Entrepreneurship & Starting a Small Business and Management Review

Flashcards about Entrepreneurship, Small Business, and Management

Angel Investors

Private individuals who invest their own money in potentially hot new companies before these firms become larger, publicly traded companies.

Intrapreneur

A creative person working within a corporation to launch new products and generate new profits.

Executive summary

The section of the business plan that bankers and potential investors are likely to read first.

Business Plan

A detailed written statement that describes the nature of the business, the target market, the firm's competitive advantages, as well as the owner’s resources and qualifications.

Venture capitalist

A source of investment that is the least likely type available to small entrepreneurs.

Enterprise zones

Specific locations across the U.S. where entrepreneurs can set-up shop and receive tax breaks for operating in these locations.

Incubators

Facilities where new businesses can open up shop and share common services such as secretarial, accounting, and legal services.

Poor management

The Small Business Administration reports that a vast majority of small business failures are the result of.

Entrepreneurship

Accepting the risk of starting and running a business.

Micropreneurs

Business owners who prefer to maintain their businesses at a manageable size

Entrepreneurial Team

A group of experienced professionals from different areas of business who join together to develop, make, and market a new product

Affiliate marketing

A successful web-based strategy that helps a business spread the word about its website and products by paying a commission to individuals or businesses who send customers to their website

Management

The art of utilizing organizational resources to accomplish goals at work.

Planning

The management function concerned with anticipating future trends and determining the best strategies to achieve an organization’s goals and objectives

Organizing

When managers work on creating conditions and systems to ensure that everything and everyone works together to achieve the organization’s goals, they are involved in this function of management.

Vision

An overall explanation of why an organization exists and where it is trying to head.

Mission statement

Employees often work with managers to develop this concept that outlines the fundamental purposes of their organization.

Goals

Broad, long-term accomplishments an organization wants to achieve.

Objectives

Specific, short-term, measurable results an organization wants to achieve in order to fulfill its long term goals.

SWOT

A analysis is used to help companies evaluate their internal strengths and weaknesses, and develop an awareness of external threats and opportunities.

Strategic

__ planning determines the major goals of an organization and lays the foundation for obtaining and using resources to achieve those goals.

Tactical

The type of planning that is concerned with developing detailed short-term actions about what is to be done, who is to do it, and who it is to be done is known as _

Contingency

__ planning prepares alternative courses of action that may be used if the primary plans are not achieving objectives.

Operational planning

Is involved in setting work standards and schedules needed to implement the firm’s tactical objectives?

Organization chart

A visual device which shows relationships among people and divides the organization’s work.

Middle management

General and divisional managers, plant managers, and deans and department heads at colleges are classified as:

Conceptual

Skills that involve a manager’s ability to picture the organization as a whole and the relationship among its various parts.

Human relations

Leadership, coaching, and morale building are all part of a manager’s __ skills

Technical

Although top managers most often posses these skills, they usually make less use of _ skills than supervisory managers.

Staffing

Involves recruiting, hiring, motivating, and retaining the best people available to accomplish the company’s objectives.

Autocratic

The style of leadership is characterized by making managerial decisions without consulting others.

Enabling

The term used to describe giving workers the education and tools they need to assume additional decision-making powers.

Empowerment

Means giving employees the authority and responsibility to respond quickly to customer requests.

Knowledge management

Is concerned with finding the right information and making that information accessible and understood by everyone in the organization.

Democratic (participative)

Department heads usually make decisions after meeting with employees and seeking their ideas and suggestions. Department heads at Holyfield Chemicals make extensive use of the _ style of leadership.

External users

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

Internal customers

Are units within an organization that receive services from other units within the organization.