Business Roles Flashcards

Questions and Answers

What percentage of all businesses fail?

75% (correct)

85%

50%

65%

What percentage of failures are due to management issues?

65%

What happens in the early phases of a startup?

You will do everything, as the business grows you will need to hire more.

What does CEO stand for?

Chief Executive Officer Signup and view all the answers

What are the key responsibilities of a CEO?

Setting strategy and direction, creating and living the organization, hiring the executive team, making important operational decisions. Signup and view all the answers

What does CTO stand for?

Chief Technology Officer Signup and view all the answers

What is the role of a CTO?

CEO's right hand person, design and generate the product launch, coding and developing the company's product. Signup and view all the answers

What does a Product Manager-Director do?

Shows the target market the company's product, predicts customer needs, builds product marketing objectives and strategies. Signup and view all the answers

What tasks does a Developer perform?

Code, design, test, debug software, and work closely with CTO and Product Managers. Signup and view all the answers

What is the role of an Operations Manager?

Making sure everyone is on task, planning and reviewing logistics, HR, and overall service. Signup and view all the answers

What does CMO stand for?

Chief Marketing Officer Signup and view all the answers

What does the CMO do?

User acquisition, lead generation, all marketing communications, brand position/identity. Signup and view all the answers

What does CFO stand for?

Chief Financial Officer Signup and view all the answers

What are the responsibilities of a CFO?

Preparing budgets, monitoring expenditures, analyzing and reporting the company's financial data. Signup and view all the answers

What does a VP of Sales do?

Prospecting and closing sales, creating a sales strategy, training and managing sales reps. Signup and view all the answers

What does CSM stand for?

Customer Success Manager Signup and view all the answers

What is the role of a CSM?

Gives customers an experience beyond their expectations, helps customers see value in the product quickly. Signup and view all the answers

What are effective avenues to search for candidates?

Professional networks and professional search organizations. Signup and view all the answers

What are important hiring qualifications?

Knowledgeable and skilled, interview for chemistry, trust, learning ability. Signup and view all the answers

What is the goal of a business?

Build a team that will reach the goal. Signup and view all the answers

Who are executives?

Senior level positions in charge of an entire organization or large department. Signup and view all the answers

What is the role of an executive assistant?

A person whose job is to help an executive or important manager do their work. Signup and view all the answers

What is the role of managers/supervisors/directors?

Mid level management assigned and overseen by executives. Signup and view all the answers

What are operational roles?

Marketing specialist, business analyst, HR personnel, accountant, sales rep. Signup and view all the answers

Who are stockholders?

Owners of a corporation who elect the board of directors. Signup and view all the answers

What is the board of directors?

A group of 5-30 people who oversee the corporation. Signup and view all the answers

Study Notes

Business Failure Statistics

75% of all businesses fail within the first few years.
65% of business failures are attributed to management issues.

Startup Phases and Responsibilities

In the early stages of a startup, founders typically take on all roles; as the business grows, hiring becomes necessary for specialization.

Key Executive Roles

CEO (Chief Executive Officer):
- Acts as the visionary leader of the organization.
- Responsible for setting strategies and long-term plans, hiring executives, and making major operational decisions.
CTO (Chief Technology Officer):
- Serves as the CEO's primary technical advisor.
- Focuses on product design, coding, launch strategies, and technical development.
CMO (Chief Marketing Officer):
- Oversees user acquisition, engagement, brand identity, and all marketing communications.
CFO (Chief Financial Officer):
- Manages financial planning, budgeting, expenditures, and company performance analysis.

Product and Sales Management

Product Manager/Director:
- Identifies target markets, researches customer needs, sets product marketing objectives, and tests market ideas.
VP of Sales (Rainmaker):
- Focuses on closing sales, recruiting and training sales reps, and managing sales strategies.

Customer Success and Operations

CSM (Customer Success Manager):
- Ensures customer satisfaction, builds workflows between departments, and aids in implementation and onboarding.
Operations Manager:
- Maintains organizational structure, oversees logistics and HR, and manages contingency planning.

Hiring and Team Building

Effective recruitment includes leveraging professional networks and search organizations.
Ideal candidates should possess knowledge, skills, adaptability, and a willingness to learn.

Company Structure

Executives: Include positions like CEO, COO, CFO, and CMO; responsible for overall management of the organization.
Managers/Supervisors/Directors: Handle mid-level management, overseen by executives with assigned responsibilities.

Governance and Ownership

Stockholders: Owners of the corporation who elect the board of directors and vote on significant matters.
Board of Directors: Composes of 5-30 members who oversee corporate governance, executive decisions, and major policies.

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Description

Test your knowledge on essential business roles and terminology with these flashcards. Each card provides definitions and key statistics relevant to management and operations. Perfect for anyone looking to enhance their understanding of business structures and leadership roles.