Business Operations at Cologne Business School | Flashcards & Summaries

Lernmaterialien für business operations an der Cologne Business School

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Micropreneurs what are they 
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Entrepreneurs willing to accept risk if starting and managing a business that remains small, let’s them do the work they want to do and offers them a balanced lifestyle


 Nearly 60 percent of home based micropreneurs are men
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What is an intrapreneur?

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Creative people who work as entrepreneurs within corporations

Use a company’s existing resources to launch new products for the company




E.g. 3m the maker of post it notes, encourages intrapreneurship among employees by requiring the. To devote at least 15 percent of their time to think about new products 

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Definition small business vs large business 
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Owned by an individual or a small group

Independently managed (not part of a larger business)

Relatively little influence in its market (not dominant in its field)

Meet certain standards of size (in terms of employees or annual receipts)
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The four functions of management 

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Planning

leading 

organizing 

 controlling 

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Entrepreneurship

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accepting the risk of starting and managing a business

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5 reasons to start a business right away?
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No mortgage or kids

Can survive on little funds and work long hours

No disruption in career path as it hasn’t yet started

More energy enthusiasm

If success = long term financial gains 
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What are small business strategies?
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react more quickly to changing market forces (examine areas for growth)

develop innovative product ideas faster, with fewer financial resources and people (invest in sales training & tech)

serve specialized markets 

offer higher level of personal service 

streamline business and eliminate waste 
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Planning 4 key points

V
M
G
O

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Vision : an encompassing explanation of why an organization exists and where it tries to head

Mission statement : a formal document that states an organizations purpose and reason for existing and describes its basic philosophy and values

Goals : the broad, long term accomplishments an organization wishes to attain

Objectives : specific short term statements detailing how to achieve the organizations goals 

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Functions of management

Leading 
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Guiding and motivating employees to work effectively to accomplish organizational goals and objectives

Giving assignments

Explaining routines

Clarifying policies

Providing feedback on performance 
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Outline for business plan 
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Title page

Table of contents

Executive summary

Vision and mission statement

Company overview

Product and/or service plan

Marketing plan

Management plan

Operating plan

Financial plan

Appendix of supporting documents 
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Functions of management
Planning 
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Setting organizational goals

Developing strategies to reach those goals

Determining resources needed

Setting precise standards 
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Managing a small business 
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Market research

Managing your employees

Keeping records

Looking for help 
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Q:
Micropreneurs what are they 
A:
Entrepreneurs willing to accept risk if starting and managing a business that remains small, let’s them do the work they want to do and offers them a balanced lifestyle


 Nearly 60 percent of home based micropreneurs are men
Q:

What is an intrapreneur?

A:

Creative people who work as entrepreneurs within corporations

Use a company’s existing resources to launch new products for the company




E.g. 3m the maker of post it notes, encourages intrapreneurship among employees by requiring the. To devote at least 15 percent of their time to think about new products 

Q:
Definition small business vs large business 
A:
Owned by an individual or a small group

Independently managed (not part of a larger business)

Relatively little influence in its market (not dominant in its field)

Meet certain standards of size (in terms of employees or annual receipts)
Q:

The four functions of management 

A:

Planning

leading 

organizing 

 controlling 

Q:

Entrepreneurship

A:

accepting the risk of starting and managing a business

Mehr Karteikarten anzeigen
Q:
5 reasons to start a business right away?
A:
No mortgage or kids

Can survive on little funds and work long hours

No disruption in career path as it hasn’t yet started

More energy enthusiasm

If success = long term financial gains 
Q:
What are small business strategies?
A:
react more quickly to changing market forces (examine areas for growth)

develop innovative product ideas faster, with fewer financial resources and people (invest in sales training & tech)

serve specialized markets 

offer higher level of personal service 

streamline business and eliminate waste 
Q:

Planning 4 key points

V
M
G
O

A:

Vision : an encompassing explanation of why an organization exists and where it tries to head

Mission statement : a formal document that states an organizations purpose and reason for existing and describes its basic philosophy and values

Goals : the broad, long term accomplishments an organization wishes to attain

Objectives : specific short term statements detailing how to achieve the organizations goals 

Q:
Functions of management

Leading 
A:
Guiding and motivating employees to work effectively to accomplish organizational goals and objectives

Giving assignments

Explaining routines

Clarifying policies

Providing feedback on performance 
Q:
Outline for business plan 
A:
Title page

Table of contents

Executive summary

Vision and mission statement

Company overview

Product and/or service plan

Marketing plan

Management plan

Operating plan

Financial plan

Appendix of supporting documents 
Q:
Functions of management
Planning 
A:
Setting organizational goals

Developing strategies to reach those goals

Determining resources needed

Setting precise standards 
Q:
Managing a small business 
A:
Market research

Managing your employees

Keeping records

Looking for help 
business operations

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