A. Most businesses require leaders who can help provide vision and guide the different elements of the business process, such as idea generation, production, accounting, marketing, and customer service, so they fit together to create an efficient system, someone who can see the "big picture".
Review Managing for Business Success and "Management" on page 249 of Introduction to Business.
The leadership who is responsible for running a business can greatly impact whether it fails or succeeds. These managers are not only responsible for making sure the organization runs smoothly, but they often play a direct role in determining the focus the business takes and help determine its priorities. Leaders can play a large role in helping their employees perform their jobs well to succeed. They can also create additional unnecessary and frustrating roadblocks employees need to circumnavigate.
Review Managing for Business Success and "Management", "Mission Statement", and "Corporate Culture" on pages 249-250 of Introduction to Business.
A. We can describe leadership styles from controlling to hands-off.
Review Directing.
A. During the interview process, you should try to determine the corporate mission, corporate culture, and commitment toward corporate social responsibility, to determine whether you would like to work for a company that promotes these types of activities and workplace values.
The type of culture the leadership conveys to its employees and to its customers will often influence how well the leaders and employees work together, how the company is organized, and whether the employees feel they are responsible for promoting certain activities within their social community. Note that we also discussed corporate social responsibility in Unit 1 of this study guide.
Review Planning and "Mission Statement" and "Corporate Culture" on pages 249–250 of Introduction to Business.
B. While most businesses focus on their primary mission to meet the needs of their communities by providing products and services their consumers want and need, many customers expect businesses to make a positive contribution to their community. At the very least, they should not cause any harm.
Review Corporate Social Responsibility and "Corporate Responsibilities" on page 252 of Introduction to Business. Pay attention to the infographic that summarizes a company's economic, legal, ethical, and proactive responsibilities.
C. When applying for a position, you should review the company's human resource management policies to gauge the financial and social benefits of working for the company and see how the employees resolve any disputes that may arise. You should also see whether a labor union will be available to represent you on these issues.
Human resource managers determine the human resource needs for different parts of the company, recruiting and hiring people to fill job openings, training employees so they can perform their jobs successfully, compensating employees fairly, performing evaluations, helping resolve conflict, and, at times, letting employees go if they are not performing effectively.
Review Human Resource Management and "Employee Benefits Overview" on pages 256–258 of Introduction to Business.
D. Labor unions can benefit employees and employers. For the most part, the role of labor unions has changed as collective bargaining has become more of a collaborative effort between the bargaining unit and management.
Review Labor Unions and "Unions" on pages 263–264 of Introduction to Business.
A. Let's look at what a labor negotiation involves.
Review Labor Unions and "Unions" on pages 263–264 of Introduction to Business.
A. In our introductory course to business, let's review three business law concepts: business contracts, risk management, and bankruptcy.
Businesses create and enter into contracts with other businesses and with individuals to delineate the terms of any financial agreements they have with one another.
Review General Perspectives on Contracts, Sources of Contract Law, and Basic Taxonomy of Contracts.
B. Businesses manage the risks they encounter in four general ways: avoidance, reduction, sharing or transference, and assuming.
Review Risk Management.
C. Businesses can fail for a variety of reasons that are within and outside their control. When this happens, business managers need to choose the best form of bankruptcy to legally disband or restructure their business.
Review What is Business Bankruptcy?.
Be sure you understand these terms as you study for the final exam. Try to think of the reason why each term is included.