Entrepreneurship test 1

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 seven measures of quality leadership; strategic planning; customer and market focus; measurement, analysis, and knowledge management; human resource focus; process management, and results

standard business practice

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

independent small businesses

a business owned by an individual or small group

owner-managed firms

a business run by the individual who owns it

family business

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

traditional small business

a firm intended to provide a living income to the owner, and operating in a manner and on schedule consistent with other firms in the industry and market

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 businesses

high-growth venture

a firm started with the intent of eventually going public, following the pattern of growth and operations of a big business

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.

factor-driven economy

a nation where the major forces for jobs, revenues, and taxes come from farming or extractive industries like forestry, mining, or oil production

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, interest groups, and the like.

small business administration

a part of the us government, which provides support and advocacy for small businesses

heir

a person who becomes an owner through inheriting or being given a stake in a family business

entrepreneur

a person who owns or starts an organization, such as a business

self-efficacy

a person's belief in his or her ability to achieve a goal.

cognition

a person's way of perceiving and thinking about his or her experience

main street businesses

a popular term for small businesses reflecting the idea that these are the kind of firms you would expect to find on the main street of a typical american city, and are the opposite of big businesses or "wall street" businesses

franchise

a prepackaged business bought, rented, or leased from a company called a franchisor

virtual instant global entrepreneurship

a process that uses the internet to quickly create businesses with a worldwide reach

organizational culture

a set of shared beliefs, basic assumptions, or common, accepted ways of dealing with problems and challenges within a company that demonstrate how things get done

expert business professionalism

a situation that occurs when all the major functions of a firm are conducted according to the standard business practices of its industry

specialized business professionalization

a situation that occurs when businesses have founders or owners who are passionate about one or two of the key business functions, such as sales, operations, accounting, finance, or human resources

minimized business professionalization

a situation that occurs when the entrepreneur does nearly everything in the simplest way possible

lifestyle or part time firm

a small business primarily intended to provide partial or subsistence financial support for the existing lifestyle of the owner, most often through operations that fit the owner's schedule and way or working

CSI entrepreneurship

acronym for the three forms of entrepreneurship, corporate, social, and independent

key business functions

activities common to all businesses such as sales, operations, accounting, finance, and human resources

industry-specific knowledge

activities, knowledge, and skills specific to businesses in a particular industry

sustainable entrepreneurship

an approach to operating a firm or a line of business which identifies, creates and exploits opportunities to make a profit in a way that can minimize the depletion of natural resources, maximize the use of a recycled material, or improve the environment

effectuation

an approach used to create alternatives in uncertain environments

prevention focus

an entrepreneurs attention to minimizing losses, with a basis toward inaction or protective action to prevent loss

certification

an examination based acknowledgement that the firm is owned and operated as specified

passion

an intense positive feeling an entrepreneur has toward the business or the idea behind the business

firm

an organization that sells to or trade to others

green entrepreneurship

another term for sustainable entrepreneurship taken from the popular belief that green is the color of a healthy environment, as in forests or fields

BRIE model

boundary- creating a place for your business- in location and in people's minds resources- the money, product, knowledge, etc.., that make up the business intention- the desire to start a business exchange- moving resources/products/ services in exchange for money

social capital

characteristics of a business, like trusts, consistency, and networks, that represent potential social obligations which are an asset of the firm or entrepreneur

novelty

characterized by being different or new

imitative

characterized by being like or copying something that already exist

necessity-driven entrepreneurship

creating a firm as an alternative to unemployment

opportunity-driven entrepreneurship

creating a firm to improve one's income or a product or service

comprehensive planners

entrepreneurs who develop long range plans for all aspects of the business

habit driven planners

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

critical-point planners

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

opportunistic 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.

competencies

forms of business related expertise

crowdfunding

funding a business online through the collective involvement of others who provide donations, loans, or investments

set-asides

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

networking

interacting with others in order to build relationships useful to business

small business

involves 1-50 people and has its owner managing the business on a day to day basis

promotion focus

n entrepreneurs attention to maximizing gains and pursuing opportunities likely to lead to gains

overall growth strategy

one of four general ways to position a business based on the rate and level of growth entrepreneurs anticipate for their firms

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

late career entrepreneurs

people who begin their businesses after having retired or resigned from work in corporations at age 50 or later

founders

people who create or start new businesses

serial entrepreneurs

people who open multiple businesses throughout their career

buyers

people who purchase an existing business

innovativeness

refers to how important a role new ideas, products, services, processes, or markets play in an organization

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

ISO

stands for the international standards organization, and refers to certification for having met a standard of quality that is consistently evaluated around the world

crowdsourcing

techniques often based on internet based services to get opinions or ideas through the collective involvement of others

flexibility rewards

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

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

Perseverance

the ability to stick with some activity even when it take a long time and its outcome is not immediately known

mutuality

the action of each person helping another

perseverance

the behavior of continued effort to achieve a goal

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

mindshare

the degree of attention your target market pays to your idea or organization

social network

the entrepreneur's set of relationships and contacts with individuals and institutions

innovation

the entrepreneurial focus which looks at a new thing or new way of doing things

creation

the entrepreneurial focus which looks at the making of new entities

customer-focus

the entrepreneurial focus which refers to being in tune with one's market

efficiency

the entrepreneurial focus which refers to doing the most work with the fewest resources

professionalization

the extent to which a firm meets or exceeds the standard business practices for its industry

external environment

the forces, institutions and people outside the boundary of the firm

independent entrepreneurship

the form of entrepreneurship in which a person or group own their own for-profit business

social entrepreneurship

the form of entrepreneurship involving the creation of self-sustaining charitable and civic organizations, or for-profit organizations which invest significant profits in charitable activities

corporate entrepreneurship

the form of entrepreneurship which takes place in existing businesses around new products, services, or markets

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

ecommerce

the general term for conducting business on the internet

small and medium enterprise

the international term for small business

focuses of entrepreneurship

the key directions the organization intends to pursue

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.

trade magazines

the magazines that target specific industries and professions

income reward

the money mad by owning one's own business

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

forms of entrepreneurship

the setting in which the entrepreneurial effort takes place

environment

the sum total of forces outside of the entrepreneur and the firm

goods or services

the tangible things (goods) or intangible things (services) created for sale

action

the visible behavior a person takes

creative destruction

the way that newly created goods, services, or firms can hurt existing goods, services, or firms

occupation

type of activity a person does regularly for pay

bootstrapping

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

growth rewards

what people get from facing and beating challenges

self employed

working for yourself