MGT 201 11th Edition Lecture10 Outline of Last Lecture I. Go over the history of entrepreneurship II. Discuss small businesses and how they impact the business world III. How to launch an entrepreneurial start-upOutline of Current Lecture IV. Finish up Chapter 6 notes with types of businesses V. Discuss the difference between a goal and a planVI. Describe the three different types of planning in businessCurrent LectureChapter 6 Sole proprietorship- unincorporated business owned by an individual for profit Disadvantages: unlimited liability Partnership- unincorporated business owned by 2 or more people Disadvantages: possible disagreements, unlimited liability Corporation- artificial entity by the state and existing apart from its owners Disadvantages- expensive and complex Chapter 7: Managerial Planning & Goal Setting Goals and Planning A goal is a desired future state that the organization attempts to realize A plan is a blueprint for goal achievement and specifies the necessary resource allocations, schedules, tasks, and other actions Strategic Planning Strategic goals- broad statements describing where the organization wants to be in the future Strategic planning- define the action steps by which the company intends to take Tactical Planning Middle-management planning that focuses on a specific department Operational Planning Direct employees and resources Criteria for effective goals These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute. Includes planning approaches: Management by Objectives (MBO) Single-use plans Standing
View Full Document
Unlocking...