Term
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Definition
| one owner, full legal and financial responsibility |
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Term
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Definition
| at least two owners, share financial and legal responsibilities. Managing Partner is the one in charge |
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Term
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Definition
| people can put money into the company but are not liable and don't have to get involved |
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Term
| Limited Liability Partnership |
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Definition
| everyone is involved in the business but their personal assets are not at stake |
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Term
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Definition
| an independent legal entity owned by stockholders, taxed, split into shares |
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Term
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Definition
| a business who's goal is not to make money but to create public good, collect Earned Income to accomplish goals |
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Term
| What happens when a nonprofit goes out of business? |
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Definition
| its assets are reinvested into other nonprofits or the community |
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Term
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Definition
| represents a company's shareholders |
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Term
| Board Loyalty vs. Board Care |
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Definition
| doing whats best for the company, staying involved in company doings |
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Term
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Definition
| provide advice to the company, have no liability |
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Term
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Definition
| make sure the company is headed in the right direction |
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Term
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Definition
| why the company is in business |
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Term
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Definition
where the company wants to be
where they see themselves |
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Term
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Definition
| how specifically a company is going to accomplish their goals (competitive plan) |
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Term
| Necessary aspects of a company Vision |
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Definition
| inspiring, employees can relate, strong values |
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Term
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Definition
| what a company believes in and how they will behave |
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Term
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Definition
| quantitative(profit), qualitative(most admired), beating a common enemy, become a role model, transform image |
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Term
| 3 Types of Company Organization |
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Definition
1. Functional
2. Divisional
3. Matrix |
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Term
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Definition
organized by inputs and departments (ex finance, marketing, operations)
better for small/medium companies |
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Term
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Definition
| organized by ouptuts and the division of labor (ex regional, products) |
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Term
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Definition
| mix of functional and divisional organizations, meet multiple demands from the environment |
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Term
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Definition
| runs the board, paid by the company |
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Term
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Definition
| the boss. handles the long-term company ideas and direction |
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Term
| President/Chief Operating Officer |
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Definition
| run the day-to-day business, reports to the CEO |
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Term
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Definition
| serves under the president |
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Term
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Definition
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Term
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Definition
people > service > profit
employee satis > customer satis > value |
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Term
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Definition
1. Culture (Employees)
2. Customers
3. Cash (records)
4. Community |
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Term
| 3 keys to good culture(employees) |
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Definition
talent
committed
share company values |
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Term
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Definition
incentives
compensation
benefits
promotion |
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Term
| What creates satisfied customers? |
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Definition
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Term
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Definition
| dividing the market by age,gender,class, etc. |
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Term
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Definition
| how you sell to each different segment |
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Term
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Definition
| how you want your product to look to each different segment |
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Term
| Who really owns and controls a brand? |
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Definition
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Term
| 3 Types of Financial Statements |
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Definition
1.Income Statement
2.Balance Sheet
3.Cash Flow |
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Term
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Definition
Revenue minus expenses
"PNL" - profit and loss |
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Term
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Definition
what you own minus what you owe+equity
assets and liabilities |
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Term
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Definition
money in and money out
is the money moving? if so, where? |
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Term
| Limited Liability Company |
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Definition
| An LLC is a hybrid with the limited liability features of a corp. and the tax efficiencies and operational flexibility of a partnership |
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Term
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Definition
| free enterprise, the right to create and sell goods |
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Term
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Definition
| governments helping certain businesses, people think the gov't chooses who wins and loses |
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Term
| Corporate Social Responsibility |
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Definition
| businesses should behave ethically and contribute to economic development while improving the quality of life for the workforce |
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Term
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Definition
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Term
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Definition
| open communication and access to news about worldwide corporations |
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Term
| Carrol's Pyramid (In Order) |
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Definition
1. Economic
2. Legal
3. Ethical
4. Philanthropic |
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Term
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Definition
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Term
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Definition
| maximize shareholder wealth, a company is only legally obligated to take care of shareholders. philanthropy is a waste of shareholder money |
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Term
| Author of Shareholder Theory |
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Definition
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Term
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Definition
| giving to the community as well as shareholders increases profits in the long term |
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Term
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Definition
| nonprofits attaching themselves to brands |
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Term
| 4 Outside Impacts to a Business |
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Definition
1.Environment
2.Government/Legal
3.Macroeconomy
4.Competition |
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Term
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Definition
natural disasters
lack of resources |
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Term
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Definition
| how the national/world economy is doing |
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Term
| Government and Legal Impacts |
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Definition
laws, rules, and regulations
taxes and paperwork
safety standards, minimum wage |
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Term
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Definition
1.increase the market share
2.increase current (gain) share
3.mergers or acquisitions |
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Term
| Organic vs. Inorganic Growth |
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Definition
organic- increasing market or gain share
inorganic- mergers or acquisitions |
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Term
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Definition
1.Universities
2.Hospitals
3.Religion
4.Charities |
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Term
| Nonprofits employ how much of the US workforce? |
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Definition
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Term
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Definition
| people are more likely to give when the economy is better |
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Term
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Definition
| using the disciplines of business to advance social, environmental, or human justice agendas |
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Term
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Definition
| nonprofits become more for-profit like and adopting their practices |
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Term
| 4 Parts of a Performance Evaluation System |
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Definition
1.Fairness
2.Drive quality
3.Drive quantity
4.Provides documentation |
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Term
| 5 Steps to establish a Performance Evaluation System |
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Definition
1.identify performance measures
2.how to provide feedback
3.evaluation form
4.evaluation schedule
5.disciplinary or feedback procedures |
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Term
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Definition
1.Imitation
2.Interaction
3.Intermingling
4.Industry Creation |
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Term
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Definition
| nonprofits becoming more businesslike and adopting the methods of for-profits; for-profits competing in social service markets |
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Term
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Definition
| nonprofits and for-profits working together in three different ways |
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Term
| 3 C's of Nonprofit Interaction |
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Definition
1.Collaborators
2.Competition
3.Contractors |
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Term
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Definition
| when nonprofits and for-profits join forces to mutually benefit from providing services |
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Term
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Definition
| non-profits competing for traditionally for-profit markets and vice versa |
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Term
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Definition
| for-profits hiring nonprofits to do a specific job for the company, and vice versa |
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Term
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Definition
| Nonprofits owning for-profits |
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Term
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Definition
| industries are being created where both for-profits and nonprofits are needed in the economy |
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Term
| 4 Advantages of nonprofits adopting for-profit strategies |
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Definition
1.Competition
2.Sustainability
3.Accountability
4.Financial Strength |
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