Term
|
Definition
| An entrepreneur is the founder and manager of an organization that realize his business ideas. Unfortunately the entrepreneur also can be at high risk if the company stirs up any trouble or is sewed by anyone. |
|
|
Term
|
Definition
| Business or person that sells goods to the consumer, as opposed to a wholesaler or supplier, who normally sell their goods to another business. |
|
|
Term
| Tall Organizational Structure |
|
Definition
| Organizational structure is a framework which allows management to control the functions of departments and employees. It also defines the levels of hierarchy and responsibilities within the organisation. UWP has tall organizational structure: means there are many levels of hierarchy, narrow span of control and long chain of command. |
|
|
Term
|
Definition
| Span of control represents the number of employees who report directly to one specific manager/ supervisor. A manager's span of control can be wide or narrow. The larger the number of employees supervised by a manager, the wider is the manager's span of control. UWP structure is tall and is characterized by a narrow span of control. |
|
|
Term
|
Definition
| A broadly defined objective that an organization must achieve to make its strategy succeed. |
|
|
Term
| Research and Development (R&D) |
|
Definition
| Systematic activities that combine both basic and applied research, and aimed at discovering solutions to problems or creating new goods and knowledge. It may result in ownership of intellectual property such as patents. |
|
|
Term
|
Definition
| The set of firms and individuals that take title, or assist in transferring title, to a good or service as it moves from the producer to the final consumer or industrial user. |
|
|
