Final Exam Review Introduction to Business & Technology And Business Technology

COMMUNICATION STYLES

Parts of a personal business letter Date: Always spell out the month Return address: writer’s address Inside address: receiver’s name and address Salutation: greeting Body: paragraphs Complimentary closing: Goodbye Writer’s typed name: typed name of writer of the letter

MOTIVATION AND LEADERSHIP

Terms Authority : The right to issue directives and expend resources Democratic leaders : listen to others opinions and encourage the exchange of ideas. This is the most common type of leadership. Autocratic leaders : do not listen to opinions of others laissez-faire leaders : choose not to lead Extrinsic motivation : acting to receive external rewards Intrinsic motivation : acting for internal satisfaction Power : The ability to control and make others act in certain ways

SMART Goals SMART goals are: -Specific -Measurable -Attainable -Realistic -Time-bound

EMPLOYABILITY

Terms Job interview : A verbal conversation between a job applicant and a representative of a company Job description : A summary created by a company which shows the duties, qualifications, and responsibilities of a specific job Cover letter : An introduction of yourself that you send to an employee Employability : the capability for gaining and maintaining employment

ENTREPRENEURSHIP

Terms Entrepreneur : a person who owns and operates their own business Logo : a picture or symbol that represents a business Slogan : a catchy saying for a business Asset : anything that a business or individual owns Liability : what a business or individual owes Sole proprietorship : one person owns a business Partnership : two or more people own a business Corporation : a group that starts a business and are authorized to act as a single entity SWOT: strengths, weaknesses, opportunities, threats Target market: group of consumers which a business hopes to attract.

Entrepreneurship facts The biggest risk of owning a business is the possibility of failure. A business plan is important because it serves as a guide in running and expanding a business, and is a document which can be presented to potential investors. Some parts of the business plan are: business description, target market, SWOT analysis, competitive analysis a competitor is a business that sells the same or similar products or services that you sell

Team development Stages of team development: -forming: members are getting to know each other -storming: The second stage of the team development cycle when there is loss of enthusiasm and doubt -norming: The team focuses on the mission and goals they began with -performing: the team is functioning well and achieving its goals The first step to problem-solving is to identify the problem.