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1
Q

Profit vs. Profitability

A

Profit: short term measure of absolute profit in a business
Profitability: holistic, long term outlook on a company’s ability to generate cash flow

2
Q

Which would classify as a business?
Coca-Cola
City of Edmonton
Google
Red Cross
All of the above

A

All of the above

3
Q

What is business?

A

Organizations that are designed to achieve a specific goal. Businesses typically have a financial goal, but these can be non-profit too

4
Q

What do businesses do?

A

They use Capital, Labour and Managerial Acumen to form its business model and articulate its value proposition

5
Q

What is Strategy

A

Coordinated efforts that connect vision, environmental analysis, plans and actions that create value for all stakeholders

6
Q

Describe Characteristics of Each: Vision, Analysis, Plans & Actions

A

Vision: the most future oriented, where are we going and why?
Analysis: using quantitative and qualitative skills to assess and solve business problems
Plans: turning goals into actions, how can we get there?
Actions: execution of the plans

7
Q

Which of these is most future oriented?
Vision, Analysis, Plans, Actions?

A

Vision

8
Q

What is strategic analysis?

A

An internal and external look at information to develop insights

9
Q

What strategic analysis method incorporates both internal and external analysis?

A

SWOT (Strengths, weaknesses, opportunities, threats)

10
Q

What are examples of internal strategic analysis methods

A

GAP, VRIO, Value Chain

11
Q

What are examples of external strategic analysis methods

A

PESTLE, Porter’s 5 Forces

12
Q

Characteristics of Entrepreneurship

A

Creating value through change, coming up with innovative ideas to solve problems, and taking RISK

13
Q

Who bears the most risk in a business

A

the entrepreneur

14
Q

What is a social entrepreneur

A

An entrepreneur who creates social or environmental value

15
Q

What’s the difference between leaders and managers?

A

Leaders set the vision and inspire
Managers get things done

16
Q

Are you restricted to being a manager or a leader?

A

No, you can be both or neither depending on the context

17
Q

Define Human Resources Management

A

The people who contribute to the organizational goals, specifically those who are employed by the organization
- How to manage people efficiently & effectively

18
Q

Tony was the first to finish his exam, but didn’t score very well. What term describes this example?

A

Efficient