Entrepreneurship & Small Business
What defines a small business according to the SBA?
Independently owned, operated for profit, not dominant in its field.
What are the four basic management functions?
Planning, organizing, leading, controlling.
What is departmentalization?
Grouping jobs into units (e.g., by function or product).
What is human resources management?
Managing recruitment, development, and retention of employees.
What is motivation?
The internal drive to achieve goals.
Name one reason small businesses fail
Poor management, lack of capital, inadequate planning.
What is the difference between strategic and tactical planning?
Strategic = long-term goals; Tactical = short-term actions.
Define decentralization.
Delegating decision-making to lower levels.
What is job analysis used for?
To determine duties and qualifications for a job.
Name one historical theory of motivation
Taylor’s Scientific Management, Herzberg’s Two-Factor Theory.
What is a franchise?
A license to operate a business under an established brand.
Name one key skill of successful managers.
Communication, analytical, interpersonal, technical.
What is the span of management?
Number of subordinates a manager supervises.
Name one method of employee recruitment.
Internal postings, job fairs, online platforms.
What is Maslow’s hierarchy of needs?
Taylor’s Scientific Management, Herzberg’s Two-Factor Theory.
What is the purpose of a business plan
To outline goals, strategies, and financial projections.
What is the role of a middle manager?
Implements plans and coordinates departments.
Name one form of organizational structure.
Line, matrix, team-based.
What is the purpose of performance appraisal?
To evaluate employee performance and guide development.
Define organizational culture.
Shared values, beliefs, and norms in a workplace.
Explain how innovation and flexibility give small businesses a competitive edge.
Loans, training, counseling, mentoring
Describe how effective leadership styles can influence organizational performance.
Identify problem, generate alternatives, evaluate, choose, implement, monitor.
Compare and contrast line-and-staff and matrix organizational structures.
Unofficial network of communication; can spread info quickly but inaccurately.
Discuss how HR can support diversity and inclusion in the workplace.
Equal employment opportunity, workplace safety, labor laws.
Explain how employee empowerment and job enrichment contribute to motivation.
Recognition, incentives, job enrichment, empowerment.