(M) Chapter 3: Entrepreneurial Mindset in Organizations (Lecture-based) Flashcards
,What comprises/make up an Enterprise, Organization, and Business Company?
- group of people/manpower
- agreed purpose/vision
- utilizing different resources (financial, physical, suppliers, etc.)
- to produce
- sell or provide wither a service or product
Type of Businesses
- Service Business
- Merchandising Business (not merchandise
- Manufacturing business (not manufacture)
A business that provides intangible products, i.e. talent, skills, (expert) knowledge of the service provider.
Service business
Type of Business: Companies that produce food, personal care products, gadgets, automobiles, housekeeping products, etc.
Manufacturing Business
Type of Business: Retailers, supermarkets, groceries | Car Dealers, resellers, distributors
Merchandising Business
A business that buys (at cost) and sells (at a markup) physical products.
Merchandising Business
A business that buys raw materials to manufacture a physical product (finished goods) and sells it.
Manufacturing Business
A supply chain describes the ___ and ___ from its source to the end-users; and involve the processes that transform raw materials into final products and services
flow of goods (or commodities and services
affects different aspects of a business and determines the requirements that will successfully sustain the motion
supply chain
T or F. The specific supply chain will depend on the type of business
TRUE (its an example of flow of commodities)
What comprises the supply chain (any order)
- suppliers
- your business
- distributors
- retailers/sellers
- customers/consumers
Enumerate the Business Ownership Forms
Sole Proprietorship
Partnership
Corporations
T or F. Limited liability is under partnership.
F (corporation)
A business owned by an individual who also manages its operations.
Sole Proprietorship
T or F. Partnership is a business owned by two or more individuals who share both liabilities for and the management of the company.
T
In this business, the true or original owners of the company share ownership of the entire enterprise with various stockholders and may or may not be involved in the management of the company.
Corporations
Management is the art and science of performing __ and ___
effectively and efficiently
Factors to Consider in Management
- Planning
- Organizing
- Leading
- Controlling
Fundamental of Management: Creating the vision, defining the mission, setting goals
Planning
Fundamental of Management: Developing the specific actions or action plans to meet defined goals
Organizing
Fundamental of Management:
> Determining needed resources
- Creating the functional structure of the firm
- Creating teams, departments, business units
- Designing the most effective processes and procedures.
- Designing the most effective specific work functions.
Leading
Fundamental of Management:
> Motivating the people of the organisation to work towards the vision, mission and specific departmental goals of the company.
- Monitoring activities and personnel.
- Auditing whether processes, activities and personnel are performing according to set standards.
- Correcting mistakes…
Controlling
Level of Management
Upper, Middle and Lower Level
Core Functional Areas of Management
- Human Resources Management
- Marketing Management
- Financial Management
- Operations Management
The effective synthesis of all functional areas that sustains the stability and growth of an enterprise.
Strategic Management
This management is responsible for:
➢ Recruitment
➢ Hiring and keeping the best talent
o Ex. Manpower
➢ Credentials management
o inventory of required and available skills and knowledge
➢ Compensation, benefits and rewards ➢ Performance measurement
➢ Rewards & Promotions
➢ Career development
➢ Providing needed training
➢ Continuous education and development
HR Management
This management is responsible for:
➢ Capital Sourcing and Funding
➢ Revenue and Profit Generation
➢ Managing Operating Costs
➢ Investments, IPOs, Leveraging (i.e. loans)
➢ Employee compensation and benefits
➢ Financial Statements
o Assets
o Cash
o Liabilities
o ROE – return on equity
o ROI – return on investment
Financial Management
This management is responsible for:
➢ Production
➢ Specific work activities and tasks for every position
➢ Working hours
➢ Organizational Structure
Operations Management
T or F. The aim of production is to minimize production at maximize costs
F (reverse)
Processes and procedures that produce outputs which bring revenue to the company
production
rank and file to different levels of management
positions