Management 350 Chapter 1

The kind of business the owner would like to have, from the perspective of how fast and to what level they would like the firm to grow describes ___________________.

a firm's overall growth strategy

What characterizes a lifestyle or part-time firm?

about 53% of small businesses fall into this category, these firms typically have sales of $25,000 or less, growth tends to level off quickly

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

bootstrapping

What does the BRIE model stand for?

boundary, resources, intention, exchange

____________ are people who purchase an existing business.

buyers

____________ entrepreneurship is the form of entrepreneurship that takes place in an existing business around new products, services, or markets.

corporate

______________ is a theory that says that as you start pursuing one line of work one encounters other opportunities

corridor principle

The way that newly created goods, services, or firms can hurt existing goods, services, or firms refers to ____________.

creative destruction

_______________ is a technique often based on internet services to get opinions or ideas through the collective involvement of others.

crowdsourcing

____________________ is the general term for conducting business on the internet.

e-commerce

________ is an approach used to create alternatives in uncertain environments.

effectuation

The entrepreneurial focus that refers to doing the most work with the fewest resources is called __________.

efficiency

_____________ economies are nations where the major forces for jobs, revenues, and taxes come from faring or extractive industries like forestry, mining, or oil production.

factor-driven

A __________ is an organization that sells to or trades with others.

firm

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

flexibility

A _______ is a person who starts a business, whether it is one of their own devising, or a franchise.

founder

A prepackaged business that is bought, rented, or leased is called a ___________ business.

franchise

An Entrepreneur may be the owner of the business, but his/her occupation depends on the type of ____________ or _________ the firm produces.

goods, services

_________ rewards are what people get from facing and beating challenges.

growth

What are the names of the groups within the population of entrepreneurs?

heir, founder, buyer

__________ rewards is the money made by owning one's business.

income

_____________ entrepreneurship is the form of entrepreneurship in which a person or group owns a for-profit business.

independent

A heir is a person who ____________.

inherit or are given a stake in the family business

__________ economies are nations where the major forces for jobs, revenues, and taxes come from high-valued-added production based on new ideas and technologies and from professional services based on higher education.

innovation-driven

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

innovativeness

A small business has __________ managing the business on a day-to-day basis.

its owner

Creation is the entrepreneurial focus that

looks at the making of new entities

The degree of attention a target market pays to an idea or organization is

mindhsare

Creating a firm as an alternative to unemployment __________.

necessity-driven entrepreneurship

Truly entrepreneurial business are characterized by being _______, while small businesses are _________ by nature.

novel, imitative

___________ entrepreneurship is creating a firm to improve one's income or a product or service.

opportunity-driven

An independent small business is a firm

owned by an individual or small group

A ________ is a business run by the individual who owns it.

owner-managed firm

__________ is the behavior of continued effort to achieve a goal.

perseverance

Customer-focus is the entrepreneurial focus that

refers to being in-turn with one's market

A person's belief in his/her ability to achieve a goal is called

self-efficiency

When someone works for himself or herself he or she is __________.

self-employed

____________ are individuals who open multiple business throughout their career.

serial entrepreneurs

The international term for small business is

small and medium enterprise (SME)

The ________ is a U.S. government agency that provides support and advocacy for small business.

small business administration

________________ is the form of entrepreneurship involving the creation of self-sustaining charitable and civic organizations or for-profit organizations that invest significant profits in charitable activities.

social entrepreneurship

______________ entrepreneurship involves the creation of self-sustaining not-for-profit or for-profit organizations that invest significant profits in charitable activities.

sustainable or green

What are the three myths of starting a business?

you can't start a business in a recession, students don't have the skills to start a business, there isn't enough financing