Human Resources Management for Entrepreneurs

This is the management process that consists of all the activities involved in acquiring, developing, and compensating the people who do the work of the small business.

• Organizational Management

• Industrial Management

• Human Resources Management

• Authority Management

During the initial startup of the new business venture, who will be responsible for the human resources management function of the new business?

• the entrepreneur

• the accountant

• the personnel department

• the venture capitalists

What can happen if the employees of the new business are unhappy and unmotivated?

• The business could make more money.

• The business could lose money and fail.

• The business could make customers happy.

• The business could borrow more money.

This is the management function of arranging people, activities, and resources to accomplish the goals of the small business.

• Organizing

• Investigating

• Inspecting

• Planning

These are the most important resource of any small business.

• suppliers

• employees

• vendors

• consultants

As the business grows and expands, who will ultimately determine the success or failure of any small business.

• retailers

• vendors

• employees

• consultants

Entrepreneurs must delegate responsibility, or the duty, for completing assigned tasks. When it comes to delegation, which of the following is a FALSE statement?

• Assigned tasks must be clearly identified so that everyone will know exactly what they are responsible for.

• There should be no questions about who is responsible for each task.

• Authority is delegated from the top of the small business to others at lower levels.

• One person really can do everything if they just work hard enough.

This is the right to make decisions about assignments and how they will be accomplished.

• Organizing

• Leading

• Authority

• Planning

The obligation to accept responsibility for the outcomes of assigned tasks.

• Accountability

• Employee Empowerment

• Unity of Command

• Organization Chart

Means that no employee reports to more than one supervisor at a time or for a particular task.

• Organization Chart

• Unity of Command

• Employee Empowerment

• Accountability