Chapter 5

delegation

assignment of work to others over whom you have power

sponsored link

form of paid advertising that gets your company's web site at the top of a search list.

reserve price

minimum acceptable selling price

equity

ownership of a portion of a business

variance

permission from a government organization to act differently that the laws state

consumer

private individual or household that is the end-user of a product or service

entry wedge

an opportunity that makes it possible for a new business to gain a foothold in a market

network marketing

approach to selling in which the salesperson recruits customers to become distributors of the product or service

cannibalizing

taking business away from your employer

permanence

the impression of long-term continuity a business gives others

aggrandizing

attempting to make your business or yourself seem more accomplished or grander than reality

reverse auction

auction in which the low bid gets the business or wins

poisoning the well

creating a negative impression among your employer's customers

zoning laws

government specifications for acceptable use of land and buildings in particular areas

registration

information provided to the government concerning the existence of, name of, nature of, and contact information for your business

covenants

limitations imposed on your property by your neighborhood group

multichannel marketing

use of several different channels to reach your customers, for example, a web site, direct mail, and traditional retailing

bootstrapping

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

part time self employment

working for yourself for 35 or fewer hours a week

full time self employment

working for yourself for over 35 hours a week

moonlighting

working on your own part time after your regular job

reciprocal links

live connection to a different web site, which in turn displays a similar link to the first website

undercapitalization

not having enough money available to the business to cover shortfalls in sales or profits

RSS feed

internet messaging service that sends whatever web material you specify to subscribers to that feed