Mod 2

Groups within the population of entrepreneurs

Founder- Starts it Buyer - Customers Heir - Gets handed business from fam

Corporate Entrepreneurship

Innovative individual who is employed by other existing companies

Business-to-consumer

Selling products to individuals using e-commerce

Cannibalizing

Taking business away from your employer

Delegation

The assignment of new or additional work to an employee

lean business practice

eliminating waste and producing a minimum viable product

35

part time employment is working less than __ hours per week

his or her level of experience

what is one of the best predictors that a founder will be successful

Covenant

The limitations imposed on an individual's property by the neighborhood group.

Reserve Price

The minimum acceptable selling price in an auction

social venture

businesses that are organized as for-profit entities but are also solving or supporting solutions to social problems (typically self sufficient)

Small Business

businesses that imitate other firms

Entrepreneurial business

businesses that offer new (novel) innovative products, services or business models

importing

buying products from another country and selling them at home

tangible

can touch

overall growth strategy

describes the type of business the owner or owners would like to have, from the perspective of how fast and to what level they would like the firm to grow

bootstrapping

finding a low cost, or no cost way to do something

Franchising

legal agreement that allows a firm to operate using the name and business processes of another firm (loho)

caveat emptor

let the buyer beware

start up

new business started from scratch

Reciprocal links

A listed, live connection to a different website, which in turn displays a similar link to the first website

Reciprocal Link

A listed, live connection to a different website, which in turn displays a similar link to the first website.

Brokers

Advertise and facilitate transactions between the buyer, seller or trader. Like a middleman. They always

venue

place where something takes place

zoning laws

regulations limiting the use of your space applied by the government

buy in

the purchase of substantially less than 100% of a business

a business' goodwill

the value of the business in excess of the value of the identifiable assets.

Succession

transfers or terminates a firm

multichannel marketing

using several different channels to reach your consumer (ex. email, website, retailing)

Effectuation

an approach used to create alternatives in uncertain environments

goods or services

an entrepreneurs business depends the type of what they produce

walkaway

closing with no debt

four generic growth strategies

lifestyle/part time traditional small business high performing small business high growth ventures

exporting

making products in your home country and selling them to another country

wanting to gain basic experience, uncertain of the requirements of a full time business

reasons to do part time and not full time business

stand retail

roadside, flea market, farmers market, or craft fair business

Business-to-business

sales from one firm to another using e-commerce

Synergy

the business results are greater than the sum of the input (the whole is greater than the sum of its component parts)

workout

the owner pays off debt by working another job

bricolage

the practice of using whatever you have at hand

Independent Entrepreneurship

when a person or a group owns a for-profit business

home party

when entrepreneurs arrange a customer to host a party, inviting friends, family and neighbors

Payments and Chargebacks

Two important financial issues for companies that have an e-commerce website are

financial, technological, organizational and relational

4 things all entrepreneurs have access to

Network Marketing

An approach to selling in which the salesperson recruits customers to become distributors of the product or service to others. (henna)

BRIE Model

Boundary, Resources, Intention, Exchange

Social Entrepreneurship

Businesses that are non-profit or for-profit social ventures. create self sustaining charitable and civic organizations. (Charity)

Licensing

Documented permission from the government to run ones business

Chargebacks

Fee charging the business for problems like when a stolen credit card is used by the customer

Aggrandizing

Misleading impression such as making your firm appear bigger, more substantial and more capable than it really is

Industry Heuristics

Rules of thumb used to estimate firm value in relation to some easily observable characteristics of the business

Due Diligence

The process of investigating to determine the full and complete implications of buying a business - nothing is taken for granted

Buyout

The purchase of substantially all of an existing business

serial entrepreneur

The reason there are more businesses that entrepreneurs, major force in the us economy, start many businesses

E commerce

The use of the internet to conduct business transactions

Creative destruction

The way newly created goods, services or firms can hurt existing goods, services or firms

Net realizable value. Replacement value. Book value.

What are the methods used to estimate the value of a firm's assets?

Moonlighting

Working on ones own part time after his or her regular job

retailing and wholesaling 33%

__ and __ businesses are home based __% of firms are home based

episodic business

a business which operates at varying times and places without having any permanent location or hours of operation (ex. pop-up)

Takeover

a buyer or raider seizes control of a business without the permission of all business owners.

Self efficacy

a persons belief in his or her ability to achieve a goal

revolving credit

A credit agreement that allows the borrower to pay all or part of the balance at any time; as the loan balance is paid off, it becomes available to be borrowed again.

Outsourcing

Contracting with people or companies outside of ones business to do work

50 or fewer

a small business has how many employees?

Blog

a web page in which entries are posted in reverse chronological order

Main Street business

all of the firms except high growth ventures. Can be found on popular American streets. 95.6%. Opposite of Wall Street businesses