BUSINESS BUILDERS
Accepting the risk of starting and running a business.
What is entrepreneurship?
Anticipating trends and determining strategies and tactics to achieve organizational goals.
What is planning?
The highest level of management, including the president and other executives who develop strategic plans.
What is top management?
Creating a vision and guiding, training, coaching, and motivating others to achieve organizational goals.
What is leading?
An encompassing explanation of why an organization exists and where it is trying to go.
What is a vision?
A planning tool used to analyze strengths, weaknesses, opportunities, and threats.
What is a SWOT analysis?
A detailed written statement describing the business, target market, competitive advantages, and owner's resources and qualifications.
What is a business plan?
Determining the organization's major goals and the policies and strategies for achieving them.
What is strategic planning?
Managers such as division, branch, or plant managers who are responsible for tactical planning and controlling.
What is middle management?
A leadership style in which managers make decisions without consulting others.
What is autocratic leadership?
An outline of the fundamental purposes of an organization.
What is a mission statement?
The relatively informal process of solving everyday problems that usually require quick action.
What is problem solving?
A business that is independently owned and operated, is not dominant in its field, and meets SBA size standards.
What is a small business?
Developing detailed, short-term statements about what will be done, who will do it, and how.
What is tactical planning?
Managers directly responsible for supervising workers and evaluating daily performance.
What is supervisory management?
A style in which managers and employees work together to make decisions.
What is participative or democratic leadership?
Broad, long-term accomplishments an organization wishes to attain.
What are goals?
Generating as many possible solutions to a problem as possible without censoring ideas.
What is brainstorming?
Individuals or companies that invest in new businesses in exchange for partial ownership.
Who are venture capitalists?
Setting work standards and schedules needed to implement tactical objectives.
What is operational planning?
The process of accomplishing organizational goals through planning, organizing, leading, and controlling people and resources.
What is management?
A leadership style in which managers set objectives but employees have considerable freedom in accomplishing them.
What is free-rein leadership?
Specific, short-term statements detailing how to achieve organizational goals.
What are objectives?
Listing the pluses, minuses, and implications of a possible solution.
What is PMI?
A group of experienced people from different business areas who combine their skills to develop, make, and market a new product.
What is an entrepreneurial team?
Preparing alternative courses of action in case the primary plan does not work.
What is contingency planning?
The management function involving hiring, motivating, and retaining the best people available.
What is staffing?
Giving frontline workers the responsibility, authority, freedom, training, and equipment to respond quickly to customers.
What is empowerment?
Choosing among two or more alternatives.
What is decision making?
The ability to picture the organization as a whole and understand relationships among its parts.
What are conceptual skills?