MGT 302 Ch.1
Owner-managed firms
A business run by the individual who owns it
Heir
A person who becomes an owner through inheriting or being given a stake in a family business
Founders
People who create or start new businesses
Exchange
moving resources, goods, or service to others, in exchange for money or other resources
Independent small businesses
A business owned by an individual or small group
Traditional small business
A firm intended to provide a living income to the owner, and operating in a manner and on a schedule consistent with other firms in the industry and market
High-growth venture
A firm started with the intent of eventually going public, following the pattern of growth and operations of a big business
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
Small Business Administration
A part of the U.S. government, which provides support and advocacy for small businesses
Franchise
A prepackaged business bought, rented, or leaded from a company called a franchisor
Virtual instant global entrepreneurship
A process that uses the internet to quickly create businesses with a worldwide reach
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 of working
Effectuation
An approach used to create alternative in uncertain environments
Firm
An organization that sells to or trades with others
Novelty
Characterized by being different or new
Imitative
Characterized by being like or copying something that already exists
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
Intention
Desire to start a business and is the most frequently occurring element of the BRIE model
Crowdfunding
Funding a business online through the collective involvement of others who provide donations, loans, or investments
Resources
Include the product or service to be offered, informational resources on markets and running a business, financial resources, and human resources such as your own time to devote to the business or that of others working with you for you
Small business
Involves 1-50 people and has its owner managing the business on a day-to-day basis
Overall growth strategy
One of four general ways to position a business based on the rate and level of growth entrepreneurs anticipate for their firm
Serial entrepreneurs
People who open multiple businesses throughout their career
Buyers
People who purchase an existing business
Boundary
Something that sets it up as a firm, and sets it off from the buying or selling or bartering we all do occasionally. It can be a business name or government registration, a phone or email address for the business, etc.
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
Perseverance
The behavior of continued effort to achieve a goal
Mindshare
The degree of attention your target market pays to your idea or organization
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
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 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
E-commerce
The general term for conduction business on the Internet
Small and medium enterprise
The international term for small businesses
Focuses of Entrepreneurship
The key directions the organization intends to pursue
Income rewards
The money made by owning one's own business
Forms of entrepreneurship
The settings in which the entrepreneurial effort takes place
Goods or services
The tangible things (goods) or intangible commodities (services) created for sale
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
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
Efficiency-driven economy
A nation where industrialization is becoming the major force providing jobs, revenues, and taxes, and where minimizing costs while maximizing productivity (i.e. efficiency) is a major goal
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
Main street business
A popular term for small businesses reflecting the idea that these are the kinds 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
CSI entrepreneurship
Acronym for the three forms of entrepreneurship, corporate, social, and independent
Innovativeness
Refers to how important a role new ideas, products, services, processes, or markets play in an organization
Occupation
The type of activity a person does regularly for pay
Creative Destruction
The way that newly created goods, services, or firms can hurt existing goods, services, or firms
Innovation
the entrepreneurial focus which looks at a new thing or a new way of doing things