is a goal-directed, deliberately-structured group of people working together to provide specific good and services.

Management

  - Focus on maximizing organizations’ financial performance

  - The dominant approach in the past century

Management

  - Focus on maximizing financial performance via sustainable development

    (________ refers to financial, social, and ecological well-being)

  - Dominant approach over past twenty years

Management

  - Focus on socio-ecological well-being ahead of maximizing financial

  - Poised to become dominant approach in future (especially among Millennials)

refers to an economic system based on rewarding entrepreneurs for profitably combining resources in ways that create valued goods and services.

uses the tools of mathematics, statistics, and other quantitative techniques to inform management planning, decision-making, and problem solving (e.g., break-even analysis; forecasting projections, inventory-modeling, linear programming)

Suggests that the best way to manage a specific organization depends on, and is determined by, identifying the optimal fit between its structure, culture, environment, technology, and strategy.

Is a written document that describes the key features, action, structure, and proposed new organization that is designed to take advantage of an entrepreneurial opportunity.

Four steps of entrepreneurial process that Even among prize-winning plans, only 30% are put into action (maybe due to a better idea, or lack of entrepreneurial qualities or financing)

is the most basic of all managerial functions which involves two major activities:  Formulating and Implementing Strategy.

refers to the combination of goals, plans, and actions that are designed to accomplish an organization’s mission.

refers to the analysis and decisions that are necessary to formulate and implement strategy.

describes what an organization is striving to become, and thus provides guidance to organizational members.

on-going purpose of organization that identifies the fundamental purpose of an organization, and often describes what an organization does, whom it serves, and how it differs from similar organizations.

are conditions in the external environment that have the potential to help managers meet or exceed organizational goals.

refers to the extent to which conditions make it easy for other organizations to enter or compete in a particular industry.

refer to outcomes to be achieved by an

       organizational department, workgroup or individual member.

describe in advance how managers will respond to possible future events that could disrupt existing plans.   

refers to using insights from an organization’s actual strategy to improve its intended strategy.

A consequential utilitarian moral point of view, where an action’s rightness (and limiting its wrongness) is measured by its effect on the net overall happiness for everyone involved.

The idea of an Invisible hand which suggests that the good of a community is assured when every individual is permitted to pursue their own self-interests.

Sustainable development means “meeting the needs of the present generation without compromising the ability of of future generations to meet their needs” (i.e., the focus is on reducing negative, rather than enhancing positive, externalities)

A virtue ethics moral point of view, which focuses on how happiness is achieved by practicing virtues in community.

Managers focus on optimizing social and ecological well-being, while ensuring organizations remain financially viable (i.e., SET management does not focus on maximizing financial well-being)

Monopreneurs – develop viable organizations but small ones only

Growth-oriented – intention to grow a new organization into a large and influential force in their industry

Micropreneurs -  start a viable organization for lifetime

Serial – start many organizations

a good example of Political Environment is Taxation Policy.

an example of Economic external environment is income distribution.

Structuration theory explains how organizations are created, maintained and changed by the interplay between their structures and the actions of their members.