Mid-Term 2

Ethics

Standards of moral behaviour accepted by society as right versus wrong; ethics go beyond simply obeying the law.

Ethical decision-making checklist

Is it legal? Is it balanced? How will it make me feel about myself?

Compliance-based ethics codes

Focus on preventing illegal behaviour through rules, controls, and penalties.

Integrity-based ethics codes

Emphasize shared values, ethical culture, and personal responsibility.

Whistleblowers

Individuals who report illegal or unethical behaviour; public-sector whistleblowers in Canada are protected under specific legislation.

Corporate Social Responsibility (CSR)

The concern businesses have for the welfare of society.

Triple Bottom Line

Measuring performance based on people, planet, and profit.

Social audit

A systematic evaluation of an organization’s progress toward socially responsible goals.

Sole proprietorship

A business owned and usually managed by one person.

Unlimited liability

Owners are personally responsible for all business debts and damages.

Partnership

A business owned by two or more people.

General partner

Manages the business and has unlimited liability.

Limited partner

Invests money but does not manage and has limited liability.

Corporation

A legal entity separate from its owners, with limited liability.

Public vs private corporation

Differences between corporations that offer shares to the public and those that do not.

Franchise

An agreement where a franchisor sells the right to use a business name and sell a product/service to a franchisee.

Cooperative

A member-owned organization formed to meet common needs; profits are shared among members.

Small business

Independently owned and operated, not dominant in its field, and limited in size.

Entrepreneurship

Accepting the challenge of starting and running a business.

Reasons people become entrepreneurs

Opportunity, profit, challenge, independence, and family influence.

Entrepreneurial attributes

Characteristics such as being self-directed, action-oriented, energetic, tolerant of uncertainty, and able to learn quickly.

Intrapreneurs

Entrepreneurs who innovate within existing organizations.

Business incubator

Provides space, services, and support for new businesses.

Business accelerator

Provides mentorship, investor access, and structured growth support.

Business plan

A written document describing the business idea, market, competition, management, and finances.

Financing options

Ways to finance a business, including bootstrapping, angel investors, venture capital, and crowdfunding.

Management

The process of achieving organizational goals through planning, organizing, leading, and controlling (POLC).

Planning

Setting vision, goals, objectives, and strategies.

Vision

Why the organization exists and where it is headed.

Goals vs objectives

Goals are broad, long-term; objectives are specific, short-term.

SWOT analysis

A strategic planning tool assessing Strengths, Weaknesses (internal), Opportunities, and Threats (external).

Decision-making steps

Define problem → gather information → develop alternatives → choose → implement → evaluate.

Leadership styles

Different approaches to leadership, including autocratic, participative (democratic), and free-rein.

Controlling

Establishing standards, measuring performance, comparing results, and taking corrective action.