Bus104- Review

Chapter 6

1. Entrepreneurs- someone who seeks to capitalize on new and profitable endeavors or business; usually with considerable initiative and risk.
2. Different types of entrepreneurs: classic entrepreneur, intrapreneur & change agents.
3. Pros- Desire to be your own boss, financial success, job security, better quality of life.
4. Environment for entrepreneurs- globalization, education, information technology, demographic & economic trends.
5. How does Entrepreneurship affect the economy?- innovation, generates employment, diversity.

Chapter 7

1. E-commerce.
2. Business-to-business e-commerce (B2B).
3. Business-to-consumer e-commerce (B2C).
4. Functions of the internet-e-mail, IM, electronic bulletin boards, e-commerce.
5. Advantages of e-commerce: 24/7 service, all businesses have a fair chance to compete.
6. Disadvantages of e-commerce: fraud, consumer security, privacy concerns, system overload, poor quality of service.

Chapter 8

1. Management- the act of directing and controlling a group of people for the purpose of coordinating and motivating a gropu towards accomplishing a goal.
2. Management Hierarchy: Top Managment - CEO, CFO, Mayor; Middle Management- Regional Manager, Director, Division Head; Supervisory (1st line) Manangement- Supervisor, Section Chief, Group Leader.
3. Managerial Skills: technical skills, skills & conceptual skills. Functions of a manager: planning, organizing, directing & controlling.
4. Different types of planning: strategic planning (TM)- organizational objectives, strategies, etc. For example, GM's purchase of the Renaissance Ctr about 4 yrs. ago; tactical planning (MM); operational planning (SM) & contingency planning (ALL).
5. Mission Statement- written explanation of an organization's business intentions and aims.
6. Decision making- the process of recognizing a problem/ opportunity, evaluating it and coming up with the most suitable solution/alternative.
7. How do you recognize a problem?- expected minus what actually happened equals problem/ deviation. A problem could either be (-/+).
8. Importance of decision making is not only to find solutions but realistic alternatives as well.

Chapter 9

1. Human Resource Management entails all of the following- planning, recruiting, selection, orientation, training, performance appraisal, compensation, compliance, safety.
2. Key terms to remember: performance apprasial, wages and salaries, employee benefits & flexible benefit plans, flextime, job sharing, downsizing & outsourcing, contingent worker, job enlarement & enrichment.