MGMT 2100 Lecture Notes - Lecture 12: Sole Proprietorship, Delphi Method, Nominal Group Technique
22 May 2018
School
Department
Course
Professor
I. Effective missions
a. Enduring
b. Inspirational
c. Clear
d. Consistent with company values
II. Getting into business
a. Family-owned
b. Starting new
c. Buy existing
d. Buy franchise
i. McDonalds, hardees
ii. Advantages: business plan already
exists, etc
III. Getting funding
a. Equity
i. Own part of the business
b. Debt
i. Credit and loans with expectation of
repayment with interest
c. Awards from competitors
IV. Types of ownership
(and differences between them)
a. Proprietorship/partnership
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i. you are the owner, or you have a
partner
ii. you are the sole owner
iii. simplest, oldest, lowest cost
iv. personally liable for all business
debts
v.
b. Corporation
i. Fairly large companies
ii. Classic corporation
iii. Separate legal entity from businesses
iv. Continues to exist with death of
owner
v. Usually controlled by board of
directors that oversees the running of
the corporations
vi. Profits are taxed as a corporation, and when the
money is passed down to incomes, it is taxed as well
c. Subchapter s-corporation
1. Sole proprietorship in a way.
2. Owners not double taxed, but you owners
manage
d. Limited liability company
V. Main differences
a. How/when earnings are taxed
b. Liability for debts
VI. Key ideas behind burn your business plan
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Document Summary
Effective missions, enduring, inspirational, clear, consistent with company values. Getting into business: family-owned, starting new, buy existing, buy franchise, mcdonalds, hardees, advantages: business plan already exists, etc. Getting funding: equity, own part of the business, debt, credit and loans with expectation of repayment with interest, awards from competitors. Not sure if this is on the test. Planning for business: vision: what do we want to do, mission: why do we do it, has to be enduring, clear, inspirational, and consistent with values of company. Strategic objectives: specific goals that unify company-wide efforts, stretch and challenge with a time frame. 99-102: define the problem, identify decision criteria, standrads used to guide judgements and decisions, weigh the criteria, absolute comparison (to standard, relative comparison (to other options, generate alternative courses of action, evaluate each alternative, compute the optimal decision. Nominal group and delphi techniques for group decision making (sec.
