Entrepreneurship - Chapter 1
public entrepreneurship
the form of entrepreneurship that involves revitalizing government agencies
corporate entrepreneurship
the form of entrepreneurship which takes place in existing businesses around new products, services, or markets
ecommerce
the general term for conducting business on the internet
owner-manager
the individual who owns and runs a business
small and medium enterprise
the international term for small businesses
focuses of entrepreneurship
the key directions the organization intends to pursue
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
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
glamorous sector
Consists of firms with high growth and high innovation. These are among the most visible firms in the media.
independent small business
a business owned by an individual or small group
incubator
a facility which offers subsidized space and business advice to companies in their earliest stages of operation
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 (i.e. efficiency) is a major goal
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
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 government 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
entrepreneurship
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 franchisor
virtual instant global entrepreneurship
a process that uses the internet to quickly create businesses with a worldwide reach
PICS Model of Entrepreneurship
an acronym for the four forms of entrepreneurship - Public, Independent, Corporate, and Social
novelty
characterized by being different or new
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
high-growth venture
firms with exceptionally high innovativeness and growth rates making them candidates for possible venture capital funding.
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
small business development center
offices co-sponsored by states and the federal government that offer free or low-cost help to existing and potential small businesses
founders
people who create or start new businesses
buyers
people who purchase an existing business
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
flexibility rewards
the ability of business owners to structure life in the way that suits their needs best
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
efficiency
the entrepreneurial focus which refers to doing he most work with the fewest resources
independent entrepreneurship
the form of entrepreneurship in which a person or group own their own for-profit business.
social entrepreneurship
the form of entrepreneurship involving the charitable and civic organizations, or for-profit organizations which invest significant profits in charitable activities
creative destruction
the way that newly created goods, services, or firms can hurt existing goods, services, or firms
self-employed
working for yourself
income rewards
the money made by owning one's own business