Organizational Structures
The process of dividing work into separate jobs and assignments to the workers.
What Division of Labor?
An independently owned and operated company that is limited in size and revenue depending on the industry.
What is a Small Business?
The process of guiding the development, maintenance, and allocation of resources to attain organizational goals.
What is Management?
A business structure where one individual owns and operates the entire business.
What is a Sole Proprietorship?
The degree to which the job tasks are subdivided into smaller jobs.
What is Specialization?
An individual who identifies a business opportunity and takes the initiative to start and manage a new business venture, assuming the risks and responsibilities associated with it.
What is an Entrepreneur?
Setting objectives and determining the best course of action to achieve them.
What is planning?
An organization formed by producers or sellers who come together to jointly market and sell their products or services.
What is a Seller Cooperative?
A group of individuals who come together to achieve a common goal or purpose?
What is a Team?
Is an individual who creates and manages multiple entrepreneurial ventures simultaneously.
What is a Multipreneur?
The process of arranging resources and tasks in a structured way to achieve the objectives set during the planning phase.
What is organizing?
A legal entity created under the authority of state law that is distinct and separate from its owners (shareholders).
What is a Corporation?
The business practice of contracting out specific tasks, functions, or services to an external third party rather than performing them in-house.
What is Outsourcing?
What are steps to Starting a Small Business?
The process of monitoring, comparing, and correcting work performance to ensure that organizational goals are being met.
What is Controlling?
Simplicity and ease of formation.
What is an advantage of opening a Sole Proprietorship?
The grouping of people, tasks, and resources into organizational units.
What is Departmentalization?
An employee within a company who takes on the role of an entrepreneur by developing innovative ideas, projects, or products.
What is an Entrepreneur?
The shared values, beliefs, attitudes, and behaviors that characterize an organization and shape its social and psychological environment.
What is corporate culture?
Those who own shares in a corporation, reflecting their ownership and rights in the company.
What is a Shareholder or a Stakeholder?