Business Structure
sole owner of a business. Very easy to set up, but has unlimited liability.
Sole Trader
Set up as a Hierarchy, it highlights individuals needs from basic to complex. Managers can use these needs in order to better understand what will motivate an individual.
Maslow Hierarchy of needs.
The three elements of the triple bottom line.
Environmental, Social and Profit
Total sales of business/total sales of industry x 100
Market Share
Anyone who is affected by the actions of a business or organization.
Stakeholder
Two business come together and help each other with a new project.
Joint Venture
theory assumes that behavior results from conscious choices among alternatives whose purpose it is to maximize pleasure and to minimize pain.
Vroom
Someone who takes risk by putting in their time, money and expertise.
Entrepreneur
A large portion of the US economy, creates competition for large business and creates many jobs
Small buisness
A stakeholder who owns a percentage of a company
Shareholder
small to medium companies owned by share holders often members of the same family cannot sell shares to general public.
Limited Liability Company
states that the needs for achievement, power, and affiliation significantly influence the behavior of an individual, which is useful to understand from a managerial context.
McClelland
Increasing the difference between the value of the materials you bought and the finished product you sell.
Creating/ Adding Value
This way of comparing business size is misleading if a company uses machinery to create its products.
Number of Employees
Companies that provide materials for other businesses
Suppliers
a method of distributing products or services, establishes the brand's trademark or trade name and a business system
Franchise
Two Factor Theory, argues that there are two factors that an organization can adjust to influence motivation in the workplace.
Herzberg
Is the opportunity of getting something that you give up in order to buy something else.
Opportunity Cost
The equation to know a companies market capitalization?
# of outstanding shares x current share price
Two different types of stakeholder inside and outside the company.
Internal/External Stakeholders
Organizations and industries controlled by the government.
Public Sector
the inclination of people who are the subjects of an experimental study to change or improve the behavior being evaluated only because it is being studied and not because of changes in the experiment parameters or stimulus.
Mayo
Competition in between companies creates better what for consumer.
Prices
A great way to compare business size by using how much money a company has made.
Revenue
When a company decides to act this way it tries to act correctly for all stakeholders.
Ethically