Chap002 bus230
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The document discusses ethics and ethical culture in small businesses. It states that unethical behavior can lead to lower sales or bankruptcy for small businesses. It identifies four key elements to building an ethical culture: modeling, consistency, visibility, and personal values. The document also outlines a three-step process for ethical planning and decision making: considering who may be helped or hurt, creating options that take an integrative view, and applying ethical tests. Finally, it discusses how small businesses can build social capital and legitimacy through their people, products, organization, and social networks.
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This document discusses key components of a business plan, including the vision statement, mission statement, elevator pitch, executive summary, and full business plan outline. It provides examples and guidance on writing each section, with a focus on clearly communicating the business goals, market, competitive advantages, management team, and finances. The full business plan outline includes sections on the company, product/service, market, organization, financials, and appendices.
Chap007 bus230
The document discusses various small business strategies. It describes imitative strategy as doing something similar to competitors, with the possibility of one point of difference. The key steps in strategic planning are identified as prestrategy, which involves selecting an industry and market, and benefits, which involves deciding what value the business will provide customers. Industry analysis and SWOT analysis are presented as important tools to analyze the business environment and a company's strengths, weaknesses, opportunities, and threats. Differentiation, cost, and focus strategies are presented as classic strategies for a small business to consider.
Chap006 bus230
The document discusses five paths to business ownership: starting a new business, buying an existing business, franchising a business, inheriting a business, or being hired as a professional manager. It provides details on each path, including advantages and disadvantages. For starting a business, it discusses determining the business idea, strategies for success, and special considerations like home-based or partnered businesses. For buying a business, topics include finding a business for sale, due diligence, determining value, and structuring the deal. Franchising covers different types and advantages/disadvantages. Inheriting a business notes challenges with family business transfers.
Chap005 bus230
Part-time entrepreneurship, or working for oneself for 35 hours or less per week, makes up about half of all businesses in the United States. Common types of part-time businesses include stand retail, home retail like parties or door-to-door sales, consignment stores, and mail order or online sales. Success factors for part-time businesses include setting boundaries between work and home life, managing time well, dealing effectively with customers and regulatory requirements, properly pricing goods and services, and leveraging other people through delegation and outsourcing where possible. Bootstrapping techniques like minimizing costs, borrowing or renting equipment, and substituting lower-cost alternatives can help part-time businesses get started with limited capital.
Chap004 bus230
The document discusses sources of business ideas and assessing the feasibility of ideas. It outlines creativity tools like SCAMPER that can help generate innovative ideas by substituting, combining, adapting, or rearranging existing concepts. The document also discusses screening ideas based on the market need, customers, and intellectual property protection. It emphasizes the importance of pilot testing ideas to evaluate feasibility before fully implementing a new business.
Chap003 bus230
The document summarizes characteristics of different types of entrepreneurs and small business owners over time. It discusses the evolution from original classic entrepreneurs in the 1700s-1950s who were loners seeking wealth and risk takers, to contemporary entrepreneurs today who can be team players, socially connected, and either seeking wealth or accepting average income. It also outlines different types of entrepreneurial careers like habitual entrepreneurs and harvest entrepreneurs who have exit plans. Finally, it discusses challenges commonly faced by family businesses, women and minority entrepreneurs, and late career entrepreneurs.
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- 1. 2 Small Business Ethics: A Key to Long-Term Success McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved.
Editor's Notes
- It is important for students to understand the what is ‘legal and what is ‘ethical’ are not necessarily the same thing. Pose some ethical questions for them to consider as they go through the chapter Would you cheat on an exam? Would you lie about being sick to skip work? Would you put extra miles or meals on your expense account?
- Example Ethics: It Isn’t Just the Big Guys When Enron imploded, the subsequent wave of corporate scandals confirmed the cynical suspicion of unethical behavior Small Businesses, often overlooked, are not angels Simple theft, one or two bad managers, hiring unqualified relatives can all lead to disaster Suggestions for a code of ethics: Review outfit’s ethics Craft a code of conduct Train your people Solicit feedback Talk about ethics and network with ethical people
- Culture in a small business is many times set by the owner and grows stronger as the business matures. Thus, it is very important early on to set the right tone.
- The four elements are each discussed on a further slide.
- The old saying is “Do as I say- not as I do” This does not work when running a small business. Employees will follow the examples set by the owner whether it is coming back late from lunch, taking personal calls, playing computer games during working hours, or other potentially harmful behaviors. It is important to set clear guidelines by your actions. It is also important to follow those guidelines daily so that they are considered the ‘norm’ by the employees.
- Oftentimes our actions go unnoticed by others. When promoting a strong ethical culture you cannot afford your attitude and values to go unnoticed. Some ways of making sure your attitudes and values are visible are: Successories posters (values, teamwork, etc.) Sign stating “Customer is always right” Donating to a certain cause, and informing employees about it Publicly thanking employees for ethical actions Your personal values will show through to your employees. Don’t be afraid to display your beliefs in your office, or other appropriate places in the company. Examples Picture of you with family Sponsoring a team for a cancer walk Allowing employees time off for their children’s school events
- Small businesses have the ability to be very flexible. As a new company you will face many situations for the first time. It is an opportunity to decide how to deal with each new situation. Not all things can be planned for and it is your responsibility to handle unique situations (employee theft)on an individual basis and possibly make a policy for a situation which may arise again (funeral leave).
- As small companies become successful, large companies take note. If they feel it is a profit worth having, they will engage in competition. Small businesses have the ability to respond quickly due to fewer levels of bureaucracy. Due to fewer resources people in small business are accustomed to finding alternatives and tend to be more creative and innovative out of necessity.
- First principles : basic ideas about what constitutes right behavior In questionable situations it may be necessary to formally consider the situation and options available. The format for doing this is presented in the next several slides.
- These four questions are design to start you thinking about your obligations and who is obligated to you. You and your company do not operate in a vacuum. Consider Employees Customers Suppliers The community in which you operate Organizations you support
- The distributive view is a short term view. It considers a situation as a pie split among people. The more I eat, the less there is for you This is not the best way to run a company if you want to be in business in the long term.
- The Integrative view involves thinking long term. It has been shown to be a more profitable and positive approach. Steps are outlined on the next slide.
- Utilitarianism : an ethical model that supports seeking the greatest good for the greatest number of people Universalism : an ethical model that suggests that there is a code of right and wrong that everyone can see and follow Golden Rule : an ethical rule which suggests you treat others in the manner you wish to be treated Billboard principle : an ethical model that asks whether someone would be comfortable having his or her decision and name advertised on a billboard for the public to see
- While business organizations are the natural place to go for advice, there are many people available at your local college, your church, on your softball team, at your gym, or any other place you spend time, which have valuable information and experience.