Entrepreneurship Chapter 3 Vocab

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Ethics

A system of values that people consider in determining whether actions are right or wrong

Trade Magazines

The magazines that target specific industries and professions

Caveat Emptor

A Latin expression that means "let the buyer beware", which has been made into a philosophy sometimes used by business to put the burden for consumer protection onto the customer

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

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, such as the economic sector or the demographic sector

Social Capital

Characteristics of a business, such as trust, consistency, and networks, that represent potential social obligations that are assets of the firm or entrepreneur

Networking

Interacting with others in order to build relationships useful to a business

Organizational Identity

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

ISO

Stands for International Standards Organization, and refers to certification for having met a standard of 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 7 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 or 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 (i.e., the rest of the world) 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

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 of all the forces outside the firm or entroreneur

Bootstrapping

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

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

Ethical Dilemma

A situation that occurs when a person's values are in conflict, making it unclear whether a particular decision is the right thing to do

Entrepreneurial 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. The components are entrepreneurs, government, universities, investors, service people, mentors, and large organizations

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

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 number of people

Golden Rule

An ethical model which suggests you treat others in the manner you wish to be treated


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