Chapter 2 Business final notes

organization-based legitimacy

creating and displaying a company code of ethics

bootstrapping

using low-cost or free techniques to minimize your cost of doing business

LEED means

a building is environmentally friendly

mutuality means

action of each person helping another

which of the following statements about ethical dilemmas are correct

always making decisions that are ethically difficult, best choices is not clear, arent simply yes or no

which of the following are best practices of online social networking

ask others on network to link w them, be consistently involved, make it easy for people to contact owner

which of the following are one of the three forms of legitimacy that entrepreneurs can develope

based on people, based on product, based on organization

BATNA

best alternative to a negotiated agreement

who among the following are likely going to be considered part of the firms internal environment

board of directors, contracted professionals

in the context of low-cost and fast ways to monitor the business environment, which of the following is true of the Flipboard application?

can be used to create a free customized feed of news from all kinds of brand-name sources

which of the following are examples of the political-sector of the general environment

changes in political parties and players, new legal and policy initiatives, federally mandated laws/programs that affect businesses

the task environment is made up of those

components that a firm deals with directly such as customers, suppliers, consultants, media, internet groups

the entrepreneurial ecosystem consists of specific configuration of environment that reflects

components that are most central to developing a strong and active community of start-up business

the sociocultural sector of the general environment includes

cultures based on nationality, religion, subcultures that are based on groups formed around shared interests w large culture

which of the following statements about the costs of ethical failures are correct

customer defections, loss of reputation, lower moral often more damaging to business, level two costs include corrective actions and remedial education, managers tend to focus on gov fines and penalties

which statement regarding how to handle a crisis are correct

deal with it quickly, get there quickly, have one person as firms spokesperson

which of the following are approaches to managing a firm external relations

developing a social network, building legitimacy

which of the following are examples of the ecosystem/infrastructure sector of the general gov

forces like earthquakes, weather events, detroits water problems

the external environment consists of the

forces, institutions, and people outside of boundary of business

which of the following statements about legitimacy are correct

gaining it is top challenge new businesses face, building trust w customers/ other key groups is important, people who are seen as different often have difficulty w legitimacy

which of the following are among the three steps involved in making ethical decisions

generating alternatives that meet a businesses ethical, legal, economic goals, defining moral problem

which of the following are components of the entrepreneurial ecosystem

gov agencies, mentors, universities

internal environment consists of

people and groups within boundary of a firm, including owners, managers, employees, border members

ethics is a system of values that

people consider in determining whether actions are right/wrong

which of the following about ethics is correct

people make judgements about actions based on their personal ethics, system of values, consider ethics whether you make a good decision or not

in the context of crisis management, which of the following are gov recommended steps for preparing for disasters

plan to stay in business, protect businesses investment

utilitarianism is an ethical model that

supports seeking the greatest good for the greatest amount of people

which of the following about a crisis is true

survival of business is at stake, immediate action is needed, poses major problems for business and its people

the political-legal sector of the general environment reflects

the broad trends affecting law and gov

external relations is the general description of the processes and skills used in

the management of firms interactions w people, organizations, institutions outside its boundaries

organizational identity is composed of

the name, description, and distinctive elements of a firm. ex) trademarks, uniforms, logos, characters, stories

in Best Alternative to a Negotiated Agreement, the second best outcome is identified by

the parties in a mediation to help clarify the value of achieving a successful mediation

environment

the sum of all the forces outside the firms or entrepreneur

which of the following reflects the idea of universalism

what if everybody did what I want to do? what kind of world would it be?

the golden rule is an ethical model that

you should treat others how you want to be treated

engaging in which of these activities can help firms obtain ISO 14001 certificate?

minimizing use of paper

true or false: (BATNA) Best Alternative to a Negotiated Settlement is the second best outcome identified by the parties in a negotiation to help clarify the value of achieving a successful negotiation

true

social capitol consists of

trust, consistency, networks that represent potential social obligations that are assets of firm

which of the following statements about the 6 types of resources are true

studying competitors can help decide which resources your business will need, the acronym PROFIT stands for 6 profits needed, start-ups need some of all 6

trade magazines are

publications that target specific industries and professors

in the context of existing codes of ethics , which of the following are among the classes of ethical standards

dont do anything that will harm the organization, be good to customers

which of the following statements about the golden rule are correct

easiest way to think about ethical dilemmas, requires people to ask if they would like the same action towards them, many world religions have a version of it

which of the following are examples of a network connection

family/friends, business associations, religious and civic organizations

real option approach

thinking of entrepreneurial opportunities in terms similar to buying a stock option, putting small amount money down now to invest more later

which of the following is true of a firms internal environment

may include their customers in the internal environment as they consider their customers integral to firm

which of the following statements about the billboard principle are correct

name is from billboards found on road, causes one to think about consequences of everyone knowing what they did, publicizing ones deeds

the general environment is a part of the

external environment made up of sectors of major forces that shape the people and institutions of the task and internal gov

true or false: in the process of ethical decision making, firms are required to choose the most cost-effective alternative to meet their ethical, legal, and economic goals

false

organizational identity is composed of the

name, description, distinctive elements of firm (trademarks, uniforms, logos), part of BRIE model

in the context of developing a personal network, which of the following is the most powerful way to connect with others

face-to-face

universalism is an ethical model that suggests

there is a code of right and wrong that everyone can see and follow

which of the following statements regarding social networking are correct

help others build their social network, produce results from unexpected sources, online networking involves consistent involvement

legitimacy is the belief that a firm is worthy of

consideration or doing business with bc of impressions or opinions of customers, suppliers, investors, competitors

which of the following is said to be the most important source of legitimacy according to small business owners?

understanding the product

which of the following is the most sought after form of assistance by entrepreneurs from their social network

information or advice

Caveat emptor is Latin for

let the buyer beware

which of the following are resource types from the acronym PROFIT

relational, property, financial

the technological sector of the general environment consists of

innovation, invention, modernization that take place within the industry

networking is

interacting with others in order to build relationships useful to a business

which of the following about caveat emptor is not correct

it is a legal statement used to protect consumers

which of the following are true statements about the context of organizational culture?

its easier for small businesses to manage organizational culture, key element of firms organizational identity

which of the statements about sustainable entrepreneurship are correct

maximizes use of recycled material, improves environment, or both, exploits opportunities making profit in manner the minimizes depletion of natural resources, half of small businesses recycle paper and cans

the ecosystem/infrastructure sector of the general environment reflects the physical world in which we live including

natural components like raw materials, weather, ecological forces and created components such as cities and roads

which of the following might be examples of green entrepreneurship

recycle trash, fuel efficient/electric cars, compact florescent/LED lights

which of the following are true of real options approach

reflects choice firms face to or not to something, involves establishing benchmarks to achieve and timetables for those achievements

which of the following are inexpensive ways to monitor a firms external environment

regularly read trade and professional magazines, keep notebook on things that bother you, speak to customers, suppliers, professionals like accountants

a business --- capitol include--- that represent potential social obligations that are assets of the firm or entrepreneur

social, trust, consistency, and networks

billboard principle is an ethical model that asks whether

someone would be comfortable having their decisions and name advertised for all to see

which of the following is true of a Leadership in Energy and Environmental Design cerification

standard from the US Green Building Council, new source of sales and profits for construction companies

which of the following statements about utilitarianism are correct

strong community focus, focus on communities best interest in future, about actions resulting in the greatest good for greater good

the economic sector of the general environment includes

the trends and current conditions of the market for goods and services, the availability of equity, credit, employment