Entrepreneurial Small Business Ch.1

Occupation

The type of activity a person does regularly for pay.

Creative destruction

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

Lifestyle or part-time firm

A small business primarily intended to provide partial or subsistence financial support for the existing lifestyle of the owner, most often through operations that fit the owners's schedule and way of working.

Forms of entrepreneurship

The settings in which the entrepreneurial effort takes place.

Ecommerce

The general term for conducting business on the internet.

Factor-driven economy

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

Buyers

People who purchase an existing business.

Flexibility rewards

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

Independent small business

A business owned by an individual or small group.

Owner-managed firms

A business run by the individual who owns it.

Traditional small business

A firm intended to provide a living income to the owner, and operating in a manner and on a schedule consistent with other firms in the industry and market.

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.

Small Business Administration

A part of the US gov. which provides support and advocacy for small businesses.

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.

Self-efficacy

A person's belief in his or her ability to achieve a goal.

Franchise

A prepackaged business bought, rented, or leased from a company called a franchisor.

Effectuation

An approach used to create alternatives in uncertain environments.

Firm

An organization that sells to or trades with others.

Novelty

Characterized by being different or new.

Imitative

Characterized by being like or copying something that already exists.

Necessity driven entrepreneurship

Creating a firm as an alternative to unemployment.

Opportunity driven entrepreneurship

Creating a firm to improve one's income or a product or service.

Crowdfunding

Funding a business online thorough the collective involvement of others who provide donations, loans, or investments.

Overall growth strategy

One of four general ways to position a business based on the rate and level of growth entrepreneurs anticipate for their firm.

Founders

People who create or start a new businesses.

Serial Entrepreneurs

People who open multiple businesses throughout their career.

innovativeness

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

Crowdsourcing

Techniques often based on internet based services to get opinions or ideas through the collective involvement of others.

Mindshare

The degree of attention your target market pays to your idea or organization.

Innovation

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

Creation

The entrepreneurial focus which looks at the making of new entities.

Customer focus

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

Efficieny

The entrepreneurial focus which refers to doing the most work with the fewest resources.

Small and medium Enterprise

The international term for small businesses.

Focuses of entrepreneurship

The key directions the organization intends to pursue.

Income rewards

The money made by owning one's own business.

CSI entrepreneurship

Three forms of entrepreneurship Corporate Social Independent

Bootstrapping

Using low cost or free techniques to minimize your cost of doing business Example: Working from home.

Growth rewards

What people get from facing and beating challenges.

Self-employed

Working for yourself.

Perseverance

The behavior of continued effort to achieve a goal.

Independent entrepreneurship

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

Corporate entrepreneurship

The form of entrepreneurship in which takes place in existing businesses around a new product, services, or markets.

Social entrepreneurship

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

Main Street Business

The idea of a business you would expect to see on the main street of a typical American city.

High-growth venture

A firm started with the intent of eventually going public, following the pattern of growth and operations of a big business.

Efficieny-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.

High-performing small business

A firm intended to provide the owner with a high income through sales or profits superior to those of the traditional small business.

Virtual instant global entrepreneurship

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

Small Business

Involves 1-50 people and has its owner managing the business on day-to-day basis.

Goods or Services

The tangible things (goods) or intangible things (services) created for sale.