| A | B |
|---|
| business plan | written description of a new venture—its objectives and the steps for achieving them. |
| competitive advantage | specifies how an organization offers unique customer value. |
| controlling | establishing and implementing mechanisms to ensure that objectives are achieved. |
| decision-making skills | the ability to conceptualize situations and select alternatives to solve problems and take advantage of opportunities. |
| entrepreneur | one who starts a new small business venture. |
| first-mover advantage | offering a unique customer value before competitors do so. |
| interpersonal skills | ability to understand, communicate, and work well with individuals and groups through developing effective relationships. |
| intrapreneur | one who starts a new line of business within a large organization. |
| knowledge management | involving everyone in an organization in sharing knowledge and applying it continuously to improve products and processes. |
| leading | influencing employees to work toward achieving objectives. |
| levels of management | top managers, middle managers, and first-line managers. |
| management functions | planning, organizing, leading, and controlling. |
| management skills | the skills needed to be an effective manager, including technical, interpersonal, and decision-making skills. |
| manager | the individual responsible for achieving organizational objectives through efficient and effective utilization of resources. |
| manager’s resources | human, financial, physical, and informational resources. |
| new venture | a new business or a new line of business. |
| organizing | delegating and coordinating tasks and allocating resources to achieve objectives. |
| planning | of setting objectives and determining in advance exactly how the objectives will be met. |
| technical skills | ability to use methods and techniques to perform a task. |
| types of managers | general managers, functional managers, and project managers. |
