Chapters 4-6
Cash Flow Statement
Financial statement that summarizes amount of cash leaving and entering a company
Knowledge management
Finding the right info, keeping info in a readily accessible place, and making info known to everyone
Management Team Section
The part of a business plan that includes an organization chart, job descriptions, and detailed resumes of executives
Small Business Administration
Gives help with management training, financial advice, and loans to small businesses
Entrepreneurial Team
Group of experiences people from different areas of business who join together to make/sell a new product
Which of the following tasks are associated with the Leading Function of management? Guiding and Motivating Employees Recruiting employees Determining needed resources Clarifying policies to reach objectives
Guiding and motivating employees Clarifying policies to reach objectives
An organization's ___ gives it a sense of purpose and a set of values that unites workers in a common destiny.
values
Small Business
Business that is independently owned and operating, isnt dominant in its field, and has a certain amt of employees
Managers
Carry out that vision
Leadership
Creating a vision for others to follow and transforming a way an org does business
External customers
Dealers, who buy products to sell them to others
Company Background
Describes company operations to date, potential legal considerations, and areas of risk and opportunity
Leaders
Establish a vision and corporate values
Financial Plan
Includes 5-year projections of the business
PLanning
Key management function because accomplishing the other function depends heavily on it
Goals
Long-term
Autocratic Leadership
Making decisions without others
Leading
Motivating employees to work effectively to accomplish goals, giving objectives, giving assignments, explaining routines, clarifying policies, and providing feedback
Business Incubators
Offers new businesses in early development with help of basic services
What are the four Primary Functions of Management
Organizing, Planning, Controlling, Leading
Capital Required
Part of comprehensive business plan indicates the amount of capital needed to commence or continue operations
Micropreneurs
People who start a business to stay small and have a balanced lifestyle
Personal Savings
The most common source of funding for small businesses after friends and family
Tactical Planning
Process of developing short-term statements about what is to be done - performed by managers or teams of managers at lower levels
Objectives
Short-term
technical skills
Skills that involve the ability to perform tasks in a specific discipline or department
Conceptual Skills
Skills that involve the ability to picture the org as a whole
Enterprise Zones
Specific geographic areas to which governments attract private business investment by offering lower taxes and other gov support
Planning
The management function that anticipates trends, then determines strategies and tactics to achieve them
Strategic planning
Type of planning done by top management for MAJOR GOALS
Operational Plan
department manager's tool for setting daily and weekly standards and schedules to meet the companys tactical objectives
organizing
designs the structures and systems in which everyone works together to achieve the organizations goals
Vision
gives organization a sense of purpose and a set of values that unite workers in a common destiny
participative leadership
invloves employees meeting and contributing to decisions
Control function
measures performance relative to the planned objectives and standards
mission statement
outline of fundamental purpose and basic philosophy of an org
Venture Capitalists
people that invest in new businesses in exchange for partial ownership in those businesses
human Relations Skills
skills that involve communication and motivation, enabling managers to work with people
Management
the process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources
