Intro to Business Module 2

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Angel Investors

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Chapter 5-8 study question

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129 Terms
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Angel Investors

Individual investors or groups of experienced investors who provide financing for star-up businesses by investing their own funds

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Business Plan

A formal written statement that describes in detail the idea for a new business and how it will be carried out;

includes:

  • a general description of the company

  • the qualifications of the owner(s)

  • A description of the product or service

  • Analysis of the marked

  • Financial plan

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Dept

A form of business financing consisting of borrowed funds that must be repaid with interest over a stated time period.

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Entrepreneurs

People with vision, drive, and creativity who are willing to take the risk of starting and managing a business to make a profit, or greatly changing the scope and direction of an existing firm.

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Equity

A form of business financing consisting of funds raised through the sale of stock (Ownership) in a business

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Intrapreneurs

Entrepreneurs who apply their creativity, visions, and risk-taking within a large corporation, rather than starting a company of their own

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Small Business

includes

  • under 500 employees that is independently managed

  • Owned by an individual or a small group of investors

  • based locally

  • not a dominant company in its industry

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Small Business Administration (SBA)

A government agency that speaks on behalf of small business

Helps with

  • starting and managing small businesses

  • advises them in the areas of finance and management

  • helps people win federal contracts

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Small Business Investment Company (SBIC)

Privately owned and managed investment companies that are licensed by the Small Business Administration and provide long-term financing for small businesses

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Venture Capital

Financing is obtained from venture capitalists, investment firms that specialize in financing small, high-growth companies and receive an ownership interest and a voice in management in return for their money.

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Autocratic Leaders

Directive leaders who prefer to make decisions and solve problems on their own with little input from subordinates

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Coercive Power

Power that is derived from an individual’s ability to threaten negative outcomes

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Conceptual Skills

A manager’s ability to view the organization as a whole, understand how the various parts are interdependent, and assess how the organization relates to its external environment.

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Consensual Leaders

Leaders who encourage discussion about issues and then require that all parties involved agree to the final decision.

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Consultative Leaders

Leaders who confer with subordinates before making a decision but who retain the final decision-making authority

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Contingency plans

Plans that identify alternative courses of action for very unusual or crisis situations; typically stipulate; typically stipulate the chain of command, standard operating procedures, and communication channels the organization will use during an emergency

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Controlling

The process of assessing the organization’s progress towards accomplishing its goals

Includes

  • Monitoring the implementation of a plan

  • Correcting deviations from the plan

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Corporate Culture

The set of attitudes, values, and standards that distinguishes one organization from another

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Decisional roles

A manager’s activities as an

  • entrepreneur

  • resource allocator

  • conflict resolver

  • negotiator

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Democratic leaders

Leaders who solicit input from all members of the group and then allow the members to make the final decisions through a vote

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Effectiveness

The ability to produce the desired result or good

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Efficiency

Using the least amount of resources to accomplish the organization’s goals

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Empowerment

The process of giving employees increased autonomy and discretion to make decisions, as well as control over the resources needed to implement those decisions.

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Expert Power

Power that is derived from an individual extensive knowledge in one or more areas

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Free-rein (laissez-faire) leadership

A leadership style in which the leader turns over all authority and control to subordinates

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Global management skills

A managers ability to operate in diverse cultural environments

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Human relation skills

A managers interpersonal skills that are used to accomplish goals through the use of human resources

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Informational roles

A managers activities as an informational gathered, and information disseminator, or spokesperson for the company

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Interpersonal roles

A managers activities as a figurehead, company leader, or liaison

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Leadership

The process of guiding and motivating others towards the achievement of organizational goals

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Leadership style

The relatively consistent way that individuals in leadership positions attempt to influence the behavior of others

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Legitimate power

Power that is derived from and individual’s position in an organization

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Management

The process of guiding

  • the development

  • maintenance

  • allocation

    of resources to attain organizational goals

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Middle management

Managers who design and carry out tactical plans in specific areas of the company.

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Missions

An organization’s purpose and reason for existing; its long-term goals

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Missions statements

A formal document that states an organizations purpose and reason for existing and describes its basic philosophy

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Nonprogrammed decisions

Responses to infrequent, unforeseen, or very unusual problems and opportunities where the manager does not have a precedent to follow in decision-making

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Operational planning

The process of creating specific standers, methods problems, and opportunities where the manager does not have a precedent to follow in decision- making

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Organizing

The process of coordinating and allocating a firm’s resources in order to carry out its plans.

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Participative leaders

Leaders who share decision-making with group members and encourage discussion of issues and alternatives

Includes:

  • Democratic Styles

  • Consensual Styles

  • Consultative Styles

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Planning

The process of deciding what needs to be done to achieve organizational objective

Identifying when and how it will be done

determining who should do it

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Power

The ability to influence others to behave in a particular way

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Programmed decisions

Decisions made in response to frequently occurring routine situations

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Referent power

Power that is derived from an individual’s personal charisma and the respect and/or admiration the individual inspires

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Rewards power

Power that is derived from an individual’s control over rewards

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Situational leadership

Selecting a leadership style based on the maturity and competency level of those who will complete the task

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Strategic planning

The process of creating long-range (1-5 years), broad goals for the organization and determining what resources will be needed for accomplish those goals

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Supervisory (first-line) management

Managers who design and carry out operation plans for the ongoing daily activities on the firm

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Tactical planning

The process of beginning to implement a strategic plan by addressing issues of coordination and allocating resources to different parts of the organization; has a shorter time frame (less than one year) and more specific objectives than strategic planning

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Technical Skills

A managers specialized areas of knowledge and ecpertise, as well as the ability to apply that knowledge

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Top management

The highest level of managers, who develop strategic plans.

