
an extreme form of business termination which uses a legal method for closing a business and paying off creditors when debes are substantially greater than assets
|
|
|
walkaways
|
business terminations in which the entrepreneur ends the bueinss with its obligations met
|
|
|
workout
|
a form of buienss termination in which the firms legal or financial obligations are not fully met at closing
|
|
|
serial entrepreneurs
|
people who open multiple buiensses thruouth their career
|
|
|
substitution profits
|
returns intended to equal and replace the salary or wages the entrerpeneur could draw working for someone else
|
|
|
sucess profits
|
returns at levels higher than the entrepreneur could make working for others
|
|
|
(t/f): all models for the life cycle of the small business firm have multiple stages
|
TRUE
|
|
|
t/f: existance is the second riskiest period after emergence
|
TRUE
|
|
|
t/f: decency, frequency, urgency, and potency are four key recommendations for staving off customer complacency
|
FALSE
|
|
|
high growth ventures represent about _% of all businesses
|
5
|
|
|
t/f: high growth ventures provide the owners w/ a high income thru sales
|
false
|
|
|
t/f: businesses starting with no start up capital and those starting with more than $50,000 are among those most liekly to survive
|
true
|
|
|
t/f: success reaching the community bottom line is measured thru simple opinion
|
TRUE
|
|
|
All of these are common ideas among the different models of small business life cycle EXCEPT which one?
A) There are multiple stages B) The key issues, actions, and lessons at each stage are different from other stages C) The level of risk the business faces changes from stage to stage D) Profits are not necessary in these stages |
D
|
|
|
__% OF PEOPLE EXPRESSED INTEREST IN OWNING THEIR OWN FIRM, AND ONLY __% ARE TAKING ACTION TO DO SO
|
50
7 |
|
|
technique to help you move from entrepreneurial thought to action:
|
BRIE
|
|
|
for most businesses, the success stage will be followed by
|
RESOURCE MATURITY
|
|
|
to achieve growth rates of 25% or more a yr ws/ sales of more than a million is the goal of....
|
high growth ventures
|
|
|
smallest full-time business:
|
traditional small business
|
|
|
business that typically has sales of $25,000/yr or less and intended to provide partial or SUBSISTENCE financial support for the existing lifestyle of the owner is called
|
lifestyle firms
|
|
|
consolidation
|
when a small business is bought by a larger firm for the purpose of quickly growing the larger firm
|
|
|
ESOP
|
formalized legal method to transfer some or all of the ownership of a business to its employees
|
|
|
wost possible outcoe in the hierarchy of business outcomes
|
bankruptcy
|
|
|
______ is NOT a type of terminations.
A) Pass off B) Workout C) Bankruptcy D) Walkaway |
passoff
|
|
|
when an entrepreneur ends the business w/ all obligations met
|
walk away
|
|
|
3 things all business life cycle models have in comon:
|
all have multiple stages
key issues, actions, and lessons at each stage are different from the other stages level of risk the business faces changes from stage to stage |
|
|
stages of the business life cycle:
|
emergence
existence success resource maturity (sometimes success stage leads to TAKEOFF instead of business maturity) |
|
|
EMERGENCE stage
|
thinking about starting a firm
riskiest stage |
|
|
challenge of emergence stage:
2 ways to overcome: |
getting from entrepreneurial thinking to entrepreneurial action
use BRIE or get into business part=time to lay the foundation |
|
|
EXISTENCE stage
|
having the business in operation, but not yet stable in terms of markets, operations, or finances
2nd riskiest stage |
|
|
SUCCESS stage
|
occurs when a firm is established in the market
develop info, skills, and routines to grown business's profits |
|
|
RESOURCE MATURITY stage
|
characterized by a stable level of sales and profits over several years
functional areas, market, and products/services are all being dealt w/ consistently and efficiently |
|
|
challenge of resource maturity stage:
|
avoid customer complacency
|
|
|
4 components to staving off customer complacency:
|
recency
frequency potentcy recommendation |
|
|
recency
|
be among people your customers have seen in the past couple days
|
|
|
frequency
|
staying in touch on regular basis
|
|
|
potency
|
send a message that is memorable for the right reasons
|
|
|
recommendation
|
give advice to customers as a professional
|
|
|
TAKEOFF stage
|
may happen after SUCCESS instead of RESOURCE MATURITY
happens if a business embarks on a period of exceptional growth rarely happens, but when it does, takeoff leads to the high-growth firm model and away from small business |
|
|
overall growth strategy
|
describes the kind of business the owner would like to have, from the perspective of how fast and to what level they would like the firm to grow
|
|
|
4 generic growth strategies:
|
lifestyle/part time firm
traditional small business high-performing small business high-growth venture |
|
|
ppl in surviving high-growth ventures and high=performing small business achieve the $1million milestone in ____ yrs, while owners in traditional small business take ___ yrs if it happens at all.
|
5-15
25-30 |
|
|
2 key approaches to gowing a business:
|
grow sales
introduce new technologies |
|
|
2 forms of technological growth:
|
using technology to improve efficiencies and profits
usint technology to create new products or services |
|
|
___ firms start each year/ move into the existence stage
|
1 million
|
|
|
ideal goal for most entrepreneurs:
|
to HARVEST some of the value of the hard work they put into it
|
|
|
central goal of a HARVEST:
|
to get maximum value they can from the business
|
|
|
merger
|
when a firm combines w/ another thru purchase
|
|
|
acuqisition
|
when a firm is absorbed by another
|
|
|
family business succession
|
a firm that transferred w/in a family
|
|
|
key goal of a transfer:
|
to minimize tax effects
|
|
|
pass off
|
owner realizes theres little chance to sell the firm but wants to keep it going
owner gives the firm to someone as a gift |
|
|
sell off
|
assets of the firm are sold to another business
proceeds are used to pay off remaining debt |
|
|
3 types of terminations:
|
walkaways
workouts bankruptcies |
|
|
most bypical way a business closes down:
|
walkaway
|
|
|
key goal in walkaways and workouts:
|
for entrepreneurs to maintian their goodwill and reputation in the business community
|
|
|
4 bottom lines to measure success:
|
firm
community family your own life |
