Entrepreneurship EXAM 1 (5)
Aggrandizing
attempting to make your business or yourself seem more accomplished or grander than reality
Business-to-business (B2B)
business-to-business transactions using e-commerce
Outsourcing
contracting with people or companies outside your business to do work for your business
Poisoning the well
creating a negative impression among your employers' customers
Cannibalizing
taking business away from your employer
Time to start-up
how long it takes to start a new business
Equity
ownership of a portion of a business
Blog
a web page in which entries are posted in reverse chronological order (i.e., the most recent at the top of the page)
Network marketing
an approach to selling in which the salesperson recruits customers to become distributors of the product or service to others
Information website
an internet site designed to introduce and explain a business to others
Undercapitalization
not having enough money available to the business to cover shortfalls in sales or profits
Variance
permission from a government organization to act differently than the laws state
Multichannel marketing
the use of several different channels to reach your customers, for example, a website, direct mail, and traditional retailing
Reverse auction
an auction in which the low bid gets the business or wins
RSS feed
an internet messaging service that pushes (sends) whatever web material you specify to subscribers to that feed
Intellectual property (IP)
property coming from some sort of original though, for example, patents, trade secrets, trademarks, and copyrights
Cost to start-up
the amount of money it takes to start a new business
Delegation
the assignment of work to others over whom you have power
Volatility
the frequency of business starts and stops
Permanence
the impression of long-term continuity a business gives others
Covenants
the limitations imposed on your property by your neighborhood group
E-commerce
the use of the Internet to conduct business transactions
Tweet
a 140-character or less message sent using the Twitter web service
Consumer
a private individual or household that is the end-user of (the entity that "consumes") a product or service
Conflict of interest
a situation in which a person faces two or more competing standards or goals
Sponsored link
a form of paid advertising that gets your company's website at the top of a search list
Search engine optimization
a general approach to website design intended to result in the site being displayed toward the beginning of a search engine's (e.g., Google, Yahoo!, etc.) listing for that term
Reciprocal links
a listed, live connection to a different website, which in turn displays a similar link to the first website
Reserve price
a minimum acceptable selling price in an auction. If the bidding does not exceed the price, the sale will not go through
Business-to-consumer (B2C)
business-to-consumer transactions using e-commerce
Licensing
documented permission from the government to run your business
Zoning laws
government specifications for acceptable use of land and buildings in particular areas
Registration
information provided to the government concerning the existence of, name of, nature of, and contact information for your business
Bootstrapping
using low-cost or free techniques to minimize your cost of doing business
Part-time self-employment
working for yourself for 35 or fewer hours a week
Full-time self-employment
working for yourself for more than 35 hours a week
