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WKU / Engineering / MGT 210 / How do we embrace our inner entrepreneur?

How do we embrace our inner entrepreneur?

How do we embrace our inner entrepreneur?


School: Western Kentucky University
Department: Engineering
Course: Organization and Management
Professor: Michael spiller
Term: Fall 2016
Cost: 50
Name: MGT210 Final Exam Study Guide
Description: This is the study guide for the final, it's a compilation of all of my notes and the things Dr. Spiller said, last class, would be on the final. Somethings are repeated but that's because we went over them multiple times so they're probably important. Goodluck!
Uploaded: 12/05/2016
7 Pages 166 Views 1 Unlocks

Final Exam Study Guide

How do we embrace our inner entrepreneur?

∙ The Importance of Entrepreneurship:

o The basics (who and what)

o How to identify and analyze opportunities

o Success, failure, and how to improve chances for success

o entrepreneurship everywhere (even in typical industries and within corporations)

∙ How do we embrace our inner entrepreneur?

∙ Take Advantage of Opportunities

Innovation Process

1. Identifying problems that generate opportunity

2. Crafting ideas to solve these problems

3. Taking the best ideas through to completion

4. Creating value ($$$) from those ideas

Opportunities are ideas that…

How do we choose the best opportunities?

∙ Are attractive to customers

∙ Will work in the environment

∙ Can be executed in a reasonable time frame (i.e., avoid obsolescence or being way ahead of  your time) Don't forget about the age old question of What are the advantages of migration?

∙ You have the skills to undertake (or you know someone with the skills who will join you)

Evaluating Opportunities:

∙ How do we choose the BEST opportunities?

i. Take what you know from work experiences

ii. Keep up with industry trends

iii. Exchange ideas internally and externally

iv. Listen to your team, customers, friends, and family

v. Weigh costs and benefits (including opp. costs)


Why strategic management and strategic planning are important?

∙ The trend of the world economy toward becoming a more interdependent system

Role of Outsourcing

∙ Outsourcing

∙ Contracting with an outside provider to produce one or more of an organization's goods  or services

∙ Offshoring

∙ Moving work to other countries If you want to learn more check out What do depreciation methods mean?

Managing Across Borders

∙ Expatriates

o Parent-company nationals who are sent to work at a foreign subsidiary

The Important of National Culture

∙ Culture  

o Shared set of beliefs, values, knowledge, and patterns of behavior common to a group  of people

o Learned, not innate

o Invisible to those accustomed to particular culture  

o Can be regional!!

∙ Understanding Cultural Issues

o Ethnocentrism

▪ The tendency to judge others by the standards of one’s group or culture, which are  seen as superior

o Culture Shock

▪ The disorientation and stress associated with being in a foreign environment  Communication Context

∙ Some cultures pay more attention to the social context of communication

∙ Social setting

∙ Nonverbal behavior

∙ Social status

∙ High context cultures are sensitive to social exchanges

∙ People rely heavily on situational cues for meaning when communicating with others ∙ Establish social trust first We also discuss several other topics like The architectural order of the parthenon is

∙ Value personal relations and goodwill

∙ Negations slow and ritualistic  

∙ Low context cultures, use communication to exchange facts and information ∙ Shared meanings are primarily derived from written and spoken words

∙ Get down to business first

∙ Value expertise and performance

∙ Agreement by specific, legalistic contract

∙ Negotiations as efficient as possible

Individualism- the extent to which a culture values individual achievement, freedom, and competition Collectivism- the extent to which culture values group harmony, cohesiveness, and consensus ∙ Cooperation and agreement are stressed If you want to learn more check out What is the cosmological argument simple?

