Fundamentals for Success in Business Flashcards
1
Q
Organizational Structure
A
the legal structure of a business including the hierarchy structure, organizational chart, system of roles, and authority
2
Q
Corporate Culture
A
the attitudes, values, and standards of behavior that distinguishes one organization from another
3
Q
Design Thinking
A
a problem solving strategy where data is collected to
- understand users
- challenge assumptions
- redefine problems
- create solutions
4
Q
Situational Theories of Leadership
A
the ability to adapt their style of approach to diverse circumstances
5
Q
4 Strategies for Transformational Leaders
A
- Idealized influence: modeling behavior
- Inspirational motivation: inspiring vision
- Intellectual stimulation: recognizes intellect
- Individual consideration: puts individuals talents to good use
6
Q
Transformational Leadership
A
committing to changing the desires of the follower to match those of the leader
7
Q
Leadership Style
A
An approach of providing direction, implementing plans, and motivating people
8
Q
(Leadership style)
2. Participative
A
Team and manager make decisions
- Selling/participating
- high ability/high motivation
9
Q
(Leadership style)
3. Laissez-faire
A
Manager delegates-hands off
- Delegating
- high ability/high motivation
- can lead to conflict as employees can do what they want without instruction
10
Q
Process Management
A
Management’s efforts to design work processes so they align with the organization’s strategic goals
11
Q
How does Personal Ethics affect Organizational Ethics?
A
When execs make specific, measurable goals, they determine where people will focus their time and effort
12
Q
“Stakeholder” Ethical Issues in Business
A
Policies that affect people. employees, customers, supplies, etc.
13
Q
“Internal Policy” Ethical Issues in Business
A
Issues concerning the relationships between a business and its employees
14
Q
“Personal” Ethical Issues in Business
A
How to treat others within an organization
15
Q
Values
A
The stable, enduring goals people have for their lives
16
Q
Morals
A
sets of rules people develop over time based on cultural beliefs
17
Q
Code of Conduct
A
The outline of internal rules, values, and ideas
18
Q
Code of Ethics
A
A guide that publicly outlines an organization’s key values and ethical obligations
19
Q
Corporate Social Responsibility (CSR)
A
The ethical problems and solutions a company engages in that benefit society
20
Q
Internal Transparency
A
The ability of all individuals in an organization to exist in a system of openness, communication, and accountability
21
Q
Stakeholders
A
People that make up unions, employees, investors, communities, etc
22
Q
Person-job Fit
A
The degree in which a person’s skill, knowledge, and abilities match a job’s demands
23
Q
The 4 Main Levels of Ethical Issues in Business
A
- Societal
- Stakeholder
- Internal Policy
- Personal
24
Q
The 5 Main Personality Traits of CVF
A
- Openness
- Conscientiousness
- Extraversion
- Agreeableness
- Neuroticism
25
(CVF Personality Trait)
| 5. Neuroticism
sequence: nervous vs. confident
characteristic: individuals who are anxious, and moody
CVF quadrant: N/A
26
Lean Communication Channel
one way communication that often only conveys facts i.e an email or text
27
Personal Competencies
an individual's self-awareness, self regulation, and motivation
28
Social Competencies
developing empathy and social skills
29
(Level of Management)
| 2. Middle
plant, division, and department managers
30
(Level of Management)
| 3. Frontline
floor supervisors, foreman, and office managers
31
3 Core Roles of Managerial Functions
1. Technical
2. Communication
3. Analysis
32
Leadership
the act of influencing others to work towards a goal--circles of influence
33
Locus of Control
the extent to which individuals believe circumstances and responses are within their control
34
Management
the act of directing others to work towards a goal--circles of power
35
2 Major Behaviors of Leaders
1. Consideration: communication and respect
| 2. Initiating planning: problem solving, and scheduling
36
Competing Values Framework (CVF)
the means of measuring an organization's cultural effectiveness
37
Organizational Culture
the values, beliefs, and practices that are shared in an organization
38
Power
the ability to influence the behavior of others to get what you want
39
Influence Tactics
the way individuals attempt to influence one another
40
4 Quadrants Identifying Cultural Archetypes
1. Clan
2. Hierarchy
3. Market
