Chapter 4/ Chapter 8

Mission Statement

Vision Statement

Mentorship

Shareholders

Entrepreneurial mindset

Comfort level with risks

Value Proposition

Corporation - You should know that they offer limited liability

You need to decide on how much risk you are comfortable taking

Each form of ownership has a different level of risk (not as important)

KEY TERM

Sole Proprietorship

  • Business owned by only one person. This is the most common form of

business ownership.

  • The business dissolves upon the owner’s death and

you have unlimited liability for the company’s debts

General Partnership

  • Business owned jointly by two or more people. About 10 percent of US

businesses are partnerships

Corporation

  • A legal entity that is entirely separate from the parties who own it and that is responsible for its own debts.

Characteristics of Shareholders

  • Corporations are owned by share holds

  • Owners of a corporation invest money in the business by buying shares of stocks

Vision Statement

  • A vision statement should have the ability to inspire and motivate around a concept or idea

Mission Statement

  • A declaration of a company’s core purpose and values

  • A mission statement is a concise explanation of the organizations reason for existence

Value Proposition

  • A value proposition is a statement that clearly identifies the benefits a company’s products and services will deliver to it’s customers.

How to pick a mentor

  • Are you coach-able- is the mentee willing to learn and adapt

Entrepreneurial mindset

  • An entrepreneurial mindset is a set of skills that enable people to identify and make the most opportunities to overcome and learn from setbacks, and succeed in the variety of settings.

Key Terms

  • Team

Group of people with complementary skills who work together to achieve a specific goal 

  • Know why teams fail

Unwillingness to cooperate 

Lack of managerial support 

Failure to delegate authority 

  • Groups think

Groups think results in a tendency for team members to conform to group pressure in making decisions 

  • Group

Individuals who work independently and come together primarily to share information. 

  • Skills teams need to succeed

Technical 

Decision- Making and problem solving 

Interpersonal 

  • Know the factors that impact team success

Members knowing each other for a long time 

  • Types of teams and definitions

Four key terms of teams 

Manager- Led (manager is in charge of setting goals, assigning tasks and monitoring the team’s performance) - Think of football team 

Self- Managing (employees control the activities needed to meet overall goals) - Have considerable autonomy. An example from the book would be Whole foods. Each employee is on a team 

Cross- Functional (team members are from various functional areas) Example purchasing new software for the bank. Can also include people from outside the company 

Virtual (geographically dispersed members interact electronically) 

  • The importance of listening

“80% of managers say that learning to listen is the most important skill in getting things done in the workplace” 

  • Never assume privacy when sending emails: 

Your company is probably reading your emails 

  • Communications

Process of transferring information from a sender to a receiver

  • Building a team 

If you has to build a team for a group project, how would you decide who to have on your team 

Tell me about your team experiences. Gym example 

Frustrations with teams 

Round tables 

Meeting- Agenda is important 

Women