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

 


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 earned.”
NOTE: what is effective is not necessarily efficacious, and what is efficacious is not necessarily efficient.
See also: efficiency, efficacy


Effectivity - definition

Effectivity – rare usage, synonym to effectiveness.
See also: efficiency, 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.
NOTE: what is effective is not necessarily efficacious, and what is efficacious is not necessarily efficient.
See also: effectiveness, efficiency


Efficiency - definition

Efficiency is doing things in the most economical way (good input to output ratio).
NOTE: what is effective is not necessarily efficacious, and what is efficacious is not necessarily efficient.
See also: effectiveness, efficacy


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.


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


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


Mentor - definition

Mentor was a friend of Odysseus.  Mentor was put in charge of Odysseus's son and palace when Odysseus left for the Trojan War.  For 20 years Mentor successfully protected Odysseus's wife from the insistant noblemen that courted her.  Mentor also brought up Telemachus, the son of Odysseus, to an esteemed Greek hero.
Nowadays, mentor is used as synonymous of preceptor.  The mentor is supposed to reveal and develop the leadership potential of his disciple.
See also: coach, personal consulting


Mentoring - definition

Mentoring is a process of directing, instructing and training one or more individuals to develop specific skills and knowledge.  Mentoring is a synonym of coaching, but the mentoring focuses more on the ideological development of the trainee.
See also: coaching, personal consulting


Mission statement - definition

The mission statement should be an inspiring message answering the question: "How do we intend to win in this business?" (definition of Jack Welch, former   General Electric CEO 1981-2001).
Unlike vision, the mission is aimed more towards the external environment (clients, suppliers) than to internal ones (employees).
In our view, many authors are wrong to believe that the mission describes the business you are involved in, the organization, its customers or the purpose for which the company exists (the latter is the task of the vision).  As a result, most mission statements are hollow messages known only to their creators and do not fulfill their basic purpose to inspire and guide.
See also: Vision statement


Motivation - definition

Motivation is the activation or energization of goal-oriented behavior. Another short explanation - motivation is to do something willingly. Motivation consists of internal and external to the individual forces. These forces cause a certain behavior and determine the intensity, appearance, duration and direction of that behavior. By its nature the motivation is temporary and dynamic state that should not be confused with personality and emotions.


Outsourcing - definition

Outsourcing is subcontracting a service, for instance T-shirt manufacturing, to a third-party company.  The decision whether to outsource or to do inhouse is usually based upon reducing cost, focusing manpower energy on the core competencies of a particular business, making more efficient use of labor, capital, information technology or land resources.  It is essentially a division of labour.  Outsourcing became popular during the 1980s.


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