∙ The group is more important than the individual

Power Distance

∙ Degree to which societies accept the idea that inequalities in the power and well-being of their  citizens are due to differences in individuals' physical and intellectual capabilities and heritage  

Hofstede's Model of National Culture

∙ Achievement orientation (task or masculinity)

∙ A worldview that values assertiveness, performance, success, and competition ∙ Nurturing orientation (social or femininity)

∙ A worldview that values the quality of life, warm personal friendships, and services and  care for the weak

∙ Uncertainty Avoidance

∙ The degree to which are willing to tolerate uncertainty and risk

∙ Low uncertainty avoidance cultures value diversity and tolerate a wide range of opinions  and beliefs  

Chapter 4

The Dynamic of Strategic Planning

∙ Strategy

▪ A pattern of actions and resource allocations designed to achieve organization's goals ∙ Strategic management  

▪ Process that involves managers from all parts of the organization in the formulation and  the implementation of strategies and strategic goals We also discuss several other topics like Where was the hybrid c. becki discovered?

Why Strategic Management and Strategic Planning are Important

1. Provide direction and momentum

2. Encourage new ideas

3. Develop a sustainable competitive advantage

Core competency

∙ Specific set of departmental skills, abilities, knowledge and experience that allows one  organization to outperform its competitors

∙ Skills for a competitive advantage

Different Levels of Strategy

∙ Corporate- level strategy: what business are we in 

∙ Business-level strategy: how do we compete 

∙ Functional- Level Strategy: how do we support the business level strategy.  

Mission, Vision, and Goals

∙ Mission We also discuss several other topics like Why is it that when the price for canadian tar sands was low, they sat undeveloped for years?

∙ An organization's basic purpose and scope of operations

∙ Strategic Vision

∙ The long term direction and strategic intent of a company

∙ Provides a perspective on where the organization is headed and what it can be Examples of Mission Statements

o Patagonia

▪ Build the best product, cause no unnecessary harm, use business to inspire and  implement solutions to the environmental crisis

∙ Resources

o Inputs to a system that can enhance performance

o Tangible, intangible assets


∙ Strategy

o Corporate level strategy- what business are we in? 

o Business Level strategy- how are we going to compete 

o Functional level strategy- how do we support the business level  

What is a mission statement- expresses the purpose of the organization

Vision statement- long-term goal describing “what” an organization wants to become; clear  sense of the future and the actions needed to get there

∙ SWOT Analysis.- A comparison of strengths, weaknesses, opportunities, and threats that helps  executives formulate strategy 

Chapter 10 Human Resources Management

∙ Human resources management (HRM)

o Formal systems for the management of people within an organization.

The company strategy is the overall driving force for a company

Job analysis- a tool for determining what is done on a given job and what should be done on  that job

Staffing the organization

• Recruitment- the development of a pool of applicants for jobs in an organization □ Internal, external

• Selection- choosing from among qualified applicants to hire into an organization Realistic Job Preview

• An honest assessment of the advantage and disadvantages of a job and organization

• Can reduce the number of new hires who quit when jobs and organizations fail to meet their  unrealistic expectations

Chapter 10

∙ Recruitment- trying to bring people in to apply for a job

∙ Selection- the actual selection process of choosing who gets the job


∙ Structured interview

o Selection technique that involves asking all applicants the same questions an comparing  their responses to a standardized set of answers

∙ Goals of interviewing

o Know yourself

▪ What do I want from a career

▪ What am I willing to do job wise

∙ Work for start-up

∙ Take any job in industry just to get experience

∙ How far am I willing to move, take less salary, etc?

o Know the company

▪ Location, how it got started, what their values are, industry, basic research o Know the interviewing process

▪ Timeline, who will you meet at each stage of the process, will there be other  things to accomplish

▪ Make sure the company knows you  

Interview Portfolio

∙ Resume (multiple copies)

o References

o Research

o Questions

o Transcript  

• Reliability- the consistency of test scores over time and across alternative measurements • Validity- the degree to which a selection test predicts or correlates with job performance • Criterion, content  

• Employment-at-will: the legal concept that an employee may be terminated for any reason

Chapter 4 is the chapter we spent THE MOST time on.  

During our last class Dr. Spiller said the following would be good to know for the final:

∙ Various ways to enter an international market

▪ Difference between franchising and licensing  

∙ **5 or 6 dimensions of international culture**

∙ Mission and vision

∙ Swot analysis

∙ Corporate level and business level strategy

o What's the difference

▪ Corporate- what business are we in

▪ Business- once we decide which business we want to be, how will we compete What are the three business level strategies?

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