Definitions
It is important for a venture to set goals. How long to short-range goals typically span?
A period of less than a year.
Give an example of external human resources.
Answers may vary - Lawyers, consultants, real estate agent
What are the 4 types of business ownership?
Sole proprietorship, partnership, corporation, co-operative
Which of the following is an example of a hard skill?
1. problem-solving
2. good communication
3. making a recipe
4. handling stress
3. making a recipe
What is a sole proprietorship? Provide an example.
A business with just one owner. The individual works for themselves rather than being employed by a company. There is no legal distinction between the owner and the business entity.
Answers may vary.
What are the 4 types of resources for ventures?
Material resource, technological resource, financial resource and human resource
Potential loss of business
Self Awareness, social skills, empathy, motivation and self regulation are all key elements of _____________________.
Emotional Intelligence
To keep good employees, benefits and perks are important. What are 2 benefits companies may provide to create a positive and supportive work environment?
What are the four leadership styles?
Autocratic, Democratic, Laissez-faire and Transformational
According to the golden triangle, which section of the menu is typically viewed first?
Middle
Describe a Lassez-Faire Leader
They concentrate on giving employees freedom to determine what they should do and how they should do it.
Controlling means to measure all functions of an organization against its' goals, analyze and make adjustments. What is a type of controlling within the venture.
i.e. Inventory Control, Production Control (QA), Financial Control
What is Maslow's Hierarchy of Needs? Why is it relevant to managing human resources?
Maslow's theory presents his hierarchy of needs in a pyramid shape, with basic needs at the bottom of the pyramid and more high-level, intangible needs at the top. A person can only move on to addressing the higher-level needs when their basic needs are adequately fulfilled.
This term refers to the distance customers are willing to travel to reach a specified location.
Trade Radius
Human resources can be classified into two categories. What are the two categories and define them.
•Internal Human Resources refers to people who work within the venture (employees, owners, managers etc.)
•External Human Resources refers to people outside the venture who may assist on an occasional basis (ex. consultants, lawyers, bankers)
Leaders have their preferred styles but must perform 4 basic tasks.Provide an example of 1.
•Motivating others
•Resolving conflicts
•Facilitating communication
•Managing personal stress
Quaker business practices and values in action highlights 3 considerations for leaders and employees. What are they?
Integrity, Simplicity, Ethical Responsibility
What percentage of people learn about a restaurant simply by passing it?
35%