Business Knowledge Flashcards
Akio Morita
Co-Founder of Sony, creator of the Walkman. Now Sony has acquired music and film companies, and made video games
Jack Welch
CEO of General Electric 1980s and 1990s. Increased the company’s market value from 14 billion to 410 billion dollars
Steve Jobs
Co-founder and CEO of Apple, co-founder of Pixar. Helped develop the iPod and the iPhone
Meg Whitman
President and CEO of eBay. After it became a successful business she decided to quit to run for governor of california
Carlos Ghosn
While CEO of Nissan, he helped the company turn their debts into huge profits. He is known the CEO of Renault
Peter Drucker
American business professor and consultant, “Father of Modern Management”
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
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
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)
What does Theory Y propose?
- In right conditions people will do work by themselves
- more applicable to knowledge workers - managers, specialists, programmers
State the Maslow’s need hierarchy
- Self-actualization needs
- Esteem needs
- Love and belonging needs
- Safety needs
- Physiological needs
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
What is a talent pool?
The sum talents of people belonging to an organization.
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
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
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
