BUSN 101 Exam 1 Vocab

Organization

Deliberate arrangement of people who accomplish specific purpose with goals and structures

Entrepreneurial personalities

Discipline, creativity, self awareness, resourcefulness, empathetic, communicative, self motivated

Entrepreneurial Personality Types

Salesperson, Hardworker, Wealth seeker, Fast Learner

Need for Approval

Work often needs to be approved by managers and directors in every organization before it can formally begin or move to the next step

Resource competencies

ability or skill of the entrepreneur at finding expendable components necessary to the operation of the business (Time, Location, Info, Financing and Expertise)

Goal setting

active steps to achieve your desired outcome

Business

activity that provides goods or services to earn profit

Adapt

adaptation from existing products or services

MTE Goals

an endpoint, accomplishment or target an organization wants to achieve in a period of time

Recommendation

analysts view on a company or sector communicated to investors

Competitive advantage

attracting more customers and growing its market share

BRIE

boundary, resources, intention and exchange

Value statement

brief declaration that describes a company's priorities and values

Tagline (or Mantra or Slogan)

catch phrase that summarizes what your brand is about

Put to other uses

challenge yourself to think of all the potential uses for a product or service

Transition point

change in something like change in ownership

Personality

combination of characteristics or qualities that form an individual's distinctive character

Scope

combined objectives and requirement needed to complete a project

Organizational Imperative

concept that a business has its own needs and objectives separate from the needs and objectives of any of the business's other stakeholders

Learned helplessness

condition where individuals elevate negative events in their lives and think the cause of problems are enduring and pervasive personal defects

Boundary

creating a place for your business

Cost strategy

cutting cost to a minimum possible levels in order to provide customers with lower prices and boost their savings

Mission

definition of company's business: who it serves, what it does, and objectives

Intention

desire to start a business

Venture

enterprise or organization in which something is risked in hope to obtaining a reward

Logical fallacies

error in reasoning that occurs when invalid arguments are introduced without any evidence to support them

Scenarios Analogies

estimating the expected value of a portfolio after a given change in the values of key factor take place

Storytelling

explaining your motivations for change and be sure they are consistent with your values and beliefs, reframe your past experience to demonstrate how you can meet new challenges

Feasibility

extent which an idea is viable and realistic which you are aware of internal and external forces that could affect your business

Profit

financial reward that comes from running a business

Problem solving

finding a solution to an issue

Family owned business

firm in which one family owns a majority stake and its involvement in the daily management of business accounts for 64% of the U.S

Entrepreneurial Intelligence

focus and awareness

Policy statement Issue

focus on specific issue and should state the organization's position on the issue

Claim

formal notice of truth of something

Creativity

generation of new ideas

Brainstorming

group discussion to produce ideas or solve problems

Combined abilities

having two or more skills or abilities and using them to solve an issue

Epistemology

how do you know it is true branch of philosophy deals with the sources of knowledge

Strategic decision

identifying the best way to achieve goals and objectives

Enterpriser

individual who engages in activities to serve their purpose

Networking

interacting with others to exchange info and develop professional or social contacts

Achievement

is this challenging?

Happiness

is this enjoyable to you?

Role conflict

kind of problem that arises when people have multiple responsibilities such as parent and boss

Commitments

level of commitment an employee has towards his or her tasks assigned

Deductive reasoning

logical process in which a conclusion is based on the concordance of multiple premises that are generally assumed to be true

Inductive reasoning

logical thinking that combines observations with experiential info to reach a conclusion

Decision making

making choices and gathering info

Differentiation

meeting customers needs in a unique way

Entrepreneurial alertness

mental model that drives entrepreneurial teams and process internal and external info to identify entrepreneurial opportunities

Hook

message or tagline that attracts customers attention to take action in company

Focus strategy

method of developing, marketing and selling products to a niche market

Resource

money, product, knowledge that make up the business

Exchange

moving resources/products or services in exchange for money

Ambidextrous thinking

one who is curious and can think creatively and critically able to access both side of their brain

Prioritizing

order of importance so that one can deal with most important before others

Vision statement

organization's declaration of its goals and what they want to become in the future

Imitative strategy

overall strategic approach in which the entrepreneur does more or less what others are already doing

Entrepreneur

people who risk their time, money to start a business, Achieves goals through Problem solving + Decision making

Stakeholder

person or group that has an interest to invest and decision making and actions of the business, organization or project

Strategy

plan or action designed to achieve a main goal

Combine

possible combination that results in something completely different

Pilot test

preliminary run of a business, sales effort, program with the goal of assessing how well the overall approach is

Succession plan

process of identifying the critical positions within your organization and developing action plans for individuals to assume those positions

Theory

proposed laws or principles that can be used to describe markets, competition, innovation and culture

Structure Warrant

proprietary instruments issued by a third-party issue that give holders the right buy or sell the underlying instrument in the future for a fixed price

Screening ideas

questions: what is your product? What needs of your customer does your product address? Is your technology unique?

Purpose

reason for the company and what they do that makes them stand out from others

Iterative analysis

repeating a process with the goal of improvement and refinement

Appreciative Inquiry

represents positive and collaborative techniques to improve leadership and implement organizational change

Entrepreneurial mindset

resilient, resourceful solutions to create something

Eliminate

search for opportunities that arise when you get rid of something

Professionalization

seeking to become publicly recognized as professions according to the degree top which they meet the criteria

Imposter syndrome

self doubt of intellect, skills or accomplishments among high achieving individuals

Disposition

set of personality characteristics that generally remains stable in nearly all situations such as person's temperament, character or way of seeing the world

Elevator Pitch

short, persuasive speech that you use to spark interest in what your organization does

Situational limitations

situations where one is temporarily unable to access info

Determination competencies

skill identified with the energy and focus needed to bring a business in existence

Opportunity competencies

skills necessary to identify and exploit elements of the business environment that can lead to profitable and sustainable business

SME

small and midsize enterprises

Conceptual blocks

some of the concepts that prevent a person from solving problems creatively, they are either pre established methods or routines

Entrepreneurial alertness

special set of observational and thinking skill that help entrepreneurs identify good opportunities

Value Proposition

statement that clearly identifies the benefits of a company's product and services will deliver to its customers

Organizational Behavior

study of individuals, groups and organizations interact and influence one another

SCAMPER

substitute, combine, adapt, magnifying, put to other uses, eliminate, and rearrange

Magnify

taking an existing product and changing its appearance or adding more features

Incremental strategy

taking an idea and offering way to do something better than it's already done

Goals

the endpoint wanted to achieve

Cognition

thought process that reveals what and how you think, significantly influencing what you are likely to do

Basic business competency

time, location, information and financing

Rearrange

to inspire new ideas changing

Time Management

using time productively

Ontology

what is true set of concepts within a domain and the relationship that hold between them ; the science/study of what is true: Observe, see, copy Try or test it out Prove it works conceptually Just believe

Substitute

what might substitute something else to form an idea

Idea trigger

what opportunities can you think of that come as a result of substituting something that already exists

Ask

when you ask investors or customers to buy into your business or product and they do

Legacy

will this be enduring?

Significance

will this make a difference in the world?