Entrepreneurship Exam 1
Entrepreneurial Ecosystem
A configuration of the environment that reflects the components that are more focused to developing a strong and active community of start up businesses
SCAMPER
A creativity tool that provides cues to trigger new ideas for your business
High-performing small business
A firm intended to provide the owner with a high income through sales or profits superior to those of the traditional small business
High Growth Venture
A firm started with the intent of eventually going public, following the pattern of growth and operations of a big business
License
A legal agreement granting you rights to use a particular piece of intellectual property
Efficiency Driven Economy
A nation where industrialization is becoming the major force providing jobs, revenues, and taxes, and where minimizing costs while maximizing productivity is a major goal
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
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
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
Heir
A person who becomes an owner through inheriting or being given a stake in a family business
Franchise
A prepackaged business bought, rented, or leased from a company called franchisor
Entrepreneurial Alertness
A special set of observational and thinking skills that help entrepreneurs identify good opportunities; the ability to notice things that have been overlooked, without actually launching a formal search for opportunities, and the motivation to look for opportunities
Imitative Strategy
An overall strategic approach in which the entrepreneur does more or less what others are already doing
Legitimacy
Belief that a firm is worthy of consideration or doing business with because of impressions or opinions of customers, suppliers, investors, competitors
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
Organizational Identity
Composed of the name, description, and distinctive elements of a firm, such as trademarks, uniforms, logos, characters and stories
Social Network
Entrepreneurs set of relationships and contacts with individuals and institutions
Social Entrepreneurship
Form of entrepreneurship involving the creation of self-sustaining charitable and civic organizations, or for-profit organizations which invest significant profits in charitable activities
Competencies
Forms of business-related expertise
Small Business
Involves 1-50 people and has its owner managing the business on a day to day basis
Royalty
Payment based on the number or value of licensed items sold
Second Career Entrepreneurs
People who begin their businesses after having left, retired, or resigned from work. These can include veterans of the armed forces and civilians from a broad range of industries
Founders
People who create or start new businesses
Radical Innovation Strategy
Rejecting existing ideas, and presenting a way to do things differently
Determination Competencies
Skills identified with the energy and focus needed to bring a business into existence
Opportunity Competencies
Skills necessary to identify and exploit elements of the business environment that can lead to a profitable and sustainable business
Incremental Strategy
Taking an idea and offering a way to do something slightly better than it is done presently
Resource Competencies
The ability or skill of the entrepreneur at finding expendable components necessary to the operation of the business such as time, information, location, financing, raw materials, and expertise
Feasibility
The extent to which an idea is viable and realistic and the extent to which you are aware of internal and external forces that could affect your business
External Environment
The forces, institutions and people outside the boundary of the firm
Corporate Entrepreneurship
The form of entrepreneurship which takes place in existing businesses around new products, services, or markets
Role Conflict
The kind of problem that arises when people have multiple responsibilities, such as a parent and boss, and the different responsibilities make different demands on them
Time Management
The organizing process to help make the most efficient use of the day
Internal Environment
The people and groups within the boundary of a firm, including the owners, managers, employees, and board members of the firm
Succession
The process of intergenerational transfer of a business
Basic Business Competency
Understanding the organizational and business processes of a firm
Bootstrapping
using low-cost or free techniques to minimize your cost of doing business
