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Fundamentals of Success in Business > Fundamentals for Success in Business > Flashcards

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

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2
Q

Corporate Culture

A

the attitudes, values, and standards of behavior that distinguishes one organization from another

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3
Q

Design Thinking

A

a problem solving strategy where data is collected to

  • understand users
  • challenge assumptions
  • redefine problems
  • create solutions
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4
Q

Situational Theories of Leadership

A

the ability to adapt their style of approach to diverse circumstances

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5
Q

4 Strategies for Transformational Leaders

A
  1. Idealized influence: modeling behavior
  2. Inspirational motivation: inspiring vision
  3. Intellectual stimulation: recognizes intellect
  4. Individual consideration: puts individuals talents to good use
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6
Q

Transformational Leadership

A

committing to changing the desires of the follower to match those of the leader

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7
Q

Leadership Style

A

An approach of providing direction, implementing plans, and motivating people

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8
Q

(Leadership style)

2. Participative

A

Team and manager make decisions

  • Selling/participating
  • high ability/high motivation
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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
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10
Q

Process Management

A

Management’s efforts to design work processes so they align with the organization’s strategic goals

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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

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12
Q

“Stakeholder” Ethical Issues in Business

A

Policies that affect people. employees, customers, supplies, etc.

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13
Q

“Internal Policy” Ethical Issues in Business

A

Issues concerning the relationships between a business and its employees

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14
Q

“Personal” Ethical Issues in Business

A

How to treat others within an organization

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15
Q

Values

A

The stable, enduring goals people have for their lives

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16
Q

Morals

A

sets of rules people develop over time based on cultural beliefs

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17
Q

Code of Conduct

A

The outline of internal rules, values, and ideas

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18
Q

Code of Ethics

A

A guide that publicly outlines an organization’s key values and ethical obligations

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19
Q

Corporate Social Responsibility (CSR)

A

The ethical problems and solutions a company engages in that benefit society

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20
Q

Internal Transparency

A

The ability of all individuals in an organization to exist in a system of openness, communication, and accountability

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21
Q

Stakeholders

A

People that make up unions, employees, investors, communities, etc

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22
Q

Person-job Fit

A

The degree in which a person’s skill, knowledge, and abilities match a job’s demands

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23
Q

The 4 Main Levels of Ethical Issues in Business

A
  1. Societal
  2. Stakeholder
  3. Internal Policy
  4. Personal
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24
Q

The 5 Main Personality Traits of CVF

A
  1. Openness
  2. Conscientiousness
  3. Extraversion
  4. Agreeableness
  5. Neuroticism
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25
Q

(CVF Personality Trait)

5. Neuroticism

A

sequence: nervous vs. confident
characteristic: individuals who are anxious, and moody
CVF quadrant: N/A

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26
Q

Lean Communication Channel

A

one way communication that often only conveys facts i.e an email or text

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27
Q

Personal Competencies

A

an individual’s self-awareness, self regulation, and motivation

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28
Q

Social Competencies

A

developing empathy and social skills

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29
Q

(Level of Management)

2. Middle

A

plant, division, and department managers

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30
Q

(Level of Management)

3. Frontline

A

floor supervisors, foreman, and office managers

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31
Q

3 Core Roles of Managerial Functions

A
  1. Technical
  2. Communication
  3. Analysis
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32
Q

Leadership

A

the act of influencing others to work towards a goal–circles of influence

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33
Q

Locus of Control

A

the extent to which individuals believe circumstances and responses are within their control

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34
Q

Management

A

the act of directing others to work towards a goal–circles of power

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35
Q

2 Major Behaviors of Leaders

A
  1. Consideration: communication and respect

2. Initiating planning: problem solving, and scheduling

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36
Q

Competing Values Framework (CVF)

A

the means of measuring an organization’s cultural effectiveness

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37
Q

Organizational Culture

A

the values, beliefs, and practices that are shared in an organization

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38
Q

Power

A

the ability to influence the behavior of others to get what you want

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39
Q

Influence Tactics

A

the way individuals attempt to influence one another

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40
Q

4 Quadrants Identifying Cultural Archetypes

A
  1. Clan
  2. Hierarchy
  3. Market
  4. Adhocracy
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41
Q

Relationship Management

A

strategies that decide how an organization maintains relationships

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42
Q

(Cultural Archetype)

1. Clan

A
  • family oriented
  • less structured
  • more extensive hierarchy
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43
Q