Includes

  • CEO

  • President

  • Vice president

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Authority

Legitimate power, granted by the organization and acknowledged by employees, that allows an individual to request action and expect compliance.

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Centralization

The degree to which formula authority is concentrated in one area or level of an organization. Top management makes most of the decision

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Chain of Command

The line of authority extends from one level of an organization’s hierarchy to the next, from top to bottom, and makes clear who reports to whom.

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Committee structure

An organizational structure in which authority and responsibility are held by a group rather than an individual

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Cross-Functional team

Members from the same organizational level but from different functional areas

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Customer departmentalization

Departmentalization that is based on the primary type of customer served by the organizational unit

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Decentralization

The process of pushing decision-making authority down the organizational hierarchy

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Delegation of Authority

The assignment of some degree of authority and responsibility to persons lower in the chain of command.

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Departmentalization

The process of grouping jobs together so that similar or associated task and activities can be coordinated

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Division of labor

The process of dividing work into separate jobs and assigning task to workers

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Formal organization

The order and design of relationships within a firm

Consist of two or more people working together with a common objective and clarity of purpose

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Functional departmentalization

Departmentalization that is based on the primary functions performed within an organizational unit

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Geographic departmentalization

Departmentalization that is based on the geographic segmentation of the organizational units

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Group cochesiveness

The degree to which group members want to stay in the group and tend to resist outside influences

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Informal Organization

The Network of connections and channels of communication based on the informal relationships of individuals inside and organization

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Line Organization

An organizational structure with direct, clear lines of authority and communication flowing from the top managers downward.

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Line positions

All positions in the organization are directly concerned with producing goods and services and that is directly connected from top to bottom

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Line-and-staff organization

An organizational structure that includes both line and staff positions

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Managerial Hierarchy

The level of management within an organization;

Typically includes

  • Top managements

  • Middle management

  • Supervisory management

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Matric Structure (Project management)

An organizational structure that combines functional and product departmentalization by bringing together people from different functional areas of the organization to work on a special project

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Mechanistic Organization

An organizational structure that is characterized by

  • relatively high degree of job specialization

  • rigid departmentalization

  • many layers of management

  • Narrow spans of control

  • centralized decision-making

  • long chain of command

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Organic Organization

An organizational structure that is characterized by

  • relatively low degree of job specialization

  • rigid departmentalization

  • many layers of management

  • narrow spans of control

  • centralized decision-making

  • long chains of command

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Organization

The order and design of relationships within a firm

Consist of two or more people working together with a common objective and clarity of purpose

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Organization Chart

A visual representation of the structured relationship among tasks and the people given the authority to do those tasks.

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Problem- solving teams

usually members of the same department who meet regularly to suggest ways to improve operations and solve specific problems

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Process departmentalization

Departmentalization that is based on the production process used by the organizational unit

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Product Departmentalization

Departmentalization that is based on the goods or services produced or sold by the organizational unit

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Reengineering

The complete redesign of business structure and processes in order to improve operations

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Self-managed work teams

Teams without formal supervision that plan, select alternatives, and evaluate their own performance

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Span of control

The number of employees a manager directly supervises; also called span of management

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Specialization

The degree to which task are subdivided into smaller jobs

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Staff positions

Positions in an organization helped by individuals who provide the administrative and support services that line employees need to achieve the firm’s goals

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Virtual Corporation

A network of independent companies linked by information technology to share skills, cost, and access to one another’s market; allows the companies to come together quickly to exploit rapidly changing opportunities

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Work Groups

The groups that share resources and coordinate efforts to help members better perform their individual jobs

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Work Teams

Like a workgroup but also requires the pooling of knowledge, skills, abilities, and resources to achieve a common goal.

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Affirmative action Programs

Programs established by organizations to expand jobs opportunities for women and minorities

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Agency shop

Workers dont have to join a union but must pay union dues

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Apprenticeship

A form of on-the-job training that combines specific job instructions with classroom instruction.

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Arbitration

Settling labor-management disputes through a third party. The decision is final and binding

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Collective bargaining

Negotiating a labor agreement

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Competitive advantage

A set of unique features of an organization that are perceived by customers and potential customers as significant and superior to the competition

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Conciliation

Negotiation process in which a specialist in labor-management negotiations acts as a go-between for management and union and helps focus on the problems

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Contingent worker

Person who prefers temporary employment, either part-time or full-time

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Equal Employment Opportunity Commission (EEOC)

Processes discrimination complaints, and issues regulation regarding discrimination, and disseminates information

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Federation

A collection of unions banded together to achieve common goals.

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Grievance

A formal complaint by a union worker that management has violated the contract

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Human resource (HR) management

The process of hiring, developing, motivating, and evaluating employees to achieve organizational goals.

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Human resource planning

Creating a strategy for meeting current and future human resource needs

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Incentive pay

Additional pay for attaining a specific goal

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