101 Things I Learned® in Business School (Second Edition)

Consultative decision-making hybridizes the preceding models. It is an authority-based model in which managers solicit input from the affected before making decisions. It is valued for allowing diverse voices while yielding clear, final decisions for which one party is accountable.

Span of control is the number of employees reporting directly to an individual. The ideal span for a department or organization depends on the abilities of managers and workers, the nature of the work being done, and the similarity or divergence of tasks. Highly repetitive processes such as manufacturing can have a very large span, while creative b

Plastic, for example, is a common product or ingredient substitute for metal, glass, and ceramics, and thereby competes with them. Grocery stores providing take-out food are convenience substitutes for traditional fast-food restaurants. Even a clothesline is a substitute competitor for a clothes dryer.

Government-owned businesses exist to serve universal interests. For example, it is of universal interest to have safe water; thus, a government entity might operate a water and sewer utility. Some government businesses began as private sector businesses. Fire departments were once private businesses serving paying subscribers. But because a burning

“If your thinking is sloppy, your business will be sloppy. If you are disorganized, your business will be disorganized. If you are greedy, your employees will be greedy, giving you less and less of themselves and always asking for more.” —MICHAEL

What does the audience need? Do they need information or inspiration? Do they need the next increment in their learning, or an expansive presentation that goes far beyond their current knowledge? And among the new material, what is the single, crucial takeaway?

Patent: a protection granted by the USPTO allowing an inventor to exclude others from making, using, offering for sale, or importing the same invention.

Quality, price, service: pick two.

When the prices of some luxury or prestige items have been lowered, demand for them has fallen due to consumers perceiving reduced cachet.

Limited liability company: A hybrid type of ownership that combines some of the simplicity and tax flexibility of sole proprietorships and partnerships with the personal liability advantages of corporations. Corporation: A business