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business > U3 AOS 1 > Flashcards

U3 AOS 1 Flashcards

1
Q

sole trader strengths

A

owner has full control/power, low risk of disputes, least expensive to set up, owner can retain all profits

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1
Q

sole traders weaknesses

A

unlimited liability, knowledge/skills are limited to personal savings, minimal work-life balance, and difficulty to raise money from personal savings.

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2
Q

partnership pros

A

greater range of expertise/ideas, financial/legal risks are shared, the workload is shared (balance), greater access to money, minimal startup costs.

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3
Q

partnership cons

A

unlimited liability (assets risk), conflicts may arise (decision making), profits are shared, all partners hold liability for debts incurred by other partners.

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4
Q

private limited pros

A

limited liability, greater variety of ideas/expertise, existence isn’t threatened by the removal of a director, greater access to capital (more loans)

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5
Q

private limited cons

A

complex reporting requirements (ie. annual reports)to be pulished to shareholders

difficult to change structure once established

It is expensive to set up and operate as there are higher set-up and ongoing administration costs.

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6
Q

public listed pros

A

shareholders have limited liability, greater access to expertise/ideas, no permission to sell/trade shares, company lives longer than directions, greater access to capital as anyone can purchase shares.

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7
Q

public listed cons

A

conflicts-decisions-directors -shareholders

complex requirements (ie. annual financial reports) published online,

business is expensive to set up- set up business structure -complex, time

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8
Q

social enterprise pros

A

community benefits

positive reputation-contributing- society,

employees- purposeful work- satisfied jobs,

more likely to receive financial support.

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9
Q

social enterprise cons

A

difficult to balance financial objectives with social objectives, difficult to obtain a bank loan as it doesn’t have a sole focus on financial objectives.

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10
Q

government business enterprise

A

a business that is owned by the government but aims to act under general business principles and make a profit

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11
Q

GBE pros

A

delivers goods and services - help the community
healthy competition to the private sector, operate with independence from gov, provides services -private sector would hesitate to invest in,
rely on gov for initial investment.

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12
Q

GBE cons

A

gov can interfere with/change the strategic direction of the business,

red tape (excessive rules and formalities) speed of achieving tasks - SLOW

productivity- LOW - lack of accountability in the public sector.

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13
Q

unlimited liability

A

personal legal responsibility a business owner has for unincorporated business debts.

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14
Q

unincorporated

A

the business and the owner are the same legal entity

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15
Q

partnership agreement

A

roles/expectations of partners in a business

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16
Q

incorporated

A

the legal status of a company is a separate entity to the owner/s

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17
Q

limited liability

A

shareholders are only liable to the extent of the business

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18
Q

business objectives

A

the goals a business intends to achieve. it provides businesses with direction and can implement strategies to achieve these objectives.

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19
Q

to make a profit

A

to make more revenue than expenses. seek to reduce costs and increase revenue and distributed to owners

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20
Q

to increase market share

A

Refers to growing a business proportion of total industry sales over a given time. (tech, customer loyalty, quality g/s, advertising, lowered prices = sales).

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21
Q

improved effectiveness

A

the extent - business achieves its stated objectives -strategies in place to achieve - measurement tools should be used to assess.

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22
Q

fulfil market needs

A

fills a gap -addressing customer needs - unmet/underrepresented - industry. market research find out needs of customers

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23
Q

fulfil social needs

A

business focuses on community - improve the lives of others

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24
Q

to meet shareholder expectations

A

they expect to make a ROI through capital gains (value of business) or dividends (their share of profit)

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25
Q

to improve efficiency

A

refers to how well a business uses resources (time, raw materials, labour, machinery, tech etc) in producing a good/service and to achieve objectives.

little resources as possible (less $$), evaluate operations - improvements without additional costs, work within constraints of fiances and budgets.

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26
Q

employees

A

people that work for the business in exchange for money.

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27
Q

shareholders

A

part owners of a business who have invested money

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28
Q

management

A

individuals who oversee and coordinate a businesses employees and lead its operations to achieve objectives.

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29
Q

customers

A

individuals who interact with a business by purchasing and utilising its goods/services

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30
Q

suppliers

A

those that provide materials/resources
to the business to

assist them with their operations and

the construction of their final product/service.

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31
Q

owners

A

individuals who establish, invest and have a share in the business

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32
Q

sole trader

A

A sole trader is an individual who owns the business, and is the sole person legally responsible for all aspects of the business.

