Worthington exam 2.docx - 1 Define small businesses a business with less then 500 employees with the definition varying a bit by industry Independently

Worthington exam 2.docx - 1 Define small businesses a...

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1. Define small businesses; a business with less then 500 employees with the definition varying a bit by industry. Independently owned and operated and does not dominate its industry . - ID and discuss 3 factors affecting the management of small Bs * Fragmentation - lack of industry leader and competitive environment. * Gov. Regulation - federal and state laws such as OSHA and title 7. * Social Responsibility - Address needs of the society. Examples being unemployment and environmental concerns. - 4 pitfalls: * Lack of good location. * Wrong Attitude * Owner taking too much $ out of the business. * Lack of experience in that business area. * - Basic Objective of Small Business-* Profit-income, Survival- organizing and planning, Growth-expanding the company -Personality Characteristics of Entrepreneur:* self confident, determined, resilient, adaptable, and driven to excel. - Discuss purpose of the business plan and 3 steps: * Executive summary-overview of business with highlight of key elements of the plan *Company description- mission, owner, and legal form. * Industry analysis- nature of industry, including economic trends, important legal or regulatory issues, and potential risks. 2. The planning Process- * mission-> Objective-> Action Plan - Mission statement- * defines the organization's purpose and primary objectives. - Vision statement- * (values are guiding beliefs about how things should be done.) - Well written Mission statement- * brief paragraphs that state the business of the company and portray an image of the company. It also reflects unique characteristics. This is important because it establishes a standard for performance expectations. The mission statement should guide the actions of the organization, spell out its overall goal, provide a path, and guide decision-making. It provides "the framework - SWOT analysis- * a structured planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a business mission. And its role- * identifying the internal and external factors that are favorable and unfavorable to achieving that objective.
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- Values and a Code of ethics in support of strategic plans- * Screen out job applicants who do not exhibit the desired values and ethical traits. The CEO must practice what he preaches and must strongly endorse the values and the ethics code - Define: Integration- A growth strategy in which a company increases its sales and profits. Forward approach- company seeking ownership or increased control of some of its competitors. Backward approach- company seeking ownership or increased control of its supply system. - Diversification- it seeks to increase profitability through greater sales volume obtained from new products and new markets. - Conglomerate- a company seeks a new product because of the environmental opportunity. A firm diversifies into areas that are unrelated to its current line of business.
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  • Fall '19
  • Supreme Court of the United States, Equal Employment Opportunity Commission, HARASSMENT

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