Business Ethics - definition

Business ethics is a form of applied ethics that examines ethical principles and moral problems that arise in a business environment.  It applies to all aspects of business conduct including the conduct of individuals and business organizations as a whole.


Business leader - definition

The Business Leader has the responsibilities that a manager has, but in addition the business leader possess the skills to set challenging goals and to inspire his team members to achieve them, in other words, to create followers. The leader is involved with visioning, inspiring, coaching, energizing, and empowering. Business leaders deal predominantly with behavioral issues. Leaders emerge within the context of the informal organization that underlies the formal structure.
See also: leader, manager


Business Leadership - definition

Business leadership is a process that grows followers and makes them want to achieve the preset organizational goals. The leadership includes activities like visioning, building great teams, rewarding, caring, mentoring, executing, deciding, innovating, inventing future. Leaders carry out this process by applying their leadership attributes, such as ethics, valuesystem, beliefs, character, knowledge, and skills.
See also: leader, business leader, manager


Charisma - definition

Charisma refers to a trait found in persons whose personalities are characterized by a personal charm and magnetism (attractiveness), along with innate and powerfully sophisticated abilities of interpersonal communication and persuation.  One who is charismatic is said to be capable of using their personal being, rather than just speech or logic alone, to interface with other human beings in a personal and direct manner, and effectively communicate an argument or concept to them. The word charisma comes from Greek "kharisma," meaning "gift", "of/from/favored by God/ the devine".


Coach - definition

Coach in business aspect is synonym of mentor, tutor, trainer, master. The coach main objective is to assist his trainee skills growth.  The coach often act as "human mirror" for his clients.
See also: mentor, personal consulting


Coaching - definition

Business coaching is a process of instructing, directing and training an individual or group of individuals to develop specific skills.  Coaching is a synonym of mentoring, but the coaching focuses to greater extend on the practical activities that train and develop the skill.
See also: mentoring, personal consulting


Communication - definition

Communication is a process of information and meaning exchange
See also: communication process


Delegate – definition

In business, to delegate means to award a task, beyond ordinaryones for the given employee, together with the necessary authority to solve it. The task completion ends theauthority.


Dry humor - definition

Humor is presented without a change in emotion or facial expression, usually speaking in a monotonous manner.


Effectiveness - definition

Effectiveness is doing "right" things, i.e. setting right targets to achieve an overall goal (the effect). Peter Drucker claims that effectiveness is a very important discipline which “can be learned and must be learned.”
See post: Effectiveness, Efficiency, and Efficacy


Effectivity - definition

Effectivity – rare usage, synonym to effectiveness.
See post: Effectiveness, Efficiency and Efficacy


Efficacy - definition

Efficacy is getting things done, i.e. meeting targets.  Efficacy is the ability to produce a desired amount of the desired effect, or success in achieving a given goal.  Contrary to efficiency, the focus of efficacy is the achievement as such, not the resources spent in achieving the desired effect.
See post: Effectiveness, Efficiency and Efficacy


Efficiency - definition

Efficiency is doing things in the most economical way (good input to output ratio).
See post: Effectiveness, Efficiency and Efficacy


Emotional intelligence - definition

Emotional intelligence is the ability to identify, assess, and control the emotions of oneself, of others, and of groups


Entrepreneur - definition

Entrepreneur is a person who initiates new business enterprise, at his own expense and risk, with the purpose to make profit.  To be a successful entrepreneur one must find market demand (niche) and develop and sell products or services (or to hire the right people to do the job) that meet this demand.
See article: The Entrepreneur and the Transition to Professional Company Management


Heuristics - definition

Heuristics is a system of techniques, based on experience, for problem solving, learning and discovery.  The most fundamental heuristic is “trial and error”.
Heuristics aims to develop three basic abilities:

  • prompt ability - detection of problems and inconsistencies;
  • discovery ability - how and where to look for possible solutions;
  • practical solution ability- solving problems, transform them into executable plans and programs.

Innovation - definition

Innovation is a new way of doing something or "new stuff that is made useful".  It may refer to incremental and emergent or radical and revolutionary changes in thinking, products, processes, or organizations.  In economics the change must increase value, customer value, or producer value.  The goal of innovation is positive change, to make someone or something better. Innovation leading to increased productivity is the fundamental source of increasing wealth in an economy.
See post:  Innovations in Company Policy


Leader - definition

Leader is someone with clear vision and followers.  Originally leader was used for the head of a political party.
See also: business leader, manager


Lean pravticies - definition

Lean practices are a set of methods and techniques for continuous improvement of product value and cost savings in seven areas: inventory, transportation, movement, production processes, waiting time, overproduction, and defective products.


Manager - definition of a manager

Manager is someone that has the legal power in the official organizational structure and the responsibility for planning, organizing, directing, measuring and controlling the work of a group of individuals towards a preset goal.  Managers deal predominantly with non-behavioral issues.
The semantic meaning of manager is directing people.
See also: business leader, leader


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