entrepreneurship

entrepreneurship among seniors

1988 to 2015 there was a 20 percent growth

how many firms are about family

400,000 new firms a year are started by teams, with about 320,000 started by family teams

About a third of the second career types younger

62 who return to work decide to become self-employed.

standard business practice

A business action that has been widely adopted within an industry or occupation.

family business

A firm in which one family owns a majority stake and is involved in the daily management of the business.

cognition

A person's way of perceiving and thinking about his or her experience. Action The visible behavior a person takes.

key business functions

Activities common to all businesses such as sales, operations (also called production), accounting, finance, and human resources.

industry specific knowledge

Activities, knowledge, and skills specific to businesses in a particular industry.

comprehensive planners

Entrepreneurs who develop long-range plans for all aspects of the business.

critical point planners

Entrepreneurs who develop plans focus on the most important aspect of the business first.

habit based planners

Entrepreneurs who do not plan, preferring to let all actions be dictated by their routines.

opportunist planners

Entrepreneurs who start with a goal instead of a plan and look for opportunities to achieve it.

Reactive planners

Entrepreneurs with a passive approach, who wait for cues from the environment to determine what actions to take.

set asides

Government contracting funds that are earmarked for particular kinds of firms, such as small businesses, minority-owned firms, women-owned firms, and the like.

veteran entrepreneur

Individual who was formerly in military service who decides to become self-employed as a subsequent career.

The Five Ps of Entrepreneurial Behavior

Passion Perseverance Promotion prevention focus Planning style professionalism

second Carrere entrepreneurial

Person who begins a business after having left, retired, or resigned from work. Can include veterans of the armed forces and civilians from a broad range of industries.

flexibility rewards

The ability of business owners to structure life in the way that suits their needs best.

role conflict

The kind of problem that arises when people have multiple responsibilities, such as parent and boss, and the different responsibilities make different demands on them.

income rewards

The money made by owning one's own business.

Entrepreneurial mindset

The motivations, cognitions, attitudes, aptitudes, and behaviors that lead to a propensity to create solutions to problems or seek opportunities to do something new or better.

time management

The organizing process to help make the most efficient use of the day.

succession

The process of intergenerational transfer of a business.

growth rewards

What people get from facing and beating challenges.

40%

business are majority owned by women

competencies

business related enterprise

53%

teams are spouses or life partners working together.

The key difference between a family council and a board of directors

that the function of the family council is to keep the family involved while the board is focused on running the business.

fastest growing sectors

women