Study Guides (248,357)
Canada (121,502)
Administration (1,205)
ADM1100 (35)
All (14)

Business Midterm Review.odt

4 Pages
Unlock Document

All Professors

ADM 1100 BUSINESS MIDTERM REVIEWManagerial FunctionsPlanning used to select goals and choose a course of action Five steps establish goals check for a gap develop plan implement plan and assessOrganizing structuring workplace to achieve goals creates an organizational structureLeading articulating vision and the strategy to subordinates use power persuasion communication and motivation to encourage employees to work in harmony and perform to a high levelControlling evaluating how the organization is doing in achieving goals regulate efficiency and effectiveness evaluate three previous areasMintzbergs Managerial Roles1Interpersonal Role coordinate and interact with employees and provide direction Includes Figure Head LeaderLiaison2Information Role obtaining and transmitting information Includes Monitor Disseminator Spokesperson3Decisional Role methods to plan strategy and utilize resources Includes Entrepreneur Disturbance Handler Resource Allocator NegotiatorManagerial SkillsTechnical Skills actual skills pertaining to the organizationHuman Resource Skills ability to form good relations with othersConceptual Skills ability to analyse cause and effect Time management skills decision making skillsThe EntrepreneurRecognize and seize opportunitiesStrict process idea screening and developmentUses a business planValues ideas with a competitive advantage and low exit costsSole ProprietorshipThe business is owned and operated by one personTypically less than fifty employeesOldest form of legal ownership in CanadaAdvantages simple to register easy to form and dissolve sole claim on profits total control government preferential treatment pay only personal tax personal incentive and satisfactionDisadvantages sole claim on all losses collateral on loans will be your personal property long hours potential for low income limited to your own resources sole responsibility for unlimited liability lack of continuity difficulty in raising money management limitations
More Less

Related notes for ADM1100

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.