Dr. Bell Exam 1

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BATNA

"Best Alternative to a Negotiated Settlement"

Billboard Principle

"Would I be comfortable having my decision and name posted on a billboard for all to see?"

Minority owned firms represent __% of all US businesses

22%

How much __% of all businesses are owned by women?

29%

What came first for new business

42% Decision to start a business 37% Business idea 21% Idea & decision we simultaneous

Second Career Entrepreneurs face 3 challenges

Adjusting to entrepreneurial life. Loss of confidence. Keeping personal finances out of the business.

First step in handling a crisis is

Admit you're in trouble quickly

Key ideas to success in starting small business

Believe you can do it. Plan and act on it. Get help from others. Do good to others as you do well for the business.

Traditional problems facing new ideas

Can't be made economically into a product. Product works, but doesn't appeal to the masses. Product works and has potential to sell, but you need additional funding or resources to be viable.

Opportunity Recognition

Capture of new ideas that lead to business opportunities, involves creative thinking. Researchers believe its the most important entrepreneurial behavior.

FamB Advantages

Communication more effective, decisions can be made easier & quicker. Strong business culture, members make effective decisions. Family members interact both in and outside the workplace. Children gain early experience to develop skills.

What is SCAMPER?

Creative tool to utilize what sets them apart from the competition or come up with new opportunities.

Attempting to make you or your business seem more accomplished or grander than in reality is called?

Customer Aggrandizing

Delegating & Outsourcing advantages/pitfalls

Delegation gets others to do work, it can help you to get more done. Managing the delegated work & people performing it is a key challenge. Outsourcing is paying experts to take on functional task. Outsource anything but the task that makes your firm unique.

Rapid website prototyping process

Deploy. Listen. Revise. Repeat.

Problems with minorities & women

Discrimination Financing Minority business owners pay higher interest rates

Ownership of a portion of the business is called?

Equity

Feasibility

Extent to which an idea is visible & realistic, and to the extent you are aware of internal &a external forces that could affect your business.

Ways to keep being creative.

Give employees time to think of ideas. Positive reinforcement, avoid automatic no. Look to unlikely sources for ideas. Get a room with a view, vary your perspectives.

Positive outcomes that result along the lines of sustainable entrepreneurship are called?

Green Entrepreneurship

Segment of minority business owners

Hispanics 46% Asians 25% African Americans 24%

Conversion Rate

How many visitors on your website actually make a purchase from you.

5 Pitfalls to avoid when trying to be innovative

Identifying the wrong problem. Judging ideas too quickly Stopping with the first idea Failing to get "Bandits on tthe train" and ask for support Obeying rules that don't exist

Small businesses are characterized as

Imitation (Copies)

Type of innovations small businesses develop

Imitative strategy (Do what others are doing) Incremental strategy (Taking idea, doing it better) Opportunity identification process (Judge if market is traditional environment or changing)

Three universally mentioned rewards for small business owners

Income, Flexibility, and Growth

Most common form of help that entrepreneurs seek from their social network?

Information or Advice

Challenges of moving from part time to full time entrepreneurships

Key challenges are mainly financial. Make business plan to assess your financial situation. Move when support from family & previous employer are at their highest. Increase part time hours, till you're working two full time jobs, then quit to devote your full time to your firm.

Benefits of bootstrapping

Making do with little or no money. Keep cost down, do without, barrow instead of buy, buy used of at a discount. Bootstrap expertise by creating an advisory board.

Action of each person helping another is called?

Mutuality

Truly entrepreneurial businesses are characterized as

Novelty (Being different or new)

Working for yourself for 35 or fewer hours a week, is called?

Part time self employment

Creating a negative impression among your employer(s) is called?

Poisoning the well

Intellectual Property

Property coming from some sort of original thought. (Ex. patents, trade secrets, trademarks, copyrights)

Radical innovation strategy

Rejecting existing ideas and presenting a new way to do things differently.

FamB Challanges

Role conflict (keep fam issues out of business) Time management (list, prioritize, delegate, repeat)

What does SCAMPER stand for?

Substitution (Recording device in trash cans for jokes) Combine (Barns & Nobel is bookstore, coffee, & music) Adapt (Book of/month adapted to beer of/month) Magnify or Modify (Adding features to existing products) Put to other use (New uses beyond its primary purpose) Eliminate (Chances that arrive when getting rid of stuff) Rearrange or Reverse (Stimulants for hyperactive people)

Ethical challenges of part time entrepreneurship

Taking business away from your employer (Cannibalizing). Attempting to make you or your business seem more accomplished (Customer Aggrandizing).

Ethical model that suggests that there is a code of right and wrong that everyone can see and follow

Universalism

When & Why Part time entrepreneurship makes sense

When you need to gain basic experience. When you lack resources for a full-time business. When you face a narrow window of opportunity .

