Business Knowledge Flashcards by Szymon Nawłoka

Akio Morita

Co-Founder of Sony, creator of the Walkman. Now Sony has acquired music and film companies, and made video games

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Jack Welch

CEO of General Electric 1980s and 1990s. Increased the company’s market value from 14 billion to 410 billion dollars

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Steve Jobs

Co-founder and CEO of Apple, co-founder of Pixar. Helped develop the iPod and the iPhone

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Meg Whitman

President and CEO of eBay. After it became a successful business she decided to quit to run for governor of california

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Carlos Ghosn

While CEO of Nissan, he helped the company turn their debts into huge profits. He is known the CEO of Renault

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Peter Drucker

American business professor and consultant, “Father of Modern Management”

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What are the five managerial tasks according to Peter Drucker?

planning - developing strategies, plans and allocating resources
organizing - people selection and work division
integrating - motivating and communicating
measuring performance - of the staff
developing people

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Douglas McGregor

American expert on the psychology of work, dividing management ideas into Theory X and Theory Y, which are two opposing views of work and motivation

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What does Theory X propose?

People will avoid work and responsibility if they can
People need to be closely supervised and given goals
People need negative and positive motivators (being fired, pay award)

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What does Theory Y propose?

In right conditions people will do work by themselves
more applicable to knowledge workers - managers, specialists, programmers

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State the Maslow’s need hierarchy

Self-actualization needs
Esteem needs
Love and belonging needs
Safety needs
Physiological needs

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Why does Frederick Herzberg think that good working conditions are not enough to motivate people? [3]

good working conditions are merely satisfactory and are taken for granted
motivators are challenging and interesting job, recognition and responsibility
there will always be unskilled boring jobs, the way to improve them is to use job rotation or include low level employees in decision making

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What is a talent pool?

The sum talents of people belonging to an organization.

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What are the 3 main points for recruiting talent according to Preston Boltger and Jean-Louis Barsoux?

spot and recruit raw talent
induction - education about the business system and the company
training and development - training precise skills needed

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What is needed to manage talent according to Preston Boltger and Jean-Louis Barsoux ? [5]

performance assessment
performance improvement interventions- such as job rotation, executive education, 360-degree analysis
culture or fit interventions
succession planning
compensation for contributors - commitment and mobility

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ABC approach

A performance assessment method. A - top 10-20%, B - middle group, C - bottom 10% to be laid off

Characteristics of the authoritarian manager [3]

strict, demanding, controlling
top-down approach
clearly defined jobs

Characteristics of a consensual manager [3]

consultation with the staff
coaching and mentoring
may lack vision and fail to show leadership

Characteristics of a hands-off manager [3]

delegates everything or does not involve themselves
lack of guidance
liaison between subordinates is uncoordinated

Elements of a plan [7]

internal analysis
external analysis
gap analysis
action plan
resource assessment
targets
financial issues

What are the points of the triple bottom line?

minimizing the negative effect on the environment
awareness of the needs of their staff
making enough profit to create a sustainable business

What are some possible sources of funding?

savings
grants
loans
venture capital
business angels

Henry Mintzberg

Canadian professor of management. He identified different 10 managerial roles and divided them into 3 categories
- interpersonal roles
- information roles
- decision roles

What are the 10 managerial roles according to Henry Mintzberg?

Figurehead - symbolic duties on behalf of the company
Monitor - collecting useful information
Liaison - developing and maintaining business networks
Enterpreneur - spotting opportunities
Disturbance handler - dealing with unexpected challenges
Negotiator
Recource allocator
Disseminator - communicating information to the inside of the organization
Leader
Spokesperson

Transactional leadership = contingent reward leadership

Based on rewarding good performance and punishing bad performance.

Management-by-exepction

Passive approach, the manager intervenes only when the subordinate fails to meet the expectations

Laissez-faire approach

Manager does not intervene

What are the four main points of transformational management?

- individual consideration - intellectual stimulation - inspirational motivation - idealized influence

What is “the great man theory”?

Leaders are born, not made

What are the qualities of a leader according to Warren Bennis? [6]

- risk taking - integrity - clear vision - passion - dealing with adversity - charisma

What is the definition of management according to Mary Parker Follet?

The administration of a company (getting things done through people)

What are the four main functions of management?

- planning - organizing - leading - controlling

What is the main difference between managers and leaders according to Warren Bennis?

Leaders do the right thing, managers do the things right

What are the 5 leadership styles according to Warren Bennis?

- situational - relationship-oriented or task-oriented - charismatic - behavioural - transactional - transformational

II What are the emotional intelligence skills according to Daniel Goleman. [5]

- self-awereness - examing how your emotions affect your perfomance, being confident and analysing hot your values guide your decisionmaking - self-regulation - ability to control yourself and to think before you act, to handle your impulses, - motivation - ability to take the initiative, the drive to work and succeed - empathy - avoiding the tendency to stereotype others - social skills - ability to communicate and to relate to others, persuasion, cooperation, dispute resolution

II What are the three main emotional intelligence characteristics? [3]

- drivers - make people do things, motivation and deciseveness - constrainers - control you in a good way, conscientiousness and integrity - enablers - help people to perform and succeed, sensitivity, influence and self awereness

II What are the team roles according to Meredith Belbin? [8]

- Implementer - implements the teams plan - coordinator - sets objectives and defines roles - shaper - defines issues and ideas, lead the action - plant - creative and imaginative person that provides solutions - resource investigator - communicates with the outside world and explores opportunities - monitor evaluator - sees all the possibilities, evaluates situations objectively and sees what is realistic - team worker - build the team and reduces conflict - completer finisher - meets deadlines, corrects mistakes, makes sure nothing is forgotten

II What are the typical stages that a team goes through?

- forming - dependency on the leader, trying to discover hot to operate - storming - conflict might appear, demotivation - norming - conflicts are forgotten, members start to support each other - performing - carrying out the task - mourning - the work is finished, positive memories

What is the gig economy?

A movement towards fleeting affairs and temporal work, at the detriment of stable open-contract work, that results in the classic benefits associated with it being not available