Know Your Business
This statement explains why a business exists and what it does.
What is a mission statement?
Resources a business owns that have value are called this.
What are assets?
This is the complete system involved in producing and delivering a product from its source to the customer.
What is a supply chain?
This leadership style involves the leader making decisions with little input from others.
What is autocratic leadership?
This statement describes what an organization hopes to become in the future.
What is a vision statement?
Debts or financial obligations a business owes are called this.
What are liabilities?
This focuses on how goods and materials are moved, stored, organized, and delivered.
What is logistics?
This leadership style allows team members to participate in decision-making.
What is democratic leadership?
This written document explains a business’s goals, strategies, market, operations, and financial expectations.
What is a business plan?
Rent, insurance, utilities, and administrative expenses are examples of this type of business cost.
What is overhead?
Hiring another company to perform work instead of doing it internally is called this.
What is outsourcing?
This style gives employees substantial freedom to work independently and make decisions.
What is laissez-faire leadership?
This business structure is owned by one person who is personally responsible for its debts and obligations.
What is a sole proprietorship?
Cash, inventory, equipment, and buildings all fall into this financial category.
What are assets?
This process helps new employees learn responsibilities, expectations, policies, systems, and workplace culture.
What is onboarding?
This leadership style connects performance to rewards and consequences.
What is transactional leadership?
This term refers to anyone meaningfully affected by a business or its decisions.
What is a stakeholder?
A business owns $50,000 in equipment but owes $20,000 on a loan. The loan would be classified as this.
What is a liability?
Comparing a company’s performance or practices with competitors or industry standards is called this.
What is benchmarking?
This leadership style focuses on inspiring people around a larger vision and encouraging growth and change.
What is transformational leadership?