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33
Q

partnership

A

A partnership is a business structure that involves 2 to 20 individuals who own a business together

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34
Q

private limited company PTYLTD

A

An incorporated business that is owned by shareholders and not listed on the stock exchange.

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35
Q

Public listed company - LTD

A

An incorporated business that is owned by shareholders, run by directors and listed on the stock exchange.

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36
Q

social enterprise

A

a profit-making business with social objectives, whose surpluses are reinvested towards that social objective.

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37
Q

GBE

A

a business that is owned by the government, but aims to act under general business principles and make a profit.

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38
Q

autocratic

A

leader dictates what the objectives are and how they should be achieved.

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39
Q

autocratic characteristics

A

management makes decisions without employee input, one-way communication, and clear communication.

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40
Q

autocratic pros

A

quick decisions, clear direction given to employees

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41
Q

autocratic cons

A

low staff morale (ideas not heard), employee development is lacking, poor relationship between staff and management, a smaller pool of ideas.

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42
Q

autocratic appropriateness

A

nature of the task: simple

time is lacking

when employee experience and knowledge are lacking

when the manager prefers to be in control.

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43
Q

persuasive

A

A management style where a leader dictates what the objectives are and persuades employees as to how they should be achieved.

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44
Q

persuasive characteristic

A

centralised decision making and one-way communication but more info is given to employees.

45
Q

persuasive pros

A

time - efficiently - no discussion/consultation

maintain employee morale better than an autocratic style- more information provided and the benefits are sold.

46
Q

persuasive cons

A

no employee input could lead to less considered/informed decisions and employees may not feel empowered (low staff morale), a smaller pool of ideas.

47
Q

persuasive appropriateness

A

nature is simple
time is lacking,
employee experience/knowledge is lacking
manager prefers to be in control and backs their selling ability.

48
Q

consultative

A

a management style where the leader asks employees for their opinions before making a decision.

49
Q

consultative characteristics

A

centralised decision making (manager makes decisions), two-way communication, discussions encouraged.

50
Q

consultative pros

A

greater variety of ideas - better decision made, higher staff morale - opinions sought, employees often take more interest, improves confidence in employees.

51
Q

consultative cons

A

time-consuming, low staff morale and conflict - employee input can be overlooked, and employees may not have the experience/knowledge to contribute.

52
Q

consultative appropriateness

A

when the nature of the task is complex, when there is adequate time available, the employees are experienced and have knowledge, and when the manager likes to seek input but still wants to make final decisions.

53
Q

participative

A

a management style where the leader shares decision-making responsibility with their team

54
Q

participative characteristics

A

employees can make decisions (decentralised), two-way communication, discussions encouraged, and information shared among employees.

55
Q

participative pros

A

greater variety of ideas - a better decision made, higher staff morale, employees more receptive to change, strong relationships between managers and employees, employees develop skills and experience.

56
Q

paricipative cons

A

time-consuming, manager role may be undermined, possible misuse of resources, conflicts may arise, time spent on forming decisions rather than on completing actual work.

57
Q

participative appropriateness

A

nature of the task is complex and during times of change and when creativity is required,

adequate time available,

employees have experience and knowledge,

when the manager likes to make decisions with employees.

58
Q

laissez-faire

A

a management style where employees are responsible for the decision-making and operation of the business.

59
Q

LF characteristics

A

employees empowered to make decisions (decentralised), managers only involved if asked or to certain parameters (eg. budget deadlines).

60
Q

LF pros

A

high staff morale - have ownership, encourages creativity, high level of motivation, often encourages teamwork.

61
Q

LF cons

A

loss of control, can cause conflict, possible misuse of resources, employees can be insulated (communication with management is not happening as frequently)

62
Q

LF appropriateness

A

when the nature of the task is highly creative, there is lots of time available, the employees are highly skilled and have experience/knowledge and a manager likes to place high level of trust in the right employees.

