Chapters 4-6

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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


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