Punjab PSEB Matric NSQF Management Entrepreneurship Professional Skills flashcards

32 cards. Read the term and the definition here. The deck at the top of this page is optional.

Management

The process of planning, organising, staffing, directing and controlling resources so that organisational objectives are achieved efficiently through the efforts of other people.

Entrepreneurship

The act of spotting an opportunity, assembling the required resources and accepting the risk of uncertainty in order to create a new venture or new value.

Intrapreneurship

Entrepreneurial behaviour practised by an employee inside an existing organisation, using the employer's resources and bearing limited personal financial risk.

Calculated risk

A decision taken after estimating the probable loss and gain, where the worst-case loss is affordable and the expected reward justifies the exposure.

Locus of control

A person's belief about what causes outcomes: internal means own effort and choices, external means luck, fate or other people.

Divergent thinking

A thought process that widens the search by producing many varied possible answers to an open problem before any judgement is applied.

SCAMPER

A creativity checklist using Substitute, Combine, Adapt, Modify, Put to another use, Eliminate and Reverse to generate variations of an existing product or process.

Innovation

The successful commercial or practical implementation of a new idea, product, process or method, as distinct from merely conceiving the idea.

PESTEL analysis

A scan of political, economic, social, technological, environmental and legal forces in the wider environment that can affect a venture's prospects.

SWOT analysis

A structured comparison of internal strengths and weaknesses with external opportunities and threats, used to diagnose position before choosing strategy.

Business opportunity

A gap between a genuine, unmet customer need and existing supply that a venture can serve profitably with available resources.

Break-even point

The sales volume at which total revenue equals total cost, computed as fixed costs divided by contribution per unit, giving zero profit and zero loss.

Executive summary

The opening section of a business plan, written last, that condenses the concept, market, team, financial requirement and expected returns into one or two pages.

SMART goal

An objective framed to be specific, measurable, achievable, relevant and time-bound so that progress and completion can be verified.

Span of control

The number of subordinates who report directly to one manager, which shapes how many management layers an organisation needs.

Delegation

The assignment of a specific task together with the necessary authority and accountability to a subordinate while the manager retains overall responsibility.

Management by exception

A control practice in which managers investigate only those deviations from standard that exceed a pre-set tolerance, leaving normal results alone.

Marketing mix

The combination of product, price, place and promotion decisions through which a firm serves a chosen target market; services add people, process and evidence.

Market segmentation

The division of a broad market into smaller groups of buyers with similar needs or behaviour, so that offers can be tailored to each group.

AIDA model

A selling sequence that moves a buyer through Attention, Interest, Desire and Action, guiding how a sales presentation is structured.

Accounting equation

The fundamental relationship stating that total assets always equal total liabilities plus owner's equity, forming the basis of the balance sheet.

Double-entry bookkeeping

A recording system in which every transaction is entered twice, as an equal debit and credit, keeping the accounting equation in balance.

Working capital

The funds available for day-to-day operations, measured as current assets minus current liabilities and needed to pay routine expenses.

Trial balance

A statement listing all ledger balances to confirm that total debits equal total credits; it detects arithmetic errors but not every posting error.

Active listening

A communication skill of concentrating fully, avoiding interruption, paraphrasing the speaker's message and confirming understanding before responding.

Communication barrier

Any physical, semantic, psychological, cultural or organisational factor that distorts or blocks a message between sender and receiver.

Grapevine

The informal communication network that carries messages through personal contacts rather than the official chain of command, spreading fast but often inaccurately.

Primary data

Information collected first-hand for the specific project through surveys, interviews, observation or experiments rather than taken from existing published sources.

Sampling

The selection of a manageable subset of a population for study, using a stated method, so that findings can be generalised with acknowledged limits.

Questionnaire pilot

A small trial run of a survey instrument with a few respondents to detect unclear wording, ordering problems and missing options before full administration.

Feasibility study

An assessment of whether a proposed venture is technically possible, commercially viable and financially sustainable before resources are committed.

Pitch deck

A short set of slides summarising the problem, solution, market, business model, team and funding ask, used to present a venture to investors.