63
Q

management skills

A

abiltiies or competencies that managers use to help them complete tasks necessary for the achievement of business objectives

64
Q

communication

A

the transfer of information from a sender to a reciver

65
Q

communication pros

A

helps maintain relationships

66
Q

communication cons

A

leads to conflict, time-consuming, reduces productivity

67
Q

delegation

A

authority/responsibility to carry out specific tasks that is transferred from a manager to an employee

68
Q

delegation effectiveness

A

M- managaes time

I - improvement in motivation

L - learning new skills

F - fresh ideas

69
Q

delegations not suitable

A

strategic plans, high risk decisions, confidencial matters, highly specialised areas that need training

70
Q

Process of delegation

A

A ABC’s Appraisal
1. Analysis, appointment, briefing, control, appraisal

71
Q

planning

A

the ability to define objectives and determine methods/strategies that will be used to achieve objectives

72
Q

levels of planning

A
  1. stategic
  2. tactial
  3. operational
73
Q

aims of planning

A

to find a purpose/direction, reduce uncertainty, efficent resources used, clear objectives create unity and improve motivation

74
Q

SOS AIM (steps/process of planning)

A

set, objective, swot anaylsis, alternatives, implemnt, monitor

75
Q

leading

A

managers try to influence/motivate people in busines to work to achieve business objectives

76
Q

transactional leaders

A

give rewards in return for compliance/acceptance of authority

77
Q

transformative leaders

A

inspires/enthuses staff with a vision to ensure they’re committed to achieving business objectives

78
Q

leading pros

A

motivate employees, improve morale, create a sense of direction, create trust within management, staff work harder, higher productivity

79
Q

leadership cons

A

Managers spend too much time leading and not on productive work, clashes with managers and staff.

80
Q

decision making pros

A

teams = more ideas, precise process

81
Q

decision makings cons

A

slow to implement if process is not followed, is not followed, the higher chance of failure

82
Q

interpersonal skills

A

managements ability to deal/liaise with people and build positive relationships with staff

83
Q

interpersonal skills effectiveness

A

Need HR to achieve business objectives
Inspire and influence staff
Overcome conflict
Higher motivation and staff morale
Opposite - creates threatening work environment, fear and intimidation

84
Q

interpersonal skills cons

A

misuse their interpersonal skills and manipulate other people, may make emotional decisions instead of factual.

85
Q

general community

A

The people living in one particular area or people who are considered as a unit because of their common interests, social groups or nationality

86
Q

communication

A

the transfer of information from a sender to a receiver

87
Q

delegation

A

authority and responsibility to carry out specific tasks is transferred from a manager to an employee

88
Q

delegation effectiveness

A

manage time, fresh ideas, improvement in employee motivation, and learning new skills.

89
Q

delegation process (A ABC Apprisal)

A

A ABC APPRAISAL
analyse, appointemnt, briefing, control, appraisal

90
Q

planning

A

the ability to define objectives and determine strategies that will be used to achieve the objectives

91
Q

aims of planning (CREG)

A

Clear objectives create unity and improve motivation
Reduce uncertainty
Efficient resources used
Give the business purpose and direction

92
Q

SOS AIM

A

set objective, swot analysis, alternatives implement, monitor

93
Q

leading

A

managers try to influence or motivate people in business to work to achieve business objectives

94
Q

Transactional VS transformational

A

Transactional - expect something in return

Transformational - inspires with a vision

95
Q

leading pros

A

motivate employees and improve staff morale, sense of direction, trust management, tend to work harder, higher productivity

96
Q

leading cons

A

Disadvantages: managers spend too much time leading and not on productive work (eg. not attending meetings) and clashes between management and employees.

97
Q

decision making

A

identifying available options and then choosing one course from the alternatives

98
Q

decision making aim

A

to make decisions within a time frame and assess risks involved in the implementation of the decisions.

99
Q

DOIAC process (decision making process)

A

develop - goals/criteria
outline - facts
identify - alternatives
analyse - alternatives
choose - implement

100
Q

interpersonal skills

A

managements ability to deal/liaise with people and build positive relationships with staff

101
Q

Autocratic and persusive rely on

A

Planning, centralised decisionmaking, one way communication, delegation

102
Q

consultative and participative rely on

A

planning, decision making, interpseronal skills, leading, delegation

103
Q

corporate culture

A

the shared values, beliefs and practices of a business

104
Q

official corporate culture

A

revealed officially in policies, objectives or slogans

105
Q

real corporate culture

A

unwritten/informal rules that guide managers/employees behaviours and treatment of all stakeholders (eg. staff dress code, language used)

106
Q

4 elements of corporate culture

A
  1. values/practices
  2. symbols
  3. rituals, rites and celebrations
  4. heroes
107
Q

management styles define

A

the way a manager does things - behaviour/attitude of a manager when making decisions, directing and motivating.

108
Q

management skills define

A

the abiltiies/competitancies that a manager usese to complete tasks effectively these can be gained through training or experience.

109
Q

CSR

A

is the ethical conduct of a business beyond legal obligations, and the consideration of social, economic, and environmental impacts when making business decisions.

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