Exam 3 Flashcards
Effective communication is important
true
effective communication should be…
- clear
- direct
- memorable
Watson Wyatt said…
”Good communication equals good
business. More frequent
communication with staff members
is perhaps the best way to raise
employee morale.”
Businesses that communicate with
courage, innovation and discipline,
particularly in tough economic
times, are more successful at
engaging employees and achieving
desired business results.
true
Companies that communicate
effectively had a 47% higher total
return to shareholders compared
to firms that do not communicate
effectively.
true
Lee Lacocca said…
“You can have brilliant ideas, but if you can’t get them across, they won’t get you anywhere.”
why is communication important?
- its how information gets shared
- it is a tool to influence people (media, employees, investors)
- it helps people understand the company’s mission, values, vision, strategies and plans and goals
communication can be complex
true
what are the two types of communication?
- words: spoken and written
- non-verbal: Body language, facial expressions, posture, gestures
Great communications can inspire people
and create a culture that promotes excellence
true
Articles in employee newsletters
Posters on bulletin boards or in elevators,
restrooms or break rooms
Letters/postcards sent to employees’
homes or in paychecks
Printed material (brochures, flyers,
booklets)
Email can be a great and awful communications tool
true; live communication usually is the best
Communication within organizations
- downwards communication: flows down from the top of the organization
- upwards communication: flows up from the bottom of the company
- Horizontal communication: flows between individuals at the same or similar levels of organization
downwards communication
- Flows down from the top of
the organization - Information from managers
to their teams - Messages from the CEO to
employees
upwards communication
- Flows up from the bottom of the
organization - Company surveys asking employees for
ideas on how to improve the company - Communication channels have built-in
feedback mechanisms:
– “Did you find this intranet article
helpful?”
– “What key messages did you take
away from today’s Town Hall Meeting?”
horizontal communication
- Between team members or between
departments or between businesses
within a company - Marketing Team in US shares ideas
with Marketing Team in Asia
communication secrets from experts or leaders:
- They Know Their Audience
- They Are Honest
- They Are Authentic
- They Speak to Groups as
Individuals - They Have Ears (and They
Use Them) - They use phrases like “It’s my
fault”, “I was wrong”, “I’m
sorry” and “I don’t know” - They Ask for Feedback
who does a company communicate with?
– Employees (internal communications)
– Shareholders (investor relations)
– Customers (customer relations)
– Public (public relations)
– Government (government relations)
shareholders:
Shareholders make a financial investment in the company – they
buy stock – and that makes them the “owners” of the company
Oversee the proper management of the company
Holds the Board of Directors and Senior Leadership Team
accountable for the performance of the company
Shareholders may ask questions, seek clarifications and even
raise objections to the actions and decisions of the Board of
Directors and Senior Leadership Team
Shareholders usually address the Board of Directors and Senior
Leadership Team during an Annual General Meeting
Shareholders elect the company’s Board of Directors
social media and business
Almost all major businesses are using social media for:
* Marketing
* Selling
* Communicating to the public about financials or during a
crisis
* Recruiting
cyberloafing
- Employees accessing the Internet at work for personal use
- Some studies put the cost of cyberloafing
at $85 billion per year in the
United States
.
Lobbying:
a way to influence the lawmaking process by convincing lawmakers to vote as you want them to
Lobbyist
a person who tries to influence lawmakers
An entrepreneur…
Believes he/she has a great Idea
Wants to work for himself/herself
Doesn’t want to work for others
Wants freedom and independence
Wants to make $$
a social entrepreneur…
Many of the same characteristics of
entrepreneurs but are more interested in
creating social good than making money
wendy kopp
- Concept of TFA was based on her
Princeton University undergraduate thesis - Since 1990, more than 5 million students
have been taught by Teach for America
teachers
intrapreneurship
Many of the same characteristics of entrepreneurs,
but want to “build a business” within a larger
company
profile of an entrepreneur
- Embraces risk
(calculated risk) - Energetic self-
starter - Achievement-
oriented - Courageous
- Confidence!
- Sees the “big
picture” and can
take care of the
details, too - Always learning and
meeting new people
(Associating!)
questions when starting a business:
- How much money will it realistically cost me to launch this business?
- How much money will I make? What if I don’t make any money in the first year? In the first two years?
- How will I pay for things like healthcare, insurance, taxes?
- Will anyone other than me be working on this? Do I have to hire people? How many? How much will I pay them?
- How will this affect my family and other relationships?
- How will I protect myself legally? Do I need to incorporate?
- Are there other companies out there offering the same products or services that I do? Why will people want to buy my product or service? Is there enough room in the marketplace for companies like mine?
- Do I need a business plan? (YES!)
Where can you get financing?
- My Own Savings or a loan from family or friends?
- Investor - someone who provides money as a loan; the investor needs to be paid back with interest
- Angel Investor (Venture Capitalist) - someone (or a small group) who seeks start-ups or existing companies with high potential and offers money in exchange for a stake in the business
- Financial Institutions - banks and credit unions offer business loans
- Small Business Investment Companies (SBICs) - financial institutions that make loans to entrepreneurs through the Small Business Administration, a U.S. federal government agency
what is creativity?
The process of imagining something new
what is innovation ?
The process of implementing or applying new ideas
Innovation Springs From 4 Discovery Skills:
- Associating
- Questioning
- Observing
- Experimenting
associating
connecting with others to share ideas
The Medici Effect
- In mid-1400s, wealthy Medici family in Florence began to sponsor poets, philosophers, scientists, architects, painters and other artists from throughout Europe
- Brought them together to learn from each other and share their ideas and talent
- Result was a creative explosion that spawned the Renaissance, one of the most creative periods in human history marked by great innovation