BU121 FINAL Flashcards
(42 cards)
Nature of business activities during : Early Years
small, owner operated trading companies
no formalized management
Nature of Business activities during: Factory system and Industrial Revolution
some development of machinery
larger scale of production than before
Nature of Business during : entrepreneurial era
Age of invention! entrepreneurs emerged!
improved machinery and the start of consumerism
Nature of Business during: Production Era
production is the main focus
scientific management - only use the “one best way”
breaking down to the most efficient way to do one task → assembly lines
Working conditions: Long days and low pay :(
Worker unions are formed
Labour laws are introduced
Selling is an afterthought
focus on production move
Nature of Business during: Sales and Marketing
consumers have more choice because there are more production
Companies starts to shift their focus on production and marketing
Asks “What would customers want”
Do focus groups customer surveys`
Nature of Business during: Finance Era
Decade of greed
Milton Friedman’s corporate purpose had an impact → earn profit + be responsible
Downsize (free up cash) and distribute (to shareholders)
lots of mergers and acquisitions
Nature of Business during: Global Era
lots of communication technology
some companies were hurt by this but some also benefited (mixed reaction)
a wider variety in product offerings for consumers
New definition of purpose of corp. → duty to shareholders
Nature of Business: Internet Era
Social License to Operate corporate social responsibility
Allow small companies to operate globally as well
Growing distrust
pushed back on corp. governments
“corporate social responsibility”
Triple bottom line - companies should focus on social/environmental issues as much as profits
but still there are companies that are not aligned (especially tech, oil companies)
New definition of purpose of corp: Duty to All
Identify the four stages of team development
Form
Storm
Norm
Perform
Describe the first stage of team development (feelings, behaviors, and team task)
Form
Feelings: Excitment and wondering how you will perform
Behaviours: Ask lots of questions and impression management
Team tasks: setting clear structure, goals, directions and roles and expectations
Describe the second stage of team development (feelings, behaviors, and team task)
Storm
Feelings: Worry that you won’t meet your goals. Frustrated with progress so far, or lack of progress.
Behaviours: Less polite interactions, frustrations about progress and team’s goals.
Frustration might be directed at team members.
Team Tasks: Refocus on goals, break larger goals into smaller steps. Develop group process and conflict management skills
Describe the third stage of team development (feelings, behaviors, and team task)
Norm
Feelings: Starting to feel a sense of belonging and confidence in the team’s abilities
Behaviours: ⭑More frequent communication.
⭑ Increase willingness to share ideas and ask for help.
⭑ Develop “shared” language (inside jokes)
Team Tasks: ❑ Shift energy to achievement of goals
❑ Increase individual and collective productivity.
Describe the fourth stage of team development (feelings, behaviors, and team task)
Perform
Feelings: Feeling proud of the team, realizing that working together is better than working alone
Behaviours: ⭑ Able to prevent and solve problems.
⭑ Switch roles fluidly.
⭑ differences among members are appreciated.
Team Tasks: ❑ Make significant progress towards goals
❑ Continuously improve team development
❑ Celebrate accomplishments
Identify and describe psychological safety
“A shared belief by members of a team that the team is safe for interpersonal risk taking”
Team members feel accepted and respected, comfortable voicing their opinions and experiences
EX: When the person is quick to share and own their mistake.
How do leaders build psychological safety?
Make sure there is tolerance for mistake. Do not exclude someone or hold their mistake against them
Make sure everyone’s opinions are equal
Encourage questions
make sure that knowledge is shared openly and accessible.
What is the 2x2 psychological safety matrix?
Comfort Learning
Apathy Anxiety
What is low psychological safety and low performance standard?
Apathy
show up to work with absent heart and mind
chooses self-protection over exertion
What is low psychological safety and high performance standard?
Anxiety
Reluntant to share ideas, try new things or ask for help
This puts work at risk
What is high psychological safety and low performance standard?
Comfort
Open and responsible to work
Not challenged at all
Fail to make major strides on teams
What is high psychological safety and high performance standard?
Learning
Collaborate and learn in high performance
Getting complex and innovative work done.
What are the advice that students team gave?
- Instructors should share the four stages of team development
- Highlight the condition that supports team development
- Faciliate team processes ( create team charter and make ground rules) and encourage team building
- Encourage self-assessment and developmental peer feedback
What are the conditions that support team development?
individual responsibility
attendance
commitment to the team
effective team structure
long and short-term planning
positive interpersonal interactions
conflict management
consensus decision making
successful meeting management
Why do people work?
looking for belonging, meaning, purpose, self-actualization, support for whole self, authenticity (consider the hierarchy of needs)
No longer a transactional model → Not just doing it for the paycheque
If they cannot leave, they ‘quiet quit’
they are there physically but absent heart and mind
Where do people work?
Hybrid work model with valuable opportunities to collaborate and bond
highest profile friction point (this is hard to balance)
must be customized to support each company’s/area’s need
