BUSMHR 2292

Availability Bias

Putting more emphasis on information and examples that are readily available as opposed to considering a broader range of information.

Anchoring Bias

Over-reliance on the initial set of information that was provided when making a judgment or decision, even if that initial set of information was not the most important or accurate.

Gender Bias

Providing differential treatment based on an individual's gender.

According to the American Fears study by Chapman University, what is a greater America's biggest phobia?

Public Speaking

Flexibility and Adaptability

They are open to change, adaptable to new circumstances, and able to pivot their strategies when necessary.

Negative impacts of business on society

1. Environmental Damage 2. Exploitation of Workers 3. Unethical or Illegal Practices 4. Market Domination

Positive impacts of businesses in society

1. Job Creation 2. Economic Growth 3. Innovation 4. Philanthropy 5. Necessary Goods and Services

Franchise

A business model where a franchisee (an individual or group) purchases the right to operate a business using the trademark, products, and services of a franchisor (the owner of the business)

Nonprofit

A business organization that operates for a charitable, educational, or other public purpose. Nonprofits do not have owners or shareholders, and any profits are reinvested in the organization's mission

Cooperative

A business owned and operated by a group of individuals for their mutual benefit. Often formed by farmers, credit unions, and other groups

Sole proprietorship

A business owned and operated by a single individual. The owner is personally liable for all business debts and obligations

Partnership

A business owned by two or more individuals who share the profits and losses of the business. Either general or limited

Limited Liability Company (LLC)

A business structure that combines the liability protection of a corporation with the tax benefits of a partnership. They are owned by members, and their liability is limited to the amount of their investment in the company

Honesty

A fundamental ethical principle in the business world. It involves being truthful and transparent in all business dealings, including communication with customers, suppliers, and other stakeholders.

Corporation

A legal entity that is owned by shareholders, has a separate legal and tax existence from its owners, and can issue stocks to raise capital and have limited liability protection for their shareholders

Increased Costs

A result of inflation that can lead to a decrease in profit margins, as businesses may have to raise their prices to cover their costs.

Diversity

All of the ways in which we differ. This includes our age, gender, race, ethnicity, sexual orientation, physical ability, marital status, income level, personal habits, appearance, educational background, religion, personality, and so much more

A.

An over-arching theme that was a conclusion from Google's Project Aristotle was... A. who is on the team is far less important to how the team members contribute to the team B. Orientation is not as critical to the team as low ropes team building simulations C. Teams need all A players to be the best D. All teams are destined to fail

Globalization and International Markets

As a result of this, leaders need to consider expanding into international markets, understanding global trends, and navigating cross-cultural differences. Topics such as global supply chains, trade policies, geopolitical risks, and international partnerships need to be considered for business growth and resilience.

Sustainability and Environmental Impact

As this becomes increasingly important, leaders need to consider how their business can operate in an environmentally responsible manner. This includes topics such as reducing carbon footprint, adopting renewable energy sources, implementing circular economy practices, and addressing social and ethical considerations.

Conducting Research

Begin by identifying several credible sources that provide accurate information that is up to date. By using the filter tool within Google, you can limit your search to information within the past year. This part of the preparation process is essential to gather information that supports your key points into a well-informed argument.

Responsibility

Being accountable for one's actions and their impact on stakeholders. It involves taking responsibility for the consequences of business decisions and ensuring that they align with ethical principles and values.

Networking and Relationship Building

Building a strong network of contacts, mentors, and advisors can provide valuable guidance, support, and opportunities.

Dependability

Can we count on one another to deliver on their commitments on time with a high-quality output? When established as a team norm, individuals are able to focus on their own tasks and not spend extra time worrying about others or picking up the slack from a team member who habitually does not complete their work on time or up to expected standards

Currency Exchange Rates

Changes in this can impact the cost of imports and exports, which can impact a company's profitability and how a business operates internationally

Storming

Characterized by conflict and disagreement that arises as the team members begin to establish their position/role within the team. It is common to have struggles for power and differences in opinion in this stage.

Performing

Characterized by exceptional work. This is the result of high productivity levels, collaboration, and synergy within the team. The team members are aligned and committed to their over-arching purpose and goals, and they leverage their individual strengths to accomplish the team's goals.

