Chapter 1
Business and First Class
Name one common managerial error.
Failure to Anticipate Industry Trends
Lack of Priorities
Indecisiveness and Lack of Systems
Poor Time Management
Poor Communication Skills
Lack of Personal Accountability and Lack of Personal Accountability and Ethics
Failure to Develop, Train, and Acknowledge People
Failure to Support Company Policy in Public
Failure to Acknowledge and Accommodate People’s Workstyles
Failure to Focus on Profit
Failure to Recognize the Need People Fulfill by Working
Failure to Establish and Adhere to Standards
What major terrorist event changed aviation forever?
September 11th 2001 terrorist attacks on the World Trade Center.
What are bad debts?
Debts that will not be paid in full.
What is Micheal Scotts slang definition for a boss?
"Jerk in charge"
When was Jet engine technology brought about?
World War II
Passing off a task to be done by another is an example of what management technique?
Delegation!
What are the national trends that effect aviation?
Terrorism and Its Aftermath
Fractional Aircraft Ownership
Encouraging New Pilots
Sport Pilot Certification
Airport Closures
Technology
Tort Reform
What is the profit to sales ratio?
Calculated by dividing net profits of the business by total sales.
How does the B-52 Stratofortress look taking off?
Smoky
What are the three main Aviation Regulation Agencies?
Federal Aviation Administration, Transportation and Security Administration, and the National Transportation and Safety Board
Describe the 80:20 rule?
The rule is used for determining whether someone is ready for a task or not. Typically when they are 80% ready and 20% not ready is good to maximized learning as long as there is clear, thorough directions.
What is the financial Mass Market range for aviation?
21%-88%
What is a hobby business?
A love of one's occupation where profit is NOT a concern.
What is a pyramid scheme?
A form of business where early participants make money off payments from newer members, who are tasked with getting others to join. (Micheals Scheme)
What year was the Airline De-regulation Act Passed?
1978
What are the four functions of management?
Planning
Coordinating
Directing/Organizing
Controlling
What are the 4 P's of Marketing?
Product, Place, Price, Promotion
Name the 4 definitions of Profit.
Reward for Effort
Reward for Risk
Return on Investment
Profit to Sales Ratio
What was the message of the Ted Lasso Clip linked in modules?
Teamwork
What services are required for an FBO to be "Full Service"?
Charter operations, Pilot training, Aircraft rental/sightseeing, Aerial photography
Crop dusting/application, Aerial advertising/surveying
Passenger transportation, Aircraft sales/service
Sale of aviation petroleum products, Repair/Maintenance of aircraft, Sale of aircraft parts
Name the 3 kinds of leaders, and briefly describe their characteristics.
Authoritative- provides clear expectations/ implies decisions are made by the leader with little or no input from the rest of the group.
Delegative- Provides little guidance/ leaves decisions up to group members.
Participative- Function as member of the group. less productive than an authoritarian controlled group but has higher quality work.
Why are Sport Pilot certificates a good option for new pilots?
less required training time.
Cheaper cost.
What are some steps in setting your cash flow and profit goals?
Planning for Profits
Budgeting
Other Considerations are Tax Planning, Competition, Retained Earnings, New Revenue Sources.
What is Paul's favorite movie?
Return of the King