BUS 111 ch 2 Powerpoint Review

Create a____________ gather an _____________, or a_____________

1 family council, 2. advisory board, 3. formal board of directors for advice.

Entrepreneurial Teams 1. Most teams are family-related. 2. When assembling a team, work out key issues ahead of time.

1. They know/trust each other. 2. Pick good team members for a strong organizational culture.

1. Women choose? 2. Men are? 3. Women want?

1. Women choose service industries with lower sales levels, while men choose construction and financial industries, with higher sales. 2. Men are motivated more by money and women more by flexibility. 3. Women want less risk, which are also the firms with lower returns.

The______________ stage may include ____________________.

1. resource maturity 2. micro-commitments.

AFT

A strong unit can be effective with quick decision making. Families are a source of funds and personnel. They also tend to raise future entrepreneurs.

A second challenge is keeping personal finances out of the business.

Don't risk all of your retirement nest egg.

A particular challenge is the difficulty of the do-it-yourself approach.

Get plenty of advice and consider subcontracting difficult tasks to other firms.

Both women and minorities face access issues, most often in financing.

On solution are set-asides from big companies and the government, and certification proves the firm is minority or women-owned. The second solution is making extra efforts to network.

The Five Ps of Entrepreneurial Behavior

Passion. Perseverance. Promotion- Prevention Focus. Planning Style. Professionalization.

Minority-owned firms has also grown explosively.

Public and private initiatives have helped level the field.

Rarely Mentioned Rewards

Recognition- To achieve something and get recognition for it. Admiration- To be respected by my friends Power- To lead and motivate others. Family- To continue a family tradition

Two challenges are (role conflict) and (time management).

Reduce role conflict by keeping family issues out of the business. A basic method of time management is to make a list, prioritize that list, then delegate tasks - repeat daily and strategize weekly.

Reactive planners

are passive, the environment determines actions.

Flexibility rewards

are perhaps the most rapidly growing type of reward

Income rewards

are the money made from owning your own business

A firm's growth is predictable, as in a?

business life cycle.

Slack resources

can be put back into the firm if needed.

Growth rewards

come from facing and beating or learning from challenges.

Successful entrepreneurs exhibit business-related expertise, called

competencies.

Intention reflects determination, or__________ , shown through focus and choices.

determination competencies

Habit-based planners

do not really plan, they just have a routine. Reactive and habit planners generally do very poorly in business.

Existence

finds the firm in operation, but not yet stable.

The____________ is an issue at this stage

liability of newness

1/3 levels of professional professionalization. Expert business professionalization

occurs when most aspects of the business meet or exceed the industry's standard.

3/3 levels of professional professionalization. Minimalized business professionalization

occurs when none of the aspects of the industry standard appear in the business.

2/3 levels of professional professionalization. Specialized business professionalization

occurs when one or two aspects of the business are at this level.

Exchange, or 'making sales,' uses?

opportunity competencies.

This is a problem behavior called?

perseveration.

Critical-point planners

plan first, act on it, then consider more planning.

Performing at that level or better is termed?

professionalization.

The ___________ stage occurs once the firm is established in its market.

success

Lack of a clear__________ plan could end a family business.

succession

Comprehensive planners

take a long-term view and act on their plans.

Aspects of an entrepreneur's behavior, their way of looking at and thinking about themselves and their world is called__________, visible in their __________.

1. cognition- A person's way of perceiving and thinking about his or her experience. 2. actions- The visible behavior a person takes.

There is no one pattern of ___________ or ____________.

1. entrepreneurial behavior 2. entrepreneurial type

Firms with a majority family ownership are a____________ and they employ ____________ of America's total workforce.

1. family business 2. 58%

An entrepreneur's _________both increases their commitment to the firm, and inspires key ___________ like potential investors or employees.

1. passion 2. stakeholders

A special group of entrepreneurs are? Related are?

1. second career entrepreneurs. 2. veteran entrepreneurs.

Women-owned businesses are a large sector of U.S. firms, yet they account for only __________ of national small business revenue.

4.3%

Passion is displayed in three ways:

By looking at the challenges of the business in a creative way. By being persistently focused on the business. By being absorbed by the tasks and concerns of the business.

Loss of confidence is another challenge.

Take time to recoup and then start networking.

They should have passion for:

The mission. The team. Innovation. Fairness.

Occasionally mentioned rewards

Wealth: To have a chance to build great or a very high income. Product: To develop an idea for a product

Workers are taking generous offers to retire early, due to ___________, and using the money to start their own business.

downsizing

One other approach to thinking about the entrepreneurial personality is the idea of the?

entrepreneurial mindset.

There are literally hundreds of ways to think about?

entrepreneurial personalities

successful entrepreneurial behavior leads to the creation of a new firm that meets the?

goals of the entrepreneur

There is also____________ that uses a particular kind of skill.

industry-specific knowledge Ex's A mechanic. A cook.

The________ stage occurs if the firm has a period of exceptional growth.

takeoff

Perseverance

is best thought of as a type of learned optimism and one of the most powerful contributors to entrepreneurial success.

promotion focus

is intent on maximizing gains. Yields results in richer, dynamic, environments or industries.

Emergence

is when a person takes steps to start a business.

The BRIE model's boundary uses________________ to create the boundary.

key business functions

The danger is to keep trying the same action repeatedly without?

learning.

Resources lead to specific__________ , or the ability to procure raw materials.

resource competencies

Every industry has an average called a?

standard business practice.

Opportunistic planners

start with a goal and look to achieve it.