Adjourning

Characterized by the end of the team's project or task. It is important for team members to reflect on this stage prior to moving on to the next thing so that they can memorialize their learnings and not make similar mistakes in the future

Norming

Characterized by the establishment of team norms and expectations. At this point, the team starts collaborating more effectively while recognizing each other's strengths. Communication channels and the sharing of ideas for problem solving and decision-making is much more seamless

Forming

Characterized with uncertainty and high reliance on a leader. During this "ice-breaking stage," team members start to build relationships by getting to know one another and understanding the team's goals and objectives.

Audience Analysis

Consider the background, knowledge, interests, and expectations of your audience and tailor your messaging accordingly.

Ethical and Social Responsibility

Consumers are increasingly conscious of a company's this. Leaders need to consider topics such as corporate social responsibility, ethical sourcing, transparency, and building trust with customers and stakeholders.

Customer Experience and Personalization

Customer expectations are continuously evolving, with a focus on this. Leaders need to consider topics such as customer-centricity, leveraging customer data for insights, enhancing digital customer experiences, and providing personalized and tailored offerings.

Halo Effect

Developing a positive impression of someone based on a single positive characteristic or experience, leading to an overgeneralization of their abilities.

Psychological safety

Do team members feel respected and valued to the point that they are willing to take risks (share their opinions) without fear of negative consequences? The willingness to be vulnerable with one another and challenge viewpoints is imperative in the process of critical thinking and problem solving

Meaning of work

Do team members feel that they are working on something that is important and has a tangible impact on the team's goal? In the absence of this, it is difficult to get the team members' best efforts

Impact of work

Do team members fundamentally believe that how they are spending their time matters? According to a recent Gallup poll, only 1 in 5 people feel connected to the company for whom they work. If team members feel that they are doing "busy work" or something that will not make a difference, they will begin to disengage from the project. Ensuring that each stakeholder understands how their work impacts the larger cause is critical to making team members feel like they are doing work that matters and will make a difference

Structure and clarity

Does everyone on the team understand their role, how that role fits in with the team's goal and the execution timeline? Many teams are prone to fall prey to making assumptions as to who is on point for what

Passion and Vision

Entrepreneurs are driven by this for their ideas and possess a clear what of what they want to achieve.

Continuous Learning

Entrepreneurs are lifelong learners, constantly seeking knowledge and skills to improve their understanding of business and industry trends.

Risk-taking and Opportunity Recognition

Entrepreneurs are willing to take calculated risks and have a knack for identifying and capitalizing on opportunities.

Making a Difference

Entrepreneurs have the ability to make a positive impact on society by creating innovative products, services, and solutions. They can address societal challenges, create jobs, and contribute to economic growth and development.

Independence and Autonomy

Entrepreneurs have the freedom to make their own decisions, set their own schedules, and pursue their passions. They are not bound by the constraints of traditional employment and have the ability to shape their own destiny.

Creative Freedom

Entrepreneurs have the freedom to unleash their creativity and pursue innovative ideas. They can bring their visions to life, disrupt existing industries, and introduce new ways of doing things.

Self-confidence and Leadership

Entrepreneurs have this in their abilities and possess strong what skills to inspire and motivate their teams.

Long Working Hours

Entrepreneurs often work long hours, including evenings and weekends, especially in the early stages of their ventures. The demands of starting and running a business can result in a lack of work-life balance and personal time.

Embracing Failure and Learning from Mistakes

Entrepreneurs view failure as a learning opportunity and are not discouraged by setbacks. They analyze mistakes, adapt their strategies, and move forward.

Financial Uncertainty

Entrepreneurship is inherently risky, and there is no guarantee of financial stability or success. Many startups fail to generate sufficient revenue or secure funding, leading to financial difficulties and potential losses.

Personal and Professional Growth

Entrepreneurship provides a platform for continuous learning and personal development. It challenges individuals to expand their skills, knowledge, and abilities, fostering personal growth and self-improvement.

Organize and structure the content

Following a logical flow in order to maximize the impact that your presentation has on the audience.

