Chapter 3
habitual entrepreneurs
(type of entrepreneur) owners for a lifetime, sometimes in one business, sometimes across many
career
lifelong series of jobs or occupations
growth entrepreneurs
(type of entrepreneur) also lifetime owners, their goal is major success and if they top out with one business they'll start another
spiral, or helical entrepreneurs
(type of entrepreneur) alternate periods of growth and stability which are determined by personal or family needs
Harvest entrepreneurs
(type of entrepreneur) owners with an exit plan. work first in order to play later, they build companies, harvest the money, then make another company
occasional entrepreneurs
(type of entrepreneur) people who generally have another job that is their primary one. pursue entrepreneurship periodically
competencies
forms of business-related expertise
role conflict
when people take more than one role and the responsibilities of those roles make different demands on the people
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What percentage of U.S. family owned businesses are expected to face the retirement or semiretirement of their CEO within the next five years?
key business functions
activities common to all businesses such as sales, operations, accounting, finance, and human resources
standard business practice
business action that has been widely adopted within an industry or occupation
certification
examination based acknowledgement that the firm is owned and operated as specified
professionalization
extent to which a firm meets or exceeds the standard business practices for its industry
set-asides
government contracting funds which are earmarked for particular kinds of firms, such as small businesses, minority-owned firms, women-owned firms and the like
time management
organizing process to help make the most efficient use of the day
late career entrepreneurs
people who begin their business after having retired or resigned from work in corporations at age 50 or later
expert business professionalization
situation that occurs when all the major functions of a firm are conducted according to the standard business practices of its industry
specialized business professionalization
situation that occurs when businesses have founders or owners who are passionate about one or two of the key business functions, such as sales, operations, accounting, finance, or human resources
minimalized business professionalization
situation that occurs when the entrepreneur does nearly everything in the simplest way possible
determination competencies
skills identified with the energy and focus needed to bring a business into existence
opportunity competencies
skills necessary to identify and exploit elements of the business environment that can lead to a profitable and sustainable business
resource competencies
ability or skill of the entrepreneur at finding expendable components necessary to the operation of the business such as time, information, location, financing, raw materials, expertise
industry-specific knowledge
activities, knowledge, and skills specific to business in a particular industry
family
these type of businesses are 1/3 of the S&P 500