summer exam ABQ Flashcards
RISK TAKING
RISK TAKING- entrepreneurs take financial and personal risks and view failure as a learning experience. They ensure they are taking a calculated risk i.e. a risk where there is a reasonable chance of success.
DETERMINATION
Determination- entrepreneurs are determined to find a way of solving problems. They don’t give up easily when faced with obstacles and failure.
Self motivation
Self-motivation- entrepreneurs are motivated from within to succeed. They have the personal drive and ambition to achieve their goals.
Decision making
Decision-making-An entrepreneur makes quick and clear decisions. They weigh up the pros and cons of a situation and chase the best option for the business.
networking
involves meeting new people and exchanging information. the people you meet may be useful to you in your professional life and social life
HR
used to build relationships with people and to bring out the best in them
realism
very important that entrepreneurs recognize when things are going wrong and take action to make positive changes
Meeting and talking - non-legislative-
a meeting is arranged between employer and employee. hr manager represents the employer and the shop steward represents the employee. they discuss the issue and try to resolve the problem
negotiation-non- legislative
both parties meet and bargain with each other. they make offers and counteroffers until a compromise is reached that is acceptable to both parties
conciliation-non-legislative
the dispute is referred to an independent conciliator who listens to both sides. the conciliator tries to get both sides to come to an agreed solution
industrial relations act 1990
introduced in Ireland to try and improve industrial relations and help resolve industrial relations disputes. The main features are
-trade disputes
-secret ballot
-minimum notice
-picketing
-immunity
labour court
this is a court of last resort for trade disputes. it is not a court of law but an industrial relations tribunal. it aims to resolve and adjudicate on industrial disputes quickly, fairly, and informally
functions include
-investigates disputes, hears appeals, establishes a joint labor committee, registers employment regulation orders and it interprets codes of practice
employment equality acts 1998-2015
prohibits discrimination in the workplace
applies to temporary, part, and full-time staff in public and private sectors
it also applies to equal pay, promotion, and training
discrimination is illegal under the following 9 grounds=
age
gender
disability
sex orientation
member of the traveler community
family status
civil status
race
religious beliefs
stock control
it aims to keep optimum stock levels so that the organization does not have too much or too little stock
methods of managing stock levels are manual stock take, electronic data interchange, and just in time
quality control
aims to ensure that goods and services produced by a business are of the highest standards at all times. in order for quality control to be effective it must be constantly reviewed. quality control can be achieved by
inspections, quality circles and quality awards