Inspirational Appeals

A

engaging values, emotions, and beliefs to persuade others

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44
Q

The 6 Sources of Power Used by Leaders

A
  1. Legitimate
  2. Reward
  3. Coercive
  4. Expert
  5. Information
  6. Referent
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45
Q

(6 Sources of Power)

2. Reward

A

the ability to grant reward to an employee in exchange for job performance

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46
Q

(Cultural Archetype)

2. Hierarchy

A
  • internally focused on internal policies and procedures

- less flexible

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47
Q

(Cultural Archetype)

3. Market

A
  • externally focused on competition and profit

- less flexible

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48
Q

(6 Sources of Power)

3. Coercive

A

the ability to take something away from or punish someone for noncompliance

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49
Q

(6 Sources of Power)

4. Expert

A

power based on knowledge and skill or experience who are formally recognized for their expertise

50
Q

HR Function

A
  • employee related issues
  • labor law compliance
  • recruitment/onboarding
  • payroll
  • internal relations
  • safety/training
51
Q

Research and Development Function

A
  • product improvisation

- new product development

52
Q

Accounting and Finance Function

A
  • AP
  • AR
  • payroll
  • financial reporting and controls
53
Q

Information Technology (IT) Function

A
  • oversight
  • infrastructure
  • functionality
54
Q

Marketing Function

A
  • the face of an organization
  • customer/market research
  • target market identification
  • branding/advertising
55
Q

(Cultural Archetype)

4. Adhocracy

A
  • flexible
  • responsive to external forces
  • entrepreneurial and creative
56
Q

(CVF Personality Trait)

4. Agreeableness

A

sequence: friendly vs. unkind
characteristic: individuals who are tolerant, trusting, and kind
CVF quadrant: Clan

57
Q

(CVF Personality Trait)

3. Extraversion

A

sequence: outgoing vs. reserved
characteristic: individuals who are talkative and social
CVF quadrant: Market

58
Q

(CVF Personality Trait)

1. Openness

A

sequence: inventive vs. consistent
characteristic: individuals who are open to new ideas
CVF quadrant: Adhocracy

59
Q

(CVF Personality Trait)

2. Conscientiousness

A

sequence: organized vs. careless
characteristic: individuals who are punctual, and dependable
CVF quadrant: Hierarchy

60
Q

Effective Communication

A

when the message transmitted is interpreted by the receiver in the way it was intended

61
Q

Verbal vs. Nonverbal Communication

A
  • distinct vs. continuous
  • conscious vs. unconscious
  • exclusive to particular language vs. universal
62
Q

The 5 Rules of Active Listening

A
  1. listen for message content
  2. listen for feelings
  3. respond to feelings
  4. note all cues
  5. paraphrase and restate
63
Q

Emotional Intelligence (EI)

A

the ability to understand and manage emotions in yourself and others

64
Q

The 4 Main Blocks of Emotional Intelligence

A
  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
Q

The 5 Common Principles of Emotional Intelligence

A
  1. Self-awareness
  2. Self-regulation
  3. Motivation
  4. Empathy
  5. Social Skills
66
Q

Ethics

A

a branch of philosophy regarding all aspects of human behavior

67
Q

(Principle of EI)

1. Self-awareness

A

knowing your inner preferences, values, and beliefs

68
Q

Standards

A

how an individual’s behavior is measured

69
Q

Legal-Unethical

A

when the laws in place do not uphold the ethical choice

70
Q

(Principle of EI)

2. Self-regulation

A

being able to demonstrate self control and adaptability

71
Q

(Principle of EI)

3. Motivation

A

the ability to understand emotional tendencies that impact your ability to reach personal goals

72
Q

(Principle of EI)

4. Empathy

A

being attuned to the emotional signals of others and being able to respond appropriately

73
Q

Business Process Management (BPM)

A

a process centered approach for improving performance through repetitive analytics

74
Q

The 3 Pillars of BPM for Success

A
  1. People
  2. Processes
  3. Technology
75
Q

(Principle of EI)

5. Social Skills

A

being able to respond to the emotions of others and managing relationships

76
Q

(BPM Success Pillar)

2. Processes

A

a set of activities or transactions that are completed on a regular basis

77
Q

(BPM Success Pillar)

3. Technology

A

streamlining access to information needed to complete operations

78
Q

Individual contributor

A

someone who uses personal skills to contribute to a team

79
Q

Manager

A

someone who is responsible for a group of people, department, or specific tasks in a business

