Entrepreneurship exam 1 - terms

Duplication

A basic type of innovation that involves the replication of an already exiting product, service, or process

environmental analysis

Environmental analysis is a strategic tool. It is a process to identify all the external and internal elements, which can affect the organization's performance. **

barriers to entry

what will keep you from establishing your venture

Extension

A basic type of innovation that involves extending the life of a product, service, or process already in existence.

Business incubator

A business incubator is a company that helps new and startup companies to develop by providing services such as management training or office space. designed to nurture new and small businesses by helping them to survive and grow through the difficult and vulnerable early stages of development.

secondary data

Data that have already been compiled. examples are periodicals, articles, trade associations information, governmental publications, and company records

Creativity

The generation of ideas that results in an improvement in the efficiency or effectiveness of a system

Synthesis

a basic type of innovation that involves combining existing concepts and factors into a new formulation

Invention

a basic type of innovation that involves the creation of a new product service or process that is often novel or untried

Gazelle

a business establishment with at least 20 percent sales growth every year starting with a base of at least $100,000

Market niche

a homogeneous group of consumers with common characteristics

Social entrepreneurship

a new form of entrepreneurship that exhibits characteristics of nonprofits, government, and businesses; it applies traditional (private-sector) entrepreneurship's focus on innovation, risk taking, and large scale transformation to social problem solving

External locus of control

a point pf view in which external processes are sometimes beyond the control of the individual entrepreneur

New-old approach

a start up approach to business in which the concept provides a new angle to something that already exists in the marketplace

Code of conduct

a statement of ethical practices or guidelines to which an enterprise adheres

triple bottom line

an accounting framework that goes beyond the traditional measures of profit return on investment and shareholder value to include environmental and social dimensions

Social venture

an undertaking by a firm or organization established by a social entrepreneur that seeks to provide systemic solutions to achieve a sustainable, social objective.

Franchise

any arrangement in which the owner of a trademark, trade name, or copyright has licensed others to use it to sell goods or services

tolerance for ambiguity

being uncertain, its ok if you don't know everything can be defined as the degree to which an individual is comfortable with uncertainty, unpredictability, conflicting directions, and multiple demands. - the manifest in a person's ability to operate effectively in an uncertain environment.

social responsiveness

companies responding to the world around them Social responsiveness is what we do in response to a social stimulus. Corporate social responsiveness refers to how business organizations and their agents actively interact with and manage their environments. corporate social responsibility accentuates the moral obligations that business has to society.

Vision

entrepreneurs know where they want to go. They have a vision or concept of what their firms can be expectations, hopes, and desires for their organization

Social Responsibility

further the good but required by law? ** actions that appear to further some social good, beyond the interests of the firm and that which is required by law and often denotes societal engagement of organizations -something that we should take care of. an ethical framework and suggests that an entity, be it an organization or individual, has an obligation to act for the benefit of society at large. a duty every individual has to perform so as to maintain a balance between the economy and the ecosystems.

Ecovision

leadership style for innovative organizations. Encourages open and flexible structures that encompass the employees, the organization, and the environment, with attention to evening social demands

Desire to achieve

most important quality for an entrepreneur to have

Opportunity Orientation

multidimensional construct, applied at the organisational level, which characterises firm's entrepreneurial behaviour and includes one or several of these three dimensions: risk-taking, innovativeness and pro-activeness. one clear pattern among successful, growth-minded entrepreneurs is their focus on opportunity rather than on resources, structure, or strategy. It is constant awareness of opportunities that exist in everyday life. Successful entrepreneurs state with the opportunity and let their understanding of it guide other important decisions

Primary data

new data that are often collected using observational or questioning methods

Social obligation

obligations of a business to society; some obligations are: environment, energy, fair business practices, human resources, community involvement, and products

benefit corporation

same as traditional corporations except for a few specific elements that make them more socially sustainable enterprises: purpose, accountability, transparency.

New-new approach

start up approach to business in which the concept is a brand new idea to the market place

Innovation

the process by which entrepreneurs convert opportunities into marketable ideas Types: invention, extension, duplication, and synthesis

market segmentation

the process of identifying a specific set of characteristics that differentiates one group of consumers from the rest the segment of a business plan that describes aspects of the market such as the target market, the market size and trends, the competition, estimated market share, market strategy, pricing, and advertising and promotion

Environmental awareness

the reawakening of the need to preserve and protect out natural resources have motivated businesses towards environmental awareness

Internal locus of control

the viewpoint in which the potential entrepreneur has the ability or control to direct or adjust the outcome of each major influence the viewpoint in which the potential entrepreneur has the ability or control, human resources, leadership, organizational structure, and accounting systems

competitive analysis

what drives the competition?