4. Adhocracy
41
Relationship Management
strategies that decide how an organization maintains relationships
42
(Cultural Archetype)
| 1. Clan
- family oriented
- less structured
- more extensive hierarchy
43
Inspirational Appeals
engaging values, emotions, and beliefs to persuade others
44
The 6 Sources of Power Used by Leaders
1. Legitimate
2. Reward
3. Coercive
4. Expert
5. Information
6. Referent
45
(6 Sources of Power)
| 2. Reward
the ability to grant reward to an employee in exchange for job performance
46
(Cultural Archetype)
| 2. Hierarchy
- internally focused on internal policies and procedures
| - less flexible
47
(Cultural Archetype)
| 3. Market
- externally focused on competition and profit
| - less flexible
48
(6 Sources of Power)
| 3. Coercive
the ability to take something away from or punish someone for noncompliance
49
(6 Sources of Power)
| 4. Expert
power based on knowledge and skill or experience who are formally recognized for their expertise
50
HR Function
- employee related issues
- labor law compliance
- recruitment/onboarding
- payroll
- internal relations
- safety/training
51
Research and Development Function
- product improvisation
| - new product development
52
Accounting and Finance Function
- AP
- AR
- payroll
- financial reporting and controls
53
Information Technology (IT) Function
- oversight
- infrastructure
- functionality
54
Marketing Function
- the face of an organization
- customer/market research
- target market identification
- branding/advertising
55
(Cultural Archetype)
| 4. Adhocracy
- flexible
- responsive to external forces
- entrepreneurial and creative
56
(CVF Personality Trait)
| 4. Agreeableness
sequence: friendly vs. unkind
characteristic: individuals who are tolerant, trusting, and kind
CVF quadrant: Clan
57
(CVF Personality Trait)
| 3. Extraversion
sequence: outgoing vs. reserved
characteristic: individuals who are talkative and social
CVF quadrant: Market
58
(CVF Personality Trait)
| 1. Openness
sequence: inventive vs. consistent
characteristic: individuals who are open to new ideas
CVF quadrant: Adhocracy
59
(CVF Personality Trait)
| 2. Conscientiousness
sequence: organized vs. careless
characteristic: individuals who are punctual, and dependable
CVF quadrant: Hierarchy
60
Effective Communication
when the message transmitted is interpreted by the receiver in the way it was intended
61
Verbal vs. Nonverbal Communication
- distinct vs. continuous
- conscious vs. unconscious
- exclusive to particular language vs. universal
62
The 5 Rules of Active Listening
1. listen for message content
2. listen for feelings
3. respond to feelings
4. note all cues
5. paraphrase and restate
63
Emotional Intelligence (EI)
the ability to understand and manage emotions in yourself and others
64
The 4 Main Blocks of Emotional Intelligence
1. Self awareness: perceive, assess, and respond appropriately
2. Self management: channel emotions positively
3. Social awareness: empathize
4. Relationship management: assist others managing their own emotions
65
The 5 Common Principles of Emotional Intelligence
1. Self-awareness
2. Self-regulation
3. Motivation
4. Empathy
5. Social Skills
66
Ethics
a branch of philosophy regarding all aspects of human behavior
67
(Principle of EI)
| 1. Self-awareness
knowing your inner preferences, values, and beliefs
68
Standards
how an individual's behavior is measured
69
Legal-Unethical
when the laws in place do not uphold the ethical choice
70
(Principle of EI)
| 2. Self-regulation
being able to demonstrate self control and adaptability
71
(Principle of EI)
| 3. Motivation
the ability to understand emotional tendencies that impact your ability to reach personal goals
72
(Principle of EI)
| 4. Empathy
being attuned to the emotional signals of others and being able to respond appropriately
73
Business Process Management (BPM)
a process centered approach for improving performance through repetitive analytics
74
The 3 Pillars of BPM for Success
1. People
2. Processes
3. Technology
75
(Principle of EI)
| 5. Social Skills
being able to respond to the emotions of others and managing relationships
76
(BPM Success Pillar)
| 2. Processes
a set of activities or transactions that are completed on a regular basis
77
(BPM Success Pillar)
| 3. Technology
streamlining access to information needed to complete operations
78
Individual contributor
someone who uses personal skills to contribute to a team
79
Manager
someone who is responsible for a group of people, department, or specific tasks in a business
