Entrepreneurial Small Business

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decline stage

A life cycle stage in which sales and profits of the firm begin a falling trend.

factor-driven economy

A nation where the major forces for jobs, revenues, and taxes come from farming or extractive industries like forestry, mining, or oil production.

Small Business Administration (SBA)

A part of the United States Government which supports an advocacy for small business

pilot test

A preliminary run of a business, sales effort, program, or Web site with the goal of assessing how well the overall approach works and what problems it might have.

entrepreneurial alertness

A special set of observational and thinking skills that help entrepreneurs identify good opportunities; the ability to notice things that have been overlooked, without actually launching a formal search for opportunities, and the motivation to look for opportunities.

PICS Model of Entrepreneurship

An acronym for the four forms of entrepreneurship--Public, Independent, Corporate, and Social.

Public Entrepreneurship

The form of entrepreneurship that involves revitalizing government agencies.

introduction stage

The life cycle stage in which the product or service is being invented and initially developed

maturity stage

The third life cycle stage, marked by a stabilization of demand, with firms in the industry moving to stabilize or improve profits through cost strategies.

independent small business

a business owned by an individual or small group

career

a lifelong series of jobs or occupations

niche market

a narrowly defined segment of the population that is likely to share interests or concerns

innovation-driven economy

a nation where the major forces for jobs, revenues, and taxes come from high-value added production based on new ideas and technologies and from professional services based on higher education

creativity

a process producing an idea or opportunity that is a novel and useful, frequently derived from making connections among distinct ideas or opportunities

Virtual Instant Global Entrepreneurship

a process that uses the internet to quickly create businesses with a worldwide reach

boom

a type of life cycle growth stage marked by a very rapid increase in sales in a relatively short time

certification

an examination based acknowledgement that the firm is owned and operated as specified

entry wedges

an opportunity that makes it possible for a new business to gain a foothold in a market

incremental innovation

an overall strategic approach in which a firm patterns itself on other firms, with the exception of one or two key areas

Imitative strategy

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

imitative strategy

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

competitor

any other business in the same industry as yours

industry dynamics

changes in competitors, sales and profits in an industry over time

scope

defines the geographic range covered by the market from local to global

high-growth venture

firms with exceptionally high innovativeness and growth rates, making them candidates for possible venture capital funding

novelty

something different or new

flexibility rewards

the ability of business owners to structure life in the way that suits their needs best

resource competencies

the 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, and expertise

self-employed

working for yourself

innovation

focus which looks at a new thing or a new way of doing things

efficiency

focus which refers to doing the most work with the fewest resources

informal capital

funding invested for a share of a firm or given as loans or credit from family, friends, and other businesses used to help start or grow a firm

Small Business

involves 1-50 people and has its owner managing the business on a day-to-day basis

customer focus

the entrepreneurial focus which refers to being in tune with one's market

professionalization

the extent to which a firm meets or exceeds the standard business practices for its industry

degree of similarity

the extent to which a product or service is like another

Corporate Entrepreneurship

the form of entrepreneurship which takes place in existing businesses around new products, services, or markets

owner-manager

the individual who owns and runs a business

role conflict

the kind of problem that arises when people have multiple responsibilities, such as parent and boss, and the different responsibilities make different demands on them

income rewards

the money made by owning one's own business

opportunity competencies

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

focus strategy

strategy that targets a portion of the market

incremental strategy

taking an idea and offering a way to do something slightly better than it is done presently

market

the business term for the population of customers for your product or service

ecommerce

the buying and selling of goods and services over the internet

Creation

the entrepreneurial focus which looks at the making of new entities

industry

the general name for the line of product or service being sold, or the firms in that line of business

small and medium enterprise

the international term for small businesses

focuses of entrepreneurship

the key directions the organization intends to pursue

conversion rate

the measure of how many visitors to your website to you website buy something from your website

