Entrepreneurship ch. 3

ISO 14001 certification

A certification awarded to organizations for creating and implementing an environmental management system that meets the requirement of the International Standards Organization.

Task Environment

A part of the external environment made up of those components that the firm deals with directly such as customers, suppliers, consultants, media, interest groups, and the like.

Handling a Crisis

Admit you're in trouble - quickly Get to the scene as soon as possible Communicate facts you know Have one person serve as the firm's spokesperson Separate crisis management from the everyday management of the firm Deal with the crisis quickly

BATNA

An acronym for "Best Alternative To a Negotiated Settlement" in which the second-best outcome is identified by the parties in a negotiation to help clarify the value of achieving a successful negotiation.

Baldrige Award

The Malcolm Baldrige National Quality Award is given by the U.S. government to businesses and nonprofit organizations that have been judged outstanding in seven measures of quality leadership; strategic planning; customer and market focus; measurement, analysis, and knowledge management; human resource focus; process management; and results.

external relations

The general description for the processes and skills used in the management of a firm's interactions with people, organizations and institutions outside of its boundary.

internal environment

The people and groups within the boundary of a firm, including the owners, managers, employees, and board members of the firm

general environment

a part of the external environment made up of sectors of major forces that shape the people and institutions of the task and internal environments - economic and demographic sector

ethical dilemma

a situation in which you have to decide whether to pursue a course of action that may benefit you or your organization but that is unethical or even illegal

entrepreneurship ecosystem

a specific configuration of the environment that reflects the components that are most central to developing a strong and active community of start-up businesses

billboard principle

asks whether someone would be comfortable having his decision and name advertised on a billboard for the public to see.

social capital

characteristics of a business (trust, consistency, and networks) that represent potential social obligations that are assets of the firm

organizational identity

composed of the name, description, and distinctive elements of a firm, such as trademarks, uniforms, logos, characters and stories part of the BRIE model

Corporate Entrepreneurship

entrepreneur, innovative individuals who are employed by others -- develop new businesses, products, services, or processes inside of an existing org.

four philosophies when thinking through alternatives

golden rule, utilitarianism, universalism, billboard principle

sustainable entrepreneurship

identifies or creates and then exploits opportunities to make a profit in a manner that minimizes the depletion of natural resources, maximizes the use of recycled material, improves the environment, or any combination of these outcomes Green entrepreneurship

social entrepreneurship

new charitable and civic organizations -- environmental issues

Independent Entrepreneurship

self-employed founders of firms

mutuality

the action of each person helping another

legitimacy

the belief that a firm is worthy of consideration or doing business with because of the impressions or opinions of customers, suppliers, investors, or competitors

External Environment

the forces, institutions and people outside the boundary of the firm

environment

the sum of total forces outside of entrepreneur firm

bootstrapping

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