Chapter Six – Elements of Management & Entrepreneurship

Vocabulary flashcards covering key management concepts, entrepreneurial terms, management levels, leadership styles, planning tools, and functional areas as presented in Chapter Six.

POLC

A core management framework that stands for Planning, Organizing, Leading, and Controlling.

Planning (management task)

Setting objectives and determining actions to achieve them, including timelines, steps, and policies.

Organizing

Arranging resources and activities into a structured system to accomplish plans effectively.

Leading

Guiding, motivating, and communicating with employees so that plans and objectives are achieved.

Controlling

Measuring performance against standards, identifying deviations, and taking corrective action.

Coordination

Harmonizing activities and resources so all parts of the organization work together as a whole.

Communication (management element)

The process of transmitting information and feedback throughout the organization.

Delegating

Assigning authority and responsibility to subordinates while retaining accountability.

Decision-Making

Selecting the best course of action from available alternatives.

Disciplinary Action

Corrective procedures used when employees violate policies or performance standards.

Motivation

Stimulating people to take desired action toward organizational goals.

Business Plan

A formal yet flexible document outlining a firm’s goals and the strategies to achieve them.

Timeline

A visual schedule that plots tasks or milestones against time to track progress.

Gantt Chart

A bar chart showing project tasks, their durations, and overlaps to aid scheduling.

Action Plan

A detailed list of steps, responsibilities, and deadlines required to accomplish objectives.

Work Breakdown Structure (WBS)

A hierarchical decomposition of a project into smaller, more manageable components.

Entrepreneurship

The act of assuming risk to create a new business, often driving economic growth and employment.

Intrapreneurship

Applying entrepreneurial skills within an existing organization without assuming ownership risk.

Entrepreneurial Process

Sequential steps—environmental scanning, planning, resourcing, preparation, action, evaluation—to launch or adapt a venture.

Environmental Scanning

Analyzing internal and external factors to identify opportunities and threats before planning.

Top Management

Executives who set long-term strategic objectives and the overall direction of the firm.

Middle Management

Managers who translate strategy into tactical plans and oversee departmental functions.

Lower Management

Front-line managers who supervise day-to-day operations and implement higher-level decisions.

Autocratic Leader

A leader who makes decisions unilaterally and expects strict obedience.

Democratic Leader

A leader who involves team members in decision-making and values their input.

Laissez-faire Leader

A leader who provides minimal direction and allows employees considerable freedom.

Social Entrepreneur

An individual who creates ventures aimed at solving social problems rather than maximizing profit.

Technopreneur

An entrepreneur who leverages technology to develop innovative solutions to identified problems.

Ecopreneur

An entrepreneur committed to environmentally friendly practices while still pursuing profit.

Penderpreneur

A businessperson who wins government or private tenders to supply specific goods or services.

Purchasing Function

Management area responsible for acquiring raw materials, supplies, and services needed for operations.

Production Function

The management of processes that transform inputs into finished goods or services.

Marketing Function

Activities that identify customer needs and promote products to satisfy them profitably.

Financial Function

Planning, acquiring, and controlling funds to ensure the organization’s fiscal health.

Administrative Function

Support tasks such as record-keeping, information processing, and office management.

Human Resource Function

Recruiting, training, evaluating, and compensating employees to meet organizational goals.

Risk Management Function

Identifying, assessing, and mitigating potential losses that could harm the business.

General Manager

An executive who coordinates all functional areas, possessing strategic vision, decision-making ability, and strong human-relations skills.

Visionary (entrepreneurial trait)

Someone who can foresee future possibilities and set a compelling direction for a venture.

Risk Taker

An individual willing to commit resources under uncertainty to achieve potential rewards.