Entrepreneurship Chapter 2
Ethical Dilemma
A situation that occurs when a person's values are in conflict, making in unclear whether a particular decision is the right thing to do
Caveat Emptor
a Latin expression which means "let the buyer beware' which has been made into a philosophy sometimes used by businesses to put the burden for consumer protection onto the customer
General Environmnet
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, such as the economic sector or the demographic sector
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
Organizational Culture
a set of shared beliefs, basic assumptions, or common, accepted ways of dealing with problems and challenges within a company that demonstrate how things get done
Ethics
a system of values that people consider in determining whether actions are right or wrong
BATNA
an acronym for est 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
Sustainable Entrepreneurship
an approach to operating a firm or a line of business which identifies, creates, and exploits opportunities to make a profit in a way that can minimize the depletion of natural resources, maximize the use of a recycled material, or improve the environment
Golden Rule
an ethical mode which suggests you treat others in the manner you wish to be treated
Billboard Principle
an ethical model that asks whether someone would be comfortable having his or her decision and name advertised on a billboard for the public to see
Universalism
an ethical model that suggests that there is a code of right and wrong that everyone can see and follow
Utilitarianism
an ethical model that supports seeking the greatest good for the greatest number of people
Green Entrepreneurship
another term for sustainable entrepreneurship taken from the popular belief that green is the color of a healthy environment, as in forests or fields
Social Capital
characteristics of a business, like trusts, consistency, and networks, that represent potential social obligations which are asset of the firm or entrepreneur
Networking
interacting with others in order to build relationships useful to a business
Identity
part of the BRIE model; composed of the name, description, and distinctive elements of a firm, such as trademarks, uniforms, logos, characters, and storeis
ISO
stands for international standards organization, and refers to certification for having met a standard or quality that is consistently evaluated around the world
Baldrige Award
the Malcolm Baldrige National Quality Award is given by the US 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
Mutuality
the action of each person helping another
Legitimacy
the belief that a firm is worthy of consideration of doing business with because of the impressions or opinions of customers, suppliers, investors, or competitors
Social Network
the entrepreneur's set of relationships and contacts with individuals and institutions
External Environment
the forces, institutions and people outside the boundary of the firm
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
Trade Magazines
the magazines that target specific industries and professions
Internal Environment
the people and groups within the boundary of a firm, including the owners, managers, employees, and board members of the firm
Environment
the sum total of forces outside of the entrepreneur and the firm
Bootstrapping
using low cost or free techniques to minimize your cost of doing buisness
