Intro to Business Managing a Business and Employees

How motivated is the US workforce?

68% are not engaged or actively disengaged. Encouraging flow in the workplace is an important challenge.

What is a SMART goal?

A goal that is specific, measurable, acceptable, realistic and timely. I will run a half marathon under 2 hours by the end of 2023.

Flow

A state of rapid attention

Compare vision and mission statements

A vision statement sets the long term vision of the company. Keeps managers focused on strategies that are consistent with the company's goals, illustrates the company's value to investors and inspires employees. A mission statement is a description of an organization's current purpose, basic goals and philosophies.

What is an anticipated challenges and planned responses

An anticipated challenge is something the business thinks could happen like higher inflation than planned or lower sales and the planned response if that were to occur.

What are the skills of successful managers?

Conceptual skills, technical skills, time management skills, interpersonal skills and decision making skills

What are the types of leadership styles?

Democratic Autocratic Affiliative/Laissez-faire (hands off leaders that expect goals be achieve and leave it to managers to determine how to achieve the goals) Visionary

Emotional intelligence

Emotional intelligence is defined as the ability to understand and manage your own emotions, as well as recognize and influence the emotions of those around you. Great leaders exhibit a high degree of emotional intelligence

What are intrinsic and extrinsic motivators

Intrinsic motivators (employee's state of purpose) are internal to the employee and extrinsic motivations (pay, promotion and praise) and external to the employee

SWOT analysis

It is analysis of the strengths, weaknesses, opportunities and threats a company is facing. It helps managers determine the strategic fit between the company's internal capabilities and external possibilities relative to the business and economic environments. It is important part of a business plan

What are the four functions of management?

Planning, organizing, controlling/monitoring and leading Controlling/monitoring relates to measuring the firm's performance versus the business plan.

What is Maslow's hierarchy of needs?

Says that primary needs must be address first like food water and sleep. The hierarchy includes 5 levels. Self-fulfillment and creativity are at the top level.

Strength-based management

Strength-based management believes the best way to develop talent is to help employees add skills and knowledge that build on their existing strengths

Hawthorne effect

The alteration of behavior by the subjects of a study due to their awareness of being observed

What is McClelland's three needs theory

The three needs theory suggests the need for achievement, affiliation and power are the key motivators.

What are Theory X, Y and Z

Theory X suggests people dislike work. Theory Y suggests people are naturally motivated to work Theory Z suggest relies heavily on collaborative decision making

Identify the levels of management

Top managers (President, CEO, Executive VP) Middle managers (controller, sales manager, marketing manager, operations manager) First-Line managers (supervisors, department head)

What is management?

is the process of working with people and resources to accomplish the goals of the organization

The corporate culture is

the values and behaviors shared by managers and workers

Teams improve creativity

when best practices for selecting the team members and roles are followed