Investment

Higher interest rates can impact these types of decisions made by businesses. When interest rates are high, businesses may be more likely to hold onto cash reserves rather than investing in new projects or equipment.

Consumer Spending

Higher interest rates can lead to higher borrowing costs for consumers, which can reduce their spending power. This, in turn, can impact businesses that rely on consumer spending.

Age Bias

Holding preconceived notions based on an individual's age.

Racial and Ethnic Bias

Holding prejudices against individuals or groups based on their race or ethnicity.

LGBTQ+ bias

Holding prejudices against individuals who identify as lesbian, gay, bisexual, transgender, or queer.

Uncertainty

Inflation can create this in the economy, making it difficult for businesses to plan and make long-term investments. Inflation can also create unpredictability in financial markets, which can impact businesses that rely on investments.

Decreased Purchasing Power

Inflation can decrease this aspect of consumers and businesses. As prices increase, the same amount of money can buy fewer goods and services, leading to a decrease in demand for products and services.

Wage Demands

Inflation can lead to higher this from employees. As the cost of living increases, employees may demand higher wages to maintain their standard of living. This can lead to higher labor costs for businesses.

Increased Interest Rates

Inflation can lead to this, which can increase the cost of borrowing for businesses. This can impact business investments and growth.

Stereotyping

Involves generalizing beliefs about an individual based on their membership of a particular group of people.

Technological Advancements

Leaders need to stay abreast of emerging technologies and understand their potential impact on the business. This includes topics such as artificial intelligence, automation, Internet of Things (IoT), blockchain, and data analytics. Understanding how these technologies can disrupt existing business models and create new opportunities is crucial for future success.

In a presentation setting, what is a general rule that can be applied to the content?

Less is more

Disruption and Agility

Rapid technological advancements and changing market dynamics can lead to this. Leaders need to foster a culture of innovation, embrace agile practices, and be open to change. Topics such as identifying potential disruptors, adapting to market trends, and exploring new business models should be on their radar.

B.

Read the following description and select which stage of Tuckman's model the team likely in? A team is going through power struggles to determine who has what role and there is disagreement as to what direction the team should go towards to complete the project, A. Forming B. Storming C. Norming D. Performing E. Adjourning

Technological Factors

Refers to advances in technology that can create new opportunities and challenges for businesses. These can include factors such as the development of new products, new communication and distribution channels, and changes in the way consumers access information and make purchasing decisions. Throughout the course of history, this has been an area that has altered how work gets done and what work even looks like.

Legal Factors

Refers to the laws and regulations that govern business operations. These laws and regulations can impact businesses' operations, such as the types of products and services that they can offer, the way they can market those products and services, and how they must treat employees and customers.

Social Factors

Refers to the social and cultural trends that can impact businesses' operations. These can include factors such as demographic trends, cultural attitudes, and consumer behavior. For example, changes in consumer preferences or shifts in demographic trends can impact the demand for certain products or services.

Confirmation Bias

Seeking out information that confirms pre-existing beliefs or assumptions

Audience Based Anxiety

Some presenters struggle more with smaller audiences than larger ones. Some presenters struggle with a more senior audience verus presenting in front of their peers, etc.

The Sandwich Method

Start and end with positive feedback and highlight the areas of improvement in the middle.

Perfect the story

Start with a captivating hook or introduction that grabs the audience's attention. This can be achieved by using a well-developed character who would be interesting and relatable to the audience - that main character might be you! The narrative should build with time and can provide obstacles or challenges that evoke emotions. Utilize vivid language to paint a picture in the audience's mind will make the content more relatable. A compelling narrative that is tailored to your goals and the audience will engage them emotionally and intellectually.

Limited Resources

Startups typically face resource constraints, such as limited capital, manpower, and infrastructure. Entrepreneurs must be resourceful and find creative solutions to overcome these limitations.

Unlimited Income Potential

Successful entrepreneurs have the opportunity to earn unlimited income. They are not limited by fixed salaries or wage structures and can directly benefit from the success and growth of their ventures.

Economic Factors

The conditions that affect the economy in which businesses operate. This can include factors such as inflation, interest rates, and economic growth. Changes in these factors can impact businesses' profitability and their ability to access resources such as credit, labor, and raw materials.

