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Business Concepts

Business Concepts

Business Concepts

Question Description

Directions: Answers must rely on textbook source and at least 3 other outside scholarly/academic sources to support ideas and a minimum of 350 words per question. Must use proper grammar, mechanics and spelling in your response, you have to make use of proper in-text citations and an end-reference “ NO Plagiarism” . Textbook is uploaded and must be used as one source. All Sources besides the textbook provided, must have a direct link to it.


  1. What is the significance of a mission statement? Research the mission statement of your organization or a well-known entity. Does the mission statement accurately answer the questions identified in your textbook that a good mission statement should answer? Here is the organization I work for and their mission statement, “ Ky DreamChasers, Inc.’s purpose is to ensure that all youth, regardless of background or economic position, can benefit from the positive aspects of being a youth athlete. The organization instills positive messages and character in these kids through emphasizing hard work, setting and achieving goals, teamwork, determination, leadership, perseverance, dealing positively with adversity and much more. The organization also creates a positive atmosphere with strong role models that allow kids an alternative to violence, gangs and other negative and self-destructive activities. Most importantly, the organization will help build a community of positive kids. Organization volunteers will bring kids together from different backgrounds into one setting and have them focus on their similarities rather than their differences. All lessons will help participants develop skills that will allow them to be successful in basketball as well as in life. We take time to tutor in various academic subjects, we provide them with travel to tournaments, and college visits to broaden their minds regarding post-secondary education. Overall, the organization hopes to create opportunities that otherwise would not be available to youth due to uncontrollable life circumstances.”
  2. Describe the five functions of management. Which, if any, do you feel is the most important?
  3. How would a sole proprietorship differ from a corporation when performing the five functions of management?
  4. Your textbook identifies three levels of management. Do you feel that any one is more important than the other?
  5. If you were to create a business, what type of leadership style would you embody? Provide a real-world example of this type of leader and describe why this style was successful for him/her.

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