Chapter 3

Caveat Emptor

"Let the buyer beware" made into a philosophy used by businesses to put the burden for consumer protection onto the customer.

Task Envrionment

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.

Sustainable Entrepreneurship

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.

(ISO) International Standards Organization

Certification for having met a standard of quality that is consistently evaluated around the world.

Social Network

Entrepreneurs set of relationships and contacts with individuals and institutions.

Billboard Principle

Ethical model that asks whether someone would be comfortable having his/her decision and name advertised on a billboard for public to see.

Universalism

Ethical model that suggests there is a code of right and wrong everyone can see and follow.

External Relations

General description for the processes and skills used in the management of a firm's interactions with people, organizations, and institutions outside of its boundaries.

Baldrige Award

Given by the U.S government to businesses and nonprofit organizations that have been judge outstanding in seven measures of leadership: strategic planning, customer/market focus, measurement analysis and knowledge management, human resource focus, process management, and results.

Trade Magazines

Magazines that target specific industries and professions.

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.

General Environment

Part of the external environment made up of sectors of major forces that shapes the people and institutions of the task and internal environments, such as economic sector or the demographic sector.

(BATNA) Best Alternative to a Negotiated Settlement

Second best outcome is identified by parties in negotiation to help clarify the value o.f achieving a successful negotiation.

External Environment

The forces, institutions and people (rest of the world) outside the boundary of the firm.

Bootstrapping

Using low cost or free techniques to minimize your cost of doing business.