Business

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Chapter 5-small business, entrepreneurship,franchises
Small business: independently owned & operated for profit & is not dominant in its field” Distribution industries: retailing, wholesaling, transportation, communications Service industries: 48% nonfinancial services, medical, dental care, TV, hair, restaurant Production industries: 19% construction, mining, manufacturing Advantages: relationships, change, record, independence

Disadvantages: failure, limited profit, raise capital
Business plan: carefully constructed guide for person starting business Small Business Administration (SBA): Congress in 1953, Gov. Agency assists, counsels, protects interests Serice Corps of Retired Executives (SCORE): 1964, group of > 10500 retired bus ppl including 2000 women who volunteer services to small bus through the SBA. Small-Bus institutes (SBIs): 1972, groups of senior & graduate students in bus adm. Who provide management counseling to small bus. Small-bus development centers (SBDCs): university based groups provide individual counseling and practical training to owners of small bus. Venture capital: money invested in small firm’s potential to become successful Small-bus investment companies (SBICs): licenses, regulates, financial assistance Franchise: license operates individually owned bus as part of chain of outlets or stores Franchisor: individual or organ granting franchise

Franchisee: person/organization purchasing franchise
Chapter 6-understanding the management process
Management: process coordinating ppl, other resources to achieve goals of organination Planning: simplest form, establishing organizational goals & deciding how accomplish 1 Mission: statement of basic purpose makes organization different from other 2 Strategic planning: process establishing organizations major goals and objectives allocating resources to achieve 3 Goal: end result organization expected to achieve over 1-10 year period Objective: specific statement detailing organization intends accomplish over shorter peri. Plan: outline actions which organization intends accomplish goals and objectives Strategic plan: organizations broadest plan, developed as guide for major policy setting, decision making Tactical plan: smaller scale plan developed implement strategy Operational plan: type of plan designed implement tactical plans Contingency plan: plan outlines alternative courses of action may be taken if organizations other plans disrupted or become ineffective Organizing: grouping resources and activities to accomplish some and result efficient and effective manner Leading: process influencing ppl to work toward common goal

Motivating: process providing reasons ppl work in best interest Directing: combined processes of leading and motivating
Controlling: process evaluating and regulating ongoing activities ensure goals achieved Top manager: upper level guides/controls: P, VP, CEO, COO
Middle manager: strategy, major policies: division, department head, plant, operation First-line manager: coordinates, supervises employees: manager, supervisor, foreman Operations manager: systems that convert resources into goods/services Marketing manager: responsible facilitating exchange products customer/clients Human resources manager: human resources programs

Administrative manager: not associated with any specific functional area, overall Conceptual skill: ability think in abstract terms
Interpersonal skill: deal effectively with other ppl
Decisional role: aspects of management decision
Interpersonal role: manager deals with ppl
Informational role: gathers/provides infor
Leadership: influence other
Authoritarian leader: holds all authority, respon, comm., moving from top to bottom Laissez-faire leader: authority employees allows subordinates to work as they choose minimum of interference Democratic leader: holds final respon, but delegates authority to others, help determine work assignments, upward and down ward Decision making choosing one...
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