Types of Business
This type of business is owned and operated by one person.
Sole Proprietor/Trader
This objective focuses on generating more revenue than expenses.
A management style where the manager makes decisions alone and expects obedience.
What is the Autocratic Style?
This theory of motivation includes five levels of human needs.
What is Maslow's Hierarchy of Needs?
These are the resources used to produce goods or services.
What are inputs?
A business structure where two or more people share ownership and responsibilities.
What is a partnership?
A business goal that involves increasing the percentage of sales in the industry.
What is market share?
This style involves the manager explaining decisions and persuading employees.
What is the persuasive style?
This motivation strategy involves increasing responsibility and promotion opportunities.
What is career advancement?
A strategy that involves producing only what is needed, when the customer orders it.
What is pull?
These companies are not listed on the stock exchange and have limited ownership.
What is a private limited company?
These individuals or groups have an interest in the business and can affect or be affected by it.
Who are stakeholders?
A skill that involves clearly conveying information to others.
What is communication?
A training method that occurs while the employee is performing their job.
What is on the job training?
This quality strategy involves checking products after various stages of production.
What is quality control?
This type of company is listed on the stock exchange and sells shares to the public.
What is a Public Company?
This stakeholder group is interested in job security and fair wages.
Who are employees?
This management style is best when time is not limited and the decision does not have far reaching impacts.
What is Laissez Faire?
A performance management strategy where employees assess their own performance.
What is self appraisal?
A lean management principle that focuses on continuous flow of production.
What is takt?
A business that aims to fulfill a social mission rather than just making a profit.
What is a social enterprise?
A potential conflict may arise between these two stakeholders when cost-cutting affects product quality.
Who are shareholders and customers?
The ability to assign tasks and authority to others is known as this management skill.
What is delegation?
This type of termination occurs when a job is no longer needed due to restructuring.
What is redundancy?
This global strategy involves contracting out business processes to overseas providers.
What is global outsourcing?