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Management > Chapter 19: Professional Management and the Small Business > Flashcards

Chapter 19: Professional Management and the Small Business Flashcards

1
Q

Leadership involves

A

Pointing the way and getting others to follow willingly

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2
Q

What is the first task of the small business owner?

A

To create and communicate a vision for the company

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3
Q

An entrepreneur is a _______ who enlists others to work with him or her in a creative endeavor

A

Trailblazer

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4
Q

What is one of the most important traits of an entrepreneur?

A

Tolerance for ambiguity

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5
Q

Entrepreneurs must be

A

adaptable

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6
Q

What makes a leader effective?

A

Having the ability to take charge and inspire others to follow one’s lead

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7
Q

Effective leadership is based on this

A

A focus on reaching business goals

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8
Q

Effective leaders shift fluid between these leadership styles

A

Visionary
Coaching
Affiliative
Democratic

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9
Q

Effective leaders make very limited but skillful use of these leadership styles

A

Pacesetting

Commanding

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10
Q

This leadership style mobilizes people toward a shared vision

A

Visionary leaders

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11
Q

This leadership style develops people by establishing a relationship and trust

A

Coaching Leaders

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12
Q

This leadership style promotes emotional bonds and organizational harmony

A

Affiliative leaders

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13
Q

This leadership style builds a consensus through participitation

A

Democratic leaders

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14
Q

This leadership style sets challenging and exciting standards and expect excellence

A

Pacesetting Leaders

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15
Q

This leadership style demands immediate compliance

A

Commanding leaders

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16
Q

The authorization of employees to make decisions or take actions on their own is known as

A

Empowerment

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17
Q

Groups of employees with freedom to function without direct supervision but with responsibility for results is known as

A

Self-Managed Work Teams

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18
Q

New employees should be hired based on

A

their attitude, style, and fir with the personality of the company

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19
Q

The most important thing is that there’s

A

A culture you believe in and are willing to hire and fire based upon

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20
Q

Every leader should strive to incorporate this into the organizational culture

A

A positive, can do attitude

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21
Q

A manager who uses systematic, analytical methods of management is known as a

A

Professional manager

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22
Q

Entrepreneurs who rely heavily on past experience, rules of thumb, and personal whims in giving direction to their business

A

Less Developed end of skilled entrepreneurs

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23
Q

Analytical and systematic in dealing with management problems and issues; emphasizes getting the facts and working out logical solutions; methodical in nature

A

More sophisticated approach

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24
Q

The challenge for small firm leaders

A

To develop a professional approach while still retaining the entrepreneurial spirit of the enterprise

25
Q

Small enterprises seem particularly vulnerable to this weakness

A

Poor management

26
Q

What are small business owners constrained by?

A

Small bank accounts and limited staff

27
Q

As a firm grows, what will need to be adjusted?

A

The organizational structure and pattern

28
Q

Stage 1 of organizational growth is

A

Simply a one person operation

29
Q

Stage 2 of organizational growth is

A

the entrepreneur becomes a player-coach

Implies continuing active participation in business operations

30
Q

Stage 3 of organizational growth is

A

An intermediate level of supervision is added

The entrepreneur must now rise above direct hands on management and work through an intervening level of management

31
Q

Stage 4 of organizational growth is

A

A formalized level of management

32
Q

A firm’s overall plan for the future is the

A

Long Range plan

33
Q

A plan that governs a firms operations for one year or less

A

Short-Range plan

34
Q

A document that expresses future plans in monetary terms

A

Budget

35
Q

How is planning beneficial?

A

Helps develop a plan to deal with issues confronting a company
Provides focus for a firm
Evidence increases credibility with bankers, suppliers, and other outsiders

36
Q

In very small companies, how does the organizational structure tend to develop?

A

With little conscious planning

37
Q

The official vertical channel of communication in an organization

A

Chain of command

38
Q

This is not advisible

A

Strict adherence to the chain of command

39
Q

This could be considered undermining to the position of the bypassed manager

A

Frequent and flagrant disregard for the chain of command

40
Q

A simple organizational structure in which each person reports to one supervisor is known as

A

Line organization

41
Q

An organizational structure that includes staff specialists who assist management is known as

A

Line-And-Staff Organization

42
Q

The number of employees who are supervised by a manager is known as the

A

Span of Control

43
Q

The optimal span of control is a variable that depends on

A

Nature of the work

Manager’s knowledge, energy, personality, and abilities

44
Q

Granting a subordinate the right to act or make decisions on their own is known as

A

Delegation of authority

45
Q

The control process begins with the establishment of

A

standards

46
Q

Planners translate goals into

A

norms

47
Q

Correction action is required when performance deviates significantly from the standard in

A

an unfavorable direction

48
Q

This is key to a healthy organization

A

Effective communication

49
Q

This is crucial to small business success

A

Effective Staff communication

50
Q

This is the primary tool for establishing good human relations

A

Positive feedback to employees

51
Q

This contributes greatly to good communication

A

An atmosphere of trust and respect

52
Q

What are some ways to stimulate two-way communication in your enterprise?

A 
Performance review sessions
Bulletin boards
Blogs
Microblogging tools
Suggestions boxes
Wikis
Formal Staff meetings
Breakfast or lunch with employees
53
Q

The process of developing workable solutions through discussions or interactions is known as

A

Negotiation

54
Q

3 C’s of service of the U.S. Small Business Administration

A

Capital
Contracts
Counseling

55
Q

An ABS sponsored group of retired executives who give free advice to small business owners

A

Service Corps of Retired Executives

56
Q

University affiliated centers offering consulting, education, and other support to small business owners

A

Small Business Development Centers

57
Q

Teams of upper class and graduate students who, under the direction of a faculty member, work with owners of small ventures in analyzing their business problems and propose appropriate solutions to them

A

Educational Institutions

58
Q

The process of developing and engaging in mutually beneficial informal relationships

A

Networking

Management (20 decks)

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