Sources for business ideas

Work experience (Owners gain valuable experience). Similar business (Maybe you get idea based on what intrigues you). Hobby or personal interest. Chance happening. Family & friends. Education & expertise (Consulting companies). Tech transfer & licensing (Developed tech, free for citizens to exploit via Licensing) .

Govt, specifications for acceptable use of land & buildings in particular areas is called?

Zoning laws

Sponsored Link

a form of paid advertising that gets your company's website @ the top of a search list

ToE Franchise

a prepackaged business you buy or lease

ToE Self-employed

anyone who works for themelves

Reactive Planners

completely passive, waiting on environment to determine what actions to take, focus entirely short term

5 Planning Styles

comprehensive planners critical point planners opportunistic planners reactive planners habit based planners

Internal Enviorment

consist of owners, employees, and any others owners or board members in the company

CSI Entrepreneur

corporate, social, independent forms of entrepreneurship

BRIE Intention

desire to start a business

Licensing

documented permission from the govt. to run your business

Professionalism

extent to which firm meets or exceeds the industry's standard

Family Business

firm in which one family owns majority stake in Represents 39% of American Business Employs 58% of American workforce

Votatility

frequency of business starts and stops

Crowd Funding

funding a business online through the collective involvement of others who provide donations, loans, or investments

The Small Business Administration categorizes a business as small if

has lower than 50 employees

Innovativeness

how important a role new ideas, products, services, processes, or market play in an organization

Registration

info provided to the govt. concerning the existence of name of, nature of, and contact info for your business

ToSB Small & Medium Enterprise

international term for small business

Social Entrepreneurship

involves creation of self-sustaining charitable organizations, or for profit organizations

Covenants

limitations imposed on your property by your neighborhood group

Comprehensive Planners

long term view, long range plans for business, comfortable with planning

Trade Magazines

magazines that target specific industries & professions

Best practice to use when utilizing online social networking sites?

making it easy for people to contact you

Expert Professionalism

most of the business meets or exceeds the industry's standards

BRIE Exchange

moving resources, goods, or services

Creative Destruction

newly created goods, services, or firms can hurt existing goods, services, or firms

Habit based Planners

no planning since their actions are determined by routines

Minimized

none of the business can meet industry standard

Myths about small businesses

not enough financing. cant start one during a recession. to make profits, you need to make money if you fall, you can never try again Some groups don't have the skills to start one

Undercapitalization

not having enough money available to cover shortfalls in sales or profits

High-Growth Ventures (Start small, but intend to grow)

other people's money focus on marketing & effectiveness want to control market grow when possible market response limits growth delegation is essential human resources professionalized

BRIE Model

outlines factors needed to get a firm going

ToSB Independent Small Business

owned by an individual or small group

Small Business (Usually stay small)

owner's own money focus on sales & efficiency want to control firm grow when necessary loss of control limits growth delegation is difficult human resources personalized

Task Enviorment

part of External Environment; made up of those components that the firm deals with directly. Customers, suppliers, consultants, media, interest groups, and the like.

ToE Hires

people who become owners through inheriting or stake in family business

Second Career Entrepreneurs (1/3 of people who return to work are self employed)

people who begin their business after retiring or resigning from work at 50 or later

ToE Serial Entrepreneurs

people who open multiple businesses

ToE Buyers

people who purchase an existing business

ToE Founders

people who start new businesses

Variance

permission from a govt. organization to act differently that the law states

Independent Entrepreneurship

person/group owns their own for profit business

Critical point Planners

plan around most important parts of a business first, act on it, then consider additional plans

BRIE Resources

product/service offered, info resources on markets and running a business, financial records, human resources

ToSB Owner Managed Firms

run by individual who owns it

Social Capital

set of business characteristics; trust, consistency, and networks that represent potential social obligations

Organizational Culture

set of shared beliefs or basic assumptions that demonstrate how things get done

BRIE Boundary

sets a business up as a firm. (buying, selling, or bartering)

Ethical Dilemma

situation that occurs when a person's values are in conflict, making it unclear which decision is right

Entrepreneurial Alertness

special set of observational & thinking skills that help them identify good opportunities.

Opportunistic Planners

start with goal, look for opportunities to achieve it, very short term

Corporate Entrepreneurship

takes place in existing business around new products, services, markets

Crowd Sourcing

techniques often based on internet based services to get opinions or ideas through the involvement of others

Mindshare

the degree of attention your target market pays to your idea/organization

Reasons for such large minority growth

the growth of racial & ethnic groups within the US Hispanics & Asians represent largest segments

Entrepreneurial Teams

two or more co-owners likely to have more money, time, and expertise

E-commerce

use of the internet to conduct business transactions

Bootstrapping

using low cost or free techniques to minimize your cost of doing business

Specialized

when one or two aspects of business meet or exceed industry's standards


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