80
3 Ways to Achieve a Healthy Emotional State
1. Meditation and Mindfulness
2. Self-reflection
3. Feedback
81
3 Levels of Management
1. Top
2. Middle
3. Frontline
82
Attraction-Selection-Attrition Model (ASA)
a theory that outlines why employees join and leave an organization
83
External Locus of Control
when individuals believe that outside influences are contingent on their success/failure
84
4 Main Leadership Approaches
1. Selling
2. Telling
3. Participating
4. Delegating
85
Attraction (ASA)
individuals are attracted to organizations that are like themselves in terms of values and personality
86
Internal Locus of Control
when individuals believe they are in control of their success/failure
87
(Source of Power)
| 1. Legitimate
Power that is formally appointed within an organization
88
Legal-Ethical
when the ethical choice follows the laws in place
89
Passive Communicator Style
tends to be hesitant to speak about their thoughts, beliefs, and opinions
-soft and shy
90
(Sources of Power)
| 6. Referent
power that comes from being trusted or respected
91
Selection (ASA)
organizations are more likely to select individuals that share similar skills and values of those of the organizations
92
Machiavellianism
using manipulation and emotional detachment to hide their true intentions
93
Aggressive Communicator Style
tends to be dismissive and suggest that others feelings don't matter
-rigid and hard
94
(BPM Success Pillar)
| 1. People
employees ability to keep customers happy and engaged
95
Passive Aggressive Communicator Style
beings passive but gets aggressive through manipulation to further their own agenda
-martyr or victim
96
Informal Leader
an unrecognized position of authority through influence based off of convictions and charisma
97
Formal Leader
a recognized position of authority built into an organization's structure
98
Moral Identity
the extent to which individuals want to see themselves as ethical
99
Rich Communication Channel
- two way communication
| - more interactive
100
Mckinsey 7s Model of Internal Organizational Dimensions
-strategy
-structure
-system
-skill
-staff
-style
to create -shared values in and organization
101
Whistleblower
an individual that alerts authorities or the public of misconduct
102
The 6 Phases of Design Thinking
1. Empathize
2. Define
3. Ideate
4. Prototype
5 .Test
6. Implement
103
Organic
- organizational structure characterizes by fluidity and a wider span on control
- works best in environments that are unstable, complex, and changing
104
Sarbanes-Oxley Act (SOX)
Law that requires organizations have clear reporting practices and makes it illegal to deceive shareholders or the public
105
Organizational Ethics
the application of ethics in a business context
106
Illegal-Ethical
when the ethical choice violates the law
107
Person-Organization Fit
the degree to which a person's values, personality, and goals match those of an organizations
108
Transactional Leadership
when motivation is derived from an arrangement where employees are rewarded for achieving goals
109
Mechanistic
- an organizational structure that focuses on top-down hierarchy and rigid departmentalization
- works best in environments that are stable, and with low uncertainty
110
(Level of Management)
| 1. Top
includes executives, CEOs, and executive vice presidents
111
Rational Persuasion
the use of rational argument, data, and facts to persuade others
112
Assertive Communicator Style
will stand up for their own ideas but ensure other's are not affected
-relaxed and smooth
113
Attrition (ASA)
over time if an individual does not fit in an organization, they are more likely to leave
114
How to Improve Active Listening
- 80/20 rule: 80 listening/20 responding
| - asking follow up questions for clarity
115
4 Levels of Following Maturity
1. M1: low ability, low motivation
2. M2: low ability, high motivation
3. M3: high ability, low motivation
4. M4: high ability, high motivation
116
The 3 Styles of Leadership
1. Autocratic
2. Participative
3. Laissez-faire
117
Societal Ethical Issues in Business
issues relating to the world as a whole
118
(Sources of Power)
| 5. Information
when an individual possess information or skill that others need or want
119
(Leadership style)
| 1. Autocratic
- manager makes all decision without regard to others suggestions
- Telling
- low ability, low motivation
120
The 5 Main Departments in an Organization
1. Marketing
2. HR
3. Accounting and Finance
4. Research and Development
5. Information Technology
