Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Management > Chapter 5: The Family Business > Flashcards

Chapter 5: The Family Business Flashcards

1
Q

What is the family’s primary function?

A

The care and nurturing of family members

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is the business concerned with?

A

The production and distribution of goods and/or services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

The family’s focus is on what?

A

Creating value for family members

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What does the family emphasize?

A

Cooperation, unity, and stability

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is the business’ goal?

A

To create value for customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What does the business emphasize?

A

Competition, diversity, and flexibility

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What can complicate the management process?

A

Competing interests

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Competing interests can create what?

A

Tension and conflict

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Business Success is also

A

Family success

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Family businesses can convey a sense of this

A

Tradition and achievement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Everyone who accepts a position with the business should learn what

A

the heritage and accomplishments of those who created and grew the company

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Employees and executives may show favoritism toward their relatives regardless of this

A

Competence or performance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Many family businesses provide employment to relatives regardless of what

A

Qualifications

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

The continuity of a family business depends in large part on this

A

The next generation family members and their level of commitment to the business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What are the 5 dimensions of socioemotional commitment

A 
Family control
Identification with the firm
Binding social ties
Emotional attachment
Renewal of family bonds through dynastic succession
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What are typical types of fears

A 
Fear of failure
Fear of success
Fear of commitment
Fear of disappointing your parents
Fear of disappointing others
17
Q

Describe the predator/parasite conflict

A

Family members working in the firm are seen as predators, extracting money from the business that the outsiders believe is rightfully theirs
From the inside, family members external to the firm are seen as parasites, having ownership rights, receive dividends, or make other claims without contributing to its success

18
Q

The relatives who form your world in your childhood

A

Family of origin

19
Q

The new, separate relationship when you partner with another individual, as well as family connections you acquire from your partner

A

Family of attachment

20
Q

The spouse of the entrepreneur helps to do what?

A

Prepare the children for possible careers in the family business, and mediate between the entrepreneur and the children

21
Q

Nonfamily members often discover that they have what?

A

Limited opportunities in a family firm

22
Q

When hiring nonfamily employees, what should be made clear?

A

The extent of opportunities available to them and the positions that are reserved for family members

23
Q

This provides the framework for a family’s system of governance of the firm

A

Family Creed

24
Q

A family creed could involve what

A

Core values
Process for decision making
Benefits that family members may receive
Mechanism for introducing younger members to a business
Dispute resolution process
Philanthropic ambitions of family members

25
Q

What are the Responsibilities of the senior generation?

A 
Communication
Planning
Accountability
Owner Development
Long-term planning
26
Q

Planning should encompass whom?

A

Family members, employees, and owners

27
Q

What are the responsibilities for the junior generation?

A 
Be open to communication
Develop a personal action plan
Implement the personal action plan
Prepare for ownership
Design life plans
28
Q

The succeeding generation should what?

A

Understand the values that led to the creation and growth of the family enterprise and to its current mission

29
Q

These paralyzed the ability of businesses to function

A

Deadlocks

Management (20 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions