WS 2-6

• Entrepreneur is a unique individual who has the innate ability and dedication to establish and manage a business
• Types of entrepreneurs:

  The self employed - not comfortable w routines of a desk job (ex. financial advisor)

  The manager - these entrepreneurs delegate and hire potential employees to do the work

  the leader - enjoys seeing their people flourish; steps up and produces great results w minimal supervision

  the investor - looks for more opportunities for their business to grow; purchases other businesses that can potentially add values to their company

  the true entrepreneur - aims for quality and excellence in their work. have fully learned and continue to practice a four step process of thinking
• four step practice of thinking:

  idealization, visualization, verbalization, and materialization
• Technopreneurship are entrepreneurs that puts technology at the core of their business (eg. smartphone)
• social entrepreneurs takes advantage of the country's social problem and turn them into profitable institutions w/ the intention of helping the disadvantage
• intrapreneur: a manager within a company who promotes innovative product development and marketing. they are tasked to think a new idea or project
• extrapreneur - hops from one company to another to act as the innovation championship, providing efficient and creative solutions
• Entrep and Trade begins between humans took place in New Guinea around 17000BCE.
• Business plan - a document that describes the various external and internal elements involved in starting a business
• Business plan is important because it helps determine where a proposed or existing business venture is viable given its target market
• Business size is about how big the company's operations are. It can be measured by several indicators, including assets, revenue, production, market capitalization, number of employees, and capital invested. 
• By definition, business ethics refers to the standards for morally right and wrong conduct in business. Law partially defines the conduct, but “legal” and “ethical” aren't necessarily the same.
• code of ethics is a guiding set of principles intended to instruct professionals to act in a manner that aligns with the organization's values, and is beneficial to all stakeholders involved.
• A mission statement is a simple statement about the goals, values, and objectives of an organization.
• A vision statement provides a brief description of a company's long-term goals. It's typically ambitious and communicates how the company plans to make a difference in the world
• Goals tell you where you want want to go; objectives tell you exactly how to get there
• what is smart+c?

  Specific, measurable, achievable, relevant, time-bound, challenging
• Three types of codes of ethics

  Duties to: the clients and customers, the public, and the company
• Work Specialization – it refers to the way jobs are divided into steps or individual tasks.
• Departmentalization – it refers to the grouping of

  similar functions, jobs, and tasks into

  departments.

  Chain of Command – this indicates the communication and work relationship between employees and managers. It indicates who reports to whom.
• Span of Control – which refers to the number of

  employees a manager can effectively and

  efficiently manage.

  Degree of Centralization – It refers to the extent authority and decision-making is given to a small

  group of people in the organization.

  Formalization – It is the process of standardizing

  jobs and establishing rules and guidelines that guide employees.
• Simple organizational structure - for small businesses
• Divisional grouping: Product based - products are grouped together based on their similarities.
• Divisional grouping: market based - based on the size of the market, the number of customers and the amount of sales
• Divisional grouping: geographical - grouping of businesses by location, functional - grouping of businesses by function
• Divisional grouping: process-based - organization is divided depending on the step by step process of the company
• Matrix organizational structure - A structure in which the manager is responsible for the entire organization. has a flow of authority
• Horizontal grouping: The arrangement of elements in a column or row, with similar elements grouped together.
• Team based organizational structure: A structure in which employees work in teams rather than in departments.
• Virtual networking group: The company is structured as a group

  departments that are loosely connected through electronic means. Technology is used in sharing information, completing tasks and communicating.
• Network organizational structure: A structure in which the organization is divided into a number of smaller units called networks. Hires only few employees
• An organization is a formal group of people with a shared aim. Management, on the other hand, is the act of organizing, planning, and controlling. 
• Organizing involves structuring an organization's resources (people, equipment, etc.) to effectively carry out its mission and meet its goals.
• Mechanical structure- formal and centralized framework
• organizational - inter-dependent
• ad hoc scanning - pag may crisis lang


  regular scanning - at least once a year

  continuous scanning - collection of data on a broad range of environment
• equillibrium price - equal to the quantity of goods demand
• law of supply - as the product price increase, the quantity supplied will decrease
• law of demand - as income increases, demand for a good or service increases
• labor factor - work performed