80
Q

3 Ways to Achieve a Healthy Emotional State

A
  1. Meditation and Mindfulness
  2. Self-reflection
  3. Feedback
81
Q

3 Levels of Management

A
  1. Top
  2. Middle
  3. Frontline
82
Q

Attraction-Selection-Attrition Model (ASA)

A

a theory that outlines why employees join and leave an organization

83
Q

External Locus of Control

A

when individuals believe that outside influences are contingent on their success/failure

84
Q

4 Main Leadership Approaches

A
  1. Selling
  2. Telling
  3. Participating
  4. Delegating
85
Q

Attraction (ASA)

A

individuals are attracted to organizations that are like themselves in terms of values and personality

86
Q

Internal Locus of Control

A

when individuals believe they are in control of their success/failure

87
Q

(Source of Power)

1. Legitimate

A

Power that is formally appointed within an organization

88
Q

Legal-Ethical

A

when the ethical choice follows the laws in place

89
Q

Passive Communicator Style

A

tends to be hesitant to speak about their thoughts, beliefs, and opinions
-soft and shy

90
Q

(Sources of Power)

6. Referent

A

power that comes from being trusted or respected

91
Q

Selection (ASA)

A

organizations are more likely to select individuals that share similar skills and values of those of the organizations

92
Q

Machiavellianism

A

using manipulation and emotional detachment to hide their true intentions

93
Q

Aggressive Communicator Style

A

tends to be dismissive and suggest that others feelings don’t matter
-rigid and hard

94
Q

(BPM Success Pillar)

1. People

A

employees ability to keep customers happy and engaged

95
Q

Passive Aggressive Communicator Style

A

beings passive but gets aggressive through manipulation to further their own agenda
-martyr or victim

96
Q

Informal Leader

A

an unrecognized position of authority through influence based off of convictions and charisma

97
Q

Formal Leader

A

a recognized position of authority built into an organization’s structure

98
Q

Moral Identity

A

the extent to which individuals want to see themselves as ethical

99
Q

Rich Communication Channel

A
  • two way communication

- more interactive

100
Q

Mckinsey 7s Model of Internal Organizational Dimensions

A

-strategy
-structure
-system
-skill
-staff
-style
to create -shared values in and organization

101
Q

Whistleblower

A

an individual that alerts authorities or the public of misconduct

102
Q

The 6 Phases of Design Thinking

A
  1. Empathize
  2. Define
  3. Ideate
  4. Prototype
    5 .Test
  5. Implement
103
Q

Organic

A
  • organizational structure characterizes by fluidity and a wider span on control
  • works best in environments that are unstable, complex, and changing
104
Q

Sarbanes-Oxley Act (SOX)

A

Law that requires organizations have clear reporting practices and makes it illegal to deceive shareholders or the public

105
Q

Organizational Ethics

A

the application of ethics in a business context

106
Q

Illegal-Ethical

A

when the ethical choice violates the law

107
Q

Person-Organization Fit

A

the degree to which a person’s values, personality, and goals match those of an organizations

108
Q

Transactional Leadership

A

when motivation is derived from an arrangement where employees are rewarded for achieving goals

109
Q

Mechanistic

A
  • an organizational structure that focuses on top-down hierarchy and rigid departmentalization
  • works best in environments that are stable, and with low uncertainty
110
Q

(Level of Management)

1. Top

A

includes executives, CEOs, and executive vice presidents

111
Q

Rational Persuasion

A

the use of rational argument, data, and facts to persuade others

112
Q

Assertive Communicator Style

A

will stand up for their own ideas but ensure other’s are not affected
-relaxed and smooth

113
Q

Attrition (ASA)

A

over time if an individual does not fit in an organization, they are more likely to leave

114
Q

How to Improve Active Listening

A
  • 80/20 rule: 80 listening/20 responding

- asking follow up questions for clarity

115
Q

4 Levels of Following Maturity

A
  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
Q

The 3 Styles of Leadership

A
  1. Autocratic
  2. Participative
  3. Laissez-faire
117
Q

Societal Ethical Issues in Business

A

issues relating to the world as a whole

118
Q

(Sources of Power)

5. Information

A

when an individual possess information or skill that others need or want

119
Q

(Leadership style)

1. Autocratic

A
  • manager makes all decision without regard to others suggestions
  • Telling
  • low ability, low motivation
120
Q

The 5 Main Departments in an Organization

A
  1. Marketing
  2. HR
  3. Accounting and Finance
  4. Research and Development
  5. Information Technology

Fundamentals of Success in Business (3 decks)

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