ENT 500 Lecture 9: 9 – mgmt and things

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Chapter nine the new venture team, small firm management, and managing. Characteristics of a new venture team: operations and technical knowledge, entrepreneurial finance knowledge, marketing and sales knowledge. The venture team: founders, accountant, advisory board, key employees, board of directors, management team managers or other key persons who give a company its general direction, lawyer. Characteristics of founders: innovative, intuitive, action-oriented, focused on the long term, bold. Professional manager manager uses systematic, analytic methods of mgmt: characteristics: administrative, analytical, planning-oriented, focused on the short term, cautious. Management functions: planning (long-term like strategic plans (future), short-term like operational plans (current year)), leading, organizing, controlling. Long-range plan (strategic plan) firm"s overall plan for the future. Short-range plan govern a firm"s operations for one year or less. Budget a document that expresses future plans in monetary terms. Business policies basic statements that serve as a guide for managerial decision making. Procedures specific methods followed in business activities.

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