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67 Cards in this Set
- Front
- Back
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What are the four types of business planning? |
Strategic, Tactical, Operational, and Contingency |
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Why do people want to be entrepreneurs? (hint: 4 of them) |
Opportunity, Challenge, Profit, and Independence |
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What does it take to be an entrepreneur? (Hint: 4 items) |
Self-directed, self-nurturing, action oriented, and highly engergetic |
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managers nowadays are becoming from a boss to being |
encouraging and helping |
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four functions of management |
planning, leading, organizing, and controlling |
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what does the SWOT analysis stand for? |
Strength, Weaknesses, Opportunities, and Threats |
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6 steps to decision making |
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 |
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what is sole proprietorship? |
a business that is owned and usually managed by one person. |
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what is a partnership? |
a legal form of business with two or more owners |
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what is a corporation? |
a legal entity with authority to act and have a liability apart from his owners |
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unlimited liability |
the responsibility of business owners for all of the debts debts of the business |
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general partnership |
a partnership in which all owners share in operating the business and in assuming liability for the business' debts |
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limited partnership |
a partnership with one or more general partners and one or more limited partners |
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general partner |
an owner who has unlimited liability and is active in managing the firm |
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limited partner |
an owner who invests money in the business but does not have any management responsibility or liability from losses beyond the investment |
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limited liability |
the responsibility of a business's owners for losses only up to the amount that they invest |
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master limited partnership |
a business that acts like a corporation but gets taxed like its a partnership |
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conventional corporation |
a state chartered legal entity with authority to act and have liability separate from its owners |
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S corporation |
a unique government creation that looks like a corporation but is taxed like sole proprietorships and partnerships |
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what does LLC stand for? |
Limited Liability Company |
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what is a merger? |
the result of two firms forming into one company. i.e. us airways and american airlines |
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acquisition |
one company's purchase of a property and and obligations of another company |
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vertical merger |
the joining of two companies involved in different stages of related businesses |
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horizontal merger |
the joining of two firms in the same industry |
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conglomerate merger |
the joining of firms in completely unrelated industries |
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What does LBO stand for? |
Leveraged Buyout |
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franchise agreement |
an arrangement where someone with a good idea for a business sells the rights to the business |
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franchisor |
a company that develops a product concept and sells others the rights to make and sell the product |
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franchise |
the right to use a specific business's name and sell its products or services in a given territory |
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franchisee |
a person who buys a franchise |
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entrepreneurship |
accepting the risk of starting and running a business |
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entrepreneurial term |
a group of experienced people from different areas of businesses who join together to form a team to create a new product |
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micropreneurs |
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 |
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affiliate marketing |
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 |
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intrapreneurs |
creative people who work as entrepreneurs with companies. i.e. the guy who made post-it for 3M |
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enterprise zones |
specific geographic areas to which governments try to attract private business investments by offering lower taxes and other forms of government support |
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incubators |
centers that offer new businesses low cost offices with basic business services |
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what is the most amount a small company can make per year to stay as a small company |
$2.5 million |
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business plan |
a detailed written statement that must be sent to the bank in order to get a loan. it describes what the business will do |
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venture capitalists |
individuals or companies that invest in new businesses in exchange for partial ownership |
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what does SBA stand for? |
Small Business Administration |
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market |
people with unsatisfied wants and needs who have both the resources and the willingness to buy |
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SBIC program |
Small Business Investment Company program where private investment companies lend money to small businesses |
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S.C.O.R.E. |
The Service Corps Of Retired Executives are people that volunteer at small businesses and help out at no cost |
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advantages of small businesses |
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 |
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management |
the process used to accomplish organizational goals through planning, organizing, leaing, and controlling other people and organizational resources |
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what does the vision of a company mean? |
an encompassing explanation of why the organization exists and where it's trying to head |
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what is a mission statement of a company? |
an outline of the fundamental purposes of an organization |
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what is the general goal of a business mean? |
the broad, long-term accomplishments that an organization wants to obtain |
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objectives |
specific, short-term statements dealing how to achieve the organizations goals |
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SWOT analysis |
a planning tool used to analyze an organization's strengths, weaknesses, opportunities, and threats |
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PMI |
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 |
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top management |
the highest level of management, consisting of the president and other key company executives who develop strategic plans |
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middle management |
general managers, plant managers, division managers |
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supervisory management |
managers who are directly responsible for supervising the employees |
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technical skills |
specific skills that involve the ability to perform tasks in a specific discipline or department |
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human relations skills |
communication and motivation; they enabke managers to work through and with people |
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conceptual skills |
involve the ability to picture the organization as a whole and the relationships among its various parts |
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staffing |
a management function that includes hiring, motivating, and retaining the best people available to accomplish the company's objectives |
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transparency |
the presentation of a company's facts and figures in a way that is clear and apparent to all stakeholders |
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autocratic leadership |
leadership style that involves making managerial decisions without consulting others |
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participative (democratic) leadership |
consists of managers and employees working together to make decisions |
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free-rein leadership |
involves managers setting objectives and employees being free to do whatever it takes to accomplish the job at hand |
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enabling |
giving workers the education and tools they need to make decisions |
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knowledge management |
finding the right information, keeping the right information in a readily accessible place, and making the information known to everyone in the firm |
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external customers |
dealers who buy products who sell to others, and ultimate customers who buy products for their own use |
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internal customers |
individuals and units within the firm that receive services from other individuals or units |
