Small Business Managment – Flashcards
Unlock all answers in this set
Unlock answersquestion
small business definition
answer
-under 500 employees -localized business operations (Except marketing) -financing supplied by one person or small group -has the potential to become more than a "one-person show"
question
High-Potential (Gazelle)
answer
small firm that has great prospects
question
Attractive small firm
answer
small firm that provides sustainable profits to its owner
question
Microbusiness
answer
small firm that provides minimal profits to its owner
question
lifestyle business
answer
microbusiness that permits the owner to follow a desired pattern of living
question
entrepreneur (concept)
answer
person who relentlessly pursues an opportunity, in either a new or an existing business, to create value while assuming both the risk and the reward for his or her efforts
question
entrepreneurial opportunity
answer
an economically attractive and timely opportunity that creates value for interested buyers or end users
question
bootstrapping
answer
doing more with less in terms of resources invested in a business and, where possible, controlling the resources without owning them
question
leadership characteristic
answer
focused on honesty
question
opportunity obsession
answer
aware of market and customer needs
question
domineering manager
answer
overbearing; way to fail
question
founder
answer
bring new firm into existence
question
entrepreneurship team
answer
2 or more people who work together as entrepreneurs
question
franchisee
answer
an entrepreneur whose power is limited by a contractual relationship with a franchising organization
question
social entrepreneur
answer
entrepreneurial activity whose goal is to find innovative solutions to social needs, problems, and opportunities.
question
reluctant entrepreneur
answer
a person who becomes an entrepreneur as a result of some severe harship
question
corporate refugee
answer
a person who becomes an entrepreneur to escape an undesirable job situation
question
entrepreneurial motivations
answer
-personal fulfillment -personal satisfaction -independence -financial rewards
question
technician personality
answer
-a personality that focuses on an already developed technical skill -wants to be left alone to get the job done -is primarily concerned about the present
question
entrepreneur personality
answer
a personality that focuses on the business as a whole and providing results for the customer
question
"second step" entrepreneur
answer
an administrative entrepreneur who oversees the operations of on going business
question
Customer focus
answer
if properly managed, small entrepreneurial companies have the advantage of being able to serve customers directly and effectively, avoiding the layers of bureaucracy and corporate policies that tend to stifle employee initiative
question
Quality performance
answer
-quality is independent of firm size -if there is an advantage it usually goes to the smaller business -should not accept anything less than the highest quality performance.
question
Niche market
answer
a specific group of customers with an identifiable but narrow range of product or service interests
question
Integrity
answer
a general sense of honesty and reliability that is expressed in a strong commitment to doing the right thing, regardless of the circumstances
question
An Unacceptable behavior in the work place
answer
misuse of company time, abusive behavior, lying to employees, company resource abuse, violations of internet use policies, discrimination, conflicts of interest, health and safety violations, lying to outside stakeholder, falsifying time reports or hours worked, sexual harassment, accepting bribes or kickbacks
question
Stakeholders
answer
individuals or groups who either can affect or are affected by the performance of the company
question
An Unethical act of employees
answer
loafing on the job, working too slowly, or taking an unjustified sick leave
question
Embezzlement
answer
employee steals money from the firm
question
Social responsibility is
answer
a company's ethical obligations to the community Regarded as the price of freedom to operate in a free economic system.
question
Skimming is
answer
concealing some income and improperly claiming personal expenses to be business-related
question
An sample of skimming
answer
tax evasion
question
A sample of theft in intellectual of property
answer
original intellectual creations, including inventions, literary creations, and works of art, that are protected by patents or copyrights. eBay selling knock off handbags
question
The most important key to ethical performance in Small Business (SB)
answer
code of ethics
question
What is BBB?
answer
-Providing consumers with free information to help them make informed decisions when dealing with a company -Creating an incentive for businesses to adhere to proper business practices and earnestly address customer complaints -Resolving questions or disputes concerning purchases through mediation or arbitration
question
What is a sustainable of SB?
answer
environmentalism
question
An example of an industry especially vulnerable to efforts to protect the environment
answer
fast lube and oil change centers, medical waste disposal, self-service car washes, and asbestos removal
