Exam 19: Professional Management and the Small Business

A manager who grants subordinates the right to act or make decisions is delegating authority.

The personal shopper business Jeff and Christy have developed has grown so they are busy 50 hours weekly.This schedule leaves little time for them as a couple.They have decided to hire outside employees to take over some of their business responsibilities.What suggestions should they follow to ease this transition?

The use of written policies,budgets,and job descriptions is most closely associated with which stage of growth?

It is critical for entrepreneurs to set aside time to work undisturbed.

Margaret has launched a new event planning company with four employees.With the growth in sales and personnel,the next step of growth will involve

As a firm grows,the small business owner needs to fill key positions with persons who

The formal organization stage of business growth is a turning point because the entrepreneur must learn to rise above direct management and work through an intermediate level of managers.

Leadership in small firms is more ____ in comparison to the leadership in large corporations.

A hesitancy by an entrepreneur to move through the various organizational stages can

Entrepreneurs can get management assistance from peers through

When a firm reaches Stage 2,the entrepreneur engages extensively in both the coordination of the efforts of others as well as performing basic work activities.

A positive solution should be pursued in negotiations whenever it is feasible to do so.

The maximum number of employees who can be supervised effectively by a capable manager is four.

Susan has seen her retail shop grow to the point that she has designated supervisors for the office and two selling areas.Her shop's stage of growth is

Stage 4 of small business growth involves the use of budgets,personnel policies,organizational charts,and computerization.

Individuals who are launching promising startups need to have a "tolerance for ambiguity".

Having more than one supervisor is a violation of the:

Match the term with its definition.Some terms may not be used. a.Budget b.Chain of command c.Delegation of authority d.Empowerment e.Long-range plan f.Professional manager g.Self-managed work teams h.Short-range plan -A firm's overall plan for the future

Match the term with its definition.Some terms may not be used. a.Line organization b.Line-and-staff organization c.Negotiation d.Networking e.Professional manager f.Service Corps of Retired Executives g.Small business development centers h.Span of control -An SBA-sponsored group of people who give free advice to small business owners

Barry's expectation that employees will complete his requests immediately is typical of ______ leaders.