economic core sector

the most numerous and most widely available type of firm, also called small business, ranging from low to moderate levels of innovation and growth

time management

the organizing process to help make the most efficient use of the day

licensee

the person or firm which is obtaining the rights to use a particular piece of intellectual property

pure innovation

the process of creating new products or services, which results in a previously unseen product or service

occupational structure

the sequence or organization of jobs and careers in the economy

forms of entrepreneurship

the settings in which the entrepreneurial effort takes place

Creative Destruction

the way that newly created goods, services, or firms can hurt existing goods, services, or firms

glamorous sector

Consists of firms with high growth and high innovation. These are among the most visible firms in the media.

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.

late career entrepreneurs

People who begin their businesses after having retired or resigned from work in corporations at age 50 or later

opportunity recognition

Searching and capturing new ideas that lead to business opportunities. This process often involves creative thinking that leads to discovery of new and useful ideas.

specialized business professionalization

A 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

key business functions

Activities common to all businesses such as sales, operations (also called production), accounting, finance, and human resources.

growth stage

An industry life cycle stage in which customer purchases increase at a dramatic rate.

retrenchment

An organizational life cycle stage in which established firms must find new approaches to improve the business and its chances for survival.

innovative strategy

An overall strategic approach in which a firm seeks to do something that is very different from what others in the industry are doing

licensor

The person or organization which is offering the rights to use a particular piece of intellectual property.

succession

The process of intergenerational transfer of a business

parallel competition

an imitative business that competes locally with others in the same industry

standard business practice

a business action that has been widely adopted within an industry or occupation

scale

a characteristic of a market that describes the size of the market - a mass market or a niche market

mass market

a customer market that involves large portions of the population

incubator

a facility which offers subsidized space and business advice to companies in their earliest stages of operation

family business

a firm in which one family owns a majority stake and is involved in the daily management of the business

imitative

characterized by being like or copying something that already exists

resource constrained sector

consists of firms high in innovation but low in growth rate due to a lack of resources

ambitious firm sector

consists of franchises and multisite firms, with low to moderate innovation and high levels of growth

mindshare

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

founders

people who create or start new businesses

buyers

people who purchase an existing business

determination competencies

skills identified with the energy and focus needed to bring a business into existence

cost strategy

a generic strategy aimed at mass markets in which a firm offers a combination of cost benefits that appeals to the customer

license

a legal agreement granting you rights to use a particular piece of intellectual property

Dynamic Capitalism Typology

a model of an economy categorizing businesses based on their innovativeness and growth rate

Efficiency-driven economy

a nation where industrialization is becoming the major force providing jobs, revenues, and taxes, and where minimizing costs while maximizing productivity is a major goal

royalty

a payment to a licensor based on the number or value of licensed items sold

heir

a person who becomes an owner through inheriting or being given a stake in a family business

Entrepreneur

a person who owns or starts an organization, such as a business

franchise

a prepackaged business bought, rented, or leased from a company called a franchiser

industry analysis

a research process that provides the entrepreneur with key information about the industry, such as its current situation and trends

Expert business professionalization

a situation that occurs when all the major functions of a firm are conducted according to the standard business practices of its industry

Minimalized business professionalization

a situation that occurs when the entrepreneur does nearly everything in the simplest way possible

shake-out

a type of life cycle stage following a boom in which there is a rapid decrease in the number of firms in an industry

industry specific knowledge

activities, knowledge, and skills specific to businesses in a particular industry

Independent Entrepreneurship

form of entrepreneurship in which a person or group own their own for-profit business

social entrepreneurship

form of entrepreneurship involving the creation of self-sustaining charitable and civic organizations, or for-profit organizations which invest significant profits in charitable activities

competencies

forms of business-related expertise

innovativeness

refers to how important a role new ideas, products, services, processes, or markets play in an organization

potential for growth

refers to the potential market size

radical innovation strategies

rejecting existing ideas, and presenting a way to do things differently


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