Stakeholders
__________ are individuals or groups with an interest in the success of a business.
What is... Stakeholders?
The noun... is a group of people running a business. The verb...the act/process of using resources effectively to achieve organizational goals.
What is... management?
What do you call a person called who bears risks to set up and operates a business?
What is... entrepreneur?
What section of a business plan briefly summarizes the entire plan?
What is... Executive summary?
A manager develops company goals, assigns staff responsibilities, motivates workers, and evaluates results. What four management functions are listed?
What are... Planning, Organizing, Leading/Directing, and Controlling
_________ are those who are directly involved in the day-to-day operations and decision-making processes of a company.
What is... Internal stakeholders?
Planning, organizing, directing, controlling, coordinating, delegating, communicating and motivating are _________
What are... functions of management?
What term describes the willingness to take calculated business risks?
What is.. risk bearing/ risk taking?
Which section identifies the target customers of the business?
What is... marketing plan?
This entrepreneurial characteristic/personality trait enables business owners to continue despite setbacks and failures.
What is perseverence/ determination?
Three (3) examples of internal stakeholders are...
What is... owners, employees, managers, and board members.
Setting goals/objectives/vision and mission are part of which management function?
What is...Planning?
What is the process of creating a new product, service, or idea called?
What is... Innovation?
Which section describes the type of products or services offered by the business and how they would be made?
What is... operational/ production plan?
State three characteristics of successful entrepreneurs.
What are... creativity, confidence, initiative, leadership, risk-taking, etc.
Management (and businesses) have responsibilities they MUST fulfill to stakeholders. True or False?
What is... TRUE?
Which management function compares actual performance with planned performance?
What is... controlling?
Name three (3) sources of finance commonly used by entrepreneurs to start a business.
What are... Personal savings, bank loan, grants, forming partnerships or investors?
Why is a business plan important when seeking financing?
It helps convince lenders/investors that the business is viable/ feasible.
Name the four main sections commonly found in a business plan.
What are... Executive summary, Operational/Production Plan, Marketing Plan and Financial Plan?
List three (3) examples of external stakeholders and state one responsibility of management/business to EACH stakeholder.
Customers..set fair prices. Community/ Society...sponsor or contribute to event and support other businesses. Governemt...follow laws and pay taxes.
Management is responsible for sponsoring community projects, providing opportunities for training and career development and keeping accurate financial records to track business progress. Which 3 stakeholders are management liable to (in that order)?
Whata are... society, employees and owners?
What type of entrepreneur purchases the rights to operate an established business under a popular/ recognized name?
What is... a franchisee?
Which section shows in a detailed manner, the projected income, expenses, and profits?
What is... Financial Plan?
Explain why is controlling one of the most important functions of management?
It ensures activities are on track and goals are achieved by identifying any problems and correcting them.