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Chapter 18-(Management and Business).   Monitoring and Controlling A.       What Is Controlling and Why Is It Important? Controlling is the process of monitoring, comparing, and correcting work performance. All managers should control even if their units are performing as planned because they can’t really know that unless they’ve evaluated what activities have been done and compared actual performance against the desired standard. Effective controls ensure that activities are completed in ways that lead to the attainment of goals. Whether controls are effective, then, is determined by how well they help employees and managers achieve their goals. B.       The Control Process The control process is a three-step process of measuring actual performance, comparing actual performance against a standard, and taking managerial action to correct deviations or to address inadequate standards. 1.      ...

Chapter 17. Being an Effective Leader A.       Who Are Leaders and What is Leadership? Leadership is a process of leading a group and influencing that group to achieve its goals. People who leading a group called leader. B.       Early Leadership Theories These early leadership theories focused on the leader ( leadership trait theories ) and how the leader interacted with his or her group members ( leadership behavior theories ). Research found that a leader who was high in both initiating structure and consideration ( a high–high leader ) sometimes achieved high group task performance and high group member satisfaction, but not always. C.       Contingency Theories of Leadership 1.        The Fiedler Model The first comprehensive contingency model for leadership was developed by Fred Fiedler. The Fiedler contingency model proposed that effective group performance...

Chapter 8. Assessing a New Venture’s Financial Strength and Viability A.       Introduction to Financial Management An Entrepreneur’s ability to pursue an opportunity and turn the opportuntity into a viable entrepreneurial firm.Entrepreneur and those managing established companies must be aware of how much money they have in the bank and if that amount is sufficient to satisfy their firm’s financial obligations. B.       Financial Objectives of a Firm Most entrepreneurial firms or stat ups have 4 main financial objectives: 1.        Profitability (ability to earn profit) 2.        Liquidity (ability to meet its short-term financial obligation) 3.        Efficiency (how productively a firm) 4.        Stability (strength and vigor of the firm) C.       The Process of Financ...

Chapter 6. Writing a Business Plan A.       Business Plan A business plan is  a written narrative that describes what a new business intends to accomplish and how it plans to achieve its goals. There are two reasons why we should writing a business plan: 1.        Writing a business plan forces a firm’s founders to systematically think through each aspect of their new venture. 2.        To crete a selling document for a company B.       Who Reads the Business Plan and What are they looking for? There are two primary audiences for a firm’s business plan: 1.        A Firm’s Employee A business plan can helps a firm’s rank and file employees operate in sync and move forward in a consistent and purposeful manner. 2.        Investors and Other External Stakeholders Investors vary in terms of the ...

Chapter 5. Industry and Competitor Analysis ·          Industry Analysis Industry Analysis is useful for a new venture to think about its position at both the company level and the product or service level. At the company level, a firm’s position determines how the company is situated relative to its competitors. 1.        Studying Industry Trends: a)        Environmental Trends b)       Business Trends ·          The Five Forces Model The five forces model is a framework entrepreneurs use to understand an industry’s structure. 1.        Threat of Substitutes Industries are more attractive when the threat of substitutes is low. The extent to which substitutes suppress the profitability of an industry depends on the propensity for buyers to substitute alternatives. 2. ...