Integrity

The consistency between one's actions and beliefs. It involves upholding ethical standards and values, even in difficult situations. For example, a business that values integrity will not compromise its ethical principles for short-term gains.

Resilience and Perseverance

The journey of an entrepreneur is filled with challenges and setbacks, requiring resilience and the ability to persevere in the face of adversity.

Uncertain Path to Success

The path to entrepreneurial success is often unpredictable and requires perseverance. Entrepreneurs must be prepared to navigate through failures, setbacks, and obstacles along the way.

Stress and Pressure

The responsibility of managing a business, making critical decisions, and shouldering the success or failure of the venture can lead to high levels of stress and pressure. Entrepreneurs face constant challenges and uncertainties, which can take a toll on their mental and emotional well-being.

Changing Workforce Dynamics

The result of new generations entering the workforce and remote and flexible work arrangements becoming more prevalent. Leaders need to consider topics such as talent acquisition and retention, diversity and inclusion, upskilling and reskilling, and fostering a culture that supports collaboration and innovation.

Inclusion

The state of being included in a group or structure

Legal and Compliance

This function ensures that the company operates within the legal framework and complies with relevant laws and regulations. It involves managing legal risks, drafting and reviewing contracts, and ensuring ethical and legal business practices.

Research and Development

This function focuses on creating and improving products, services, or processes through research, experimentation, and innovation. This includes activities such as product design, prototyping, testing, and staying abreast of industry trends.

Human Resources

This function is responsible for managing the company's employees. This includes activities such as recruitment, hiring, training and development, performance management, compensation and benefits, and employee relations.

Operations and Production

This function is responsible for managing the production and delivery of goods or services. It includes activities such as production planning, inventory management, quality control, supply chain management, and logistics.

Marketing and Sales

This function is responsible for promoting and selling the company's products or services. This includes market research, advertising, branding, pricing, product development, and managing customer relationships.

Corporate Strategy and Planning

This function is responsible for setting the overall strategic direction of the company, developing long-term plans, and evaluating new business opportunities. It involves strategic analysis, market research, competitive intelligence, and strategic decision-making.

Information Technology

This function manages the company's technology infrastructure and systems. This includes hardware and software management, data security, network management, and supporting technology needs across the organization.

Finance and Accounting

This functional area manages the financial aspects of the business, including financial planning, budgeting, accounting, financial reporting, and managing cash flow.

Digital Transformation

This involves integrating digital technologies into all areas of a business to improve operations, enhance customer experience, and drive innovation. Leaders need to consider how digital technologies can transform their business processes, customer engagement, and overall business strategy.

Respect

Treating all stakeholders in the business world with dignity and consideration. It involves avoiding harm and ensuring that the business's actions do not infringe on the rights of others.

Fairness

Treating all stakeholders in the business world with respect and equality. It involves avoiding discrimination and ensuring that all individuals and groups are treated fairly.

Understanding the Purpose

What is your over-arching goal of the presentation? This goal will set the tone and direction of the presentation and help you determine both the content and delivery style.

Age Bias

What type of bias is at play based on the below scenario: an elderly person was not considered for a job in IT at a prestigious firm because they did not grow up as a digital native.

Creating effective visual aids

When paired with a powerful verbal presentation, this enhances the overall delivery of the message.

Cost of Borrowing

When the Fed raises interest rates, it becomes more expensive for businesses to borrow money. This can impact their ability to expand or invest in new projects, as well as their profitability.

Situation Based Anxiety

When you experience anxiety based on the physical environment in which you are presenting

Goal Based Anxiety

When you experience anxiety based on what is at stake as a result of the presentation (getting a bad grade, not getting the promotion, etc.)

C.

Which of the following best defines the sandwich method? A. Providing a long list of all the areas of development to the feedback receiver in written form B. Providing a long list of all the areas of development to the feedback receiver in verbal form C. Start and end with positive feedback and highlight the areas of improvement in the middle D. Avoid constructive feedback and focus on the positives to keep everyone happy and comfortable

What is a throughline?

a connecting theme, plot, or characteristic

Business

the act of creating, buying, or selling goods and services with the goal of making a profit