entrep exam

success

. The third stage of the business life cycle marked by the firm being established in its market, operation, and finances.

second career entrepreneurs

.A special group of entrepreneurs.—people who begin their businesses after having left, retired, or resigned from work

traditional small business

A firm intended to provide a living to the owner and operating in a manner and on a schedule consistent with other firms in the industry and market

high-performing small business

A firm intended to provide the owner with high income through sales or profits superior to those of the traditional small business.

High-growth venture

A firm started with the intent of eventually going public, following the pattern of growth and operations of a big business.

efficiency driven economy

A nation where industrialization is becoming the major force providing jobs, revenues, and taxes, and where minimizing cost while maximizing productivity (i.e., efficiency) is a major goal

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.

General Environment

A part of the external environment made up of sectors of major forces that shape the people and institutions of the task and internal environments, such as the economic sector or the demographic sector

task environment

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.

heir

A person who become an owner through inheriting or being given a stake in a family business.

Franchise

A prepacked business bought, rented, or leased from a company called a franchisor

lifestyle or part-time firms

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.

innovation driven economy

An economy 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.

imitative strategy

An overall strategic approach in which the entrepreneur does more or less what others are already doing.

necessity-driven entrepreneurship

Creating a firm as an alternative to unemploymen

oppurtunity-driven economy

Creating a firm to improve one's income or a product or service.

Resources

Include the product or service to be offered, informational resources on markets and running a business, financial resources, and human resources.

creative destructions

It refers to the way that newly created goods, services, or firms can hurt existing goods, services, or firms

standard business practice

One hallmark of successful entrepreneurs is that they usually do at least one thing much better than average.

founder

People who create or start new business.

Buyers

People who purchase an existing business

determination competencies

Skills identified with the energy and focus needed to bring a business into existence.

Boundary

Something that sets it up as a firm and sets it off from the buying or selling or bartering we all do occasionally.

flexibility rewards

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

resource competencies

The ability or skill of the entrepreneur at finding expendable components necessary to the operation of the business such as time, information, location, financing, raw materials, and expertise

feasibility

The extent to which an idea is viable and realistic and the extent to which you are aware of internal (to your business) and external (industry, market, and regulatory environment) forces that could affect your business.

emergence

The first stage of the small business life cycle, where the entrepreneur moves from thinking about starting the business to actually starting the business.

income rewards

The money made by owning one's own business

existence

The second stage of the business life cycle marked by the business being in operation but not yet stable in terms of markets, operations, or finances

exchange

This refers to moving resources, goods, or services to others in exchange for money or their resources.

takeoff

This stage occurs after the success stage for a small percentage of businesses. It is characterized by rapid growth (5-10 percent a month or more). When this growth levels off, the firm enters the resource maturity stage

key business functions

activites common to all business such as sales, operations(also called production), accounting, finance and human resources

industry-specific knowledge

activities, knowledge and skills specific to businesses in a particular industry

sustainable entrepreneurship

an 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

reactive planners

are completely ppassive, waiting for cues from the environment to determine what actions to take

small and medium enterprise

backbone of Asian economies

External Environment

consists of everything outside the firm's boundary

habit based planners

do not really plan at all because their actions are dictated by their routines

reputation

has a positive impact, it increases trust and creates a culture that enables people to make good decisions

promotion focus

intent on maximizing gains,s, which gives us a bias toward pursuing opportunities likely to lead to those gain

prevention focus

intent on minimizing losses, with a bias toward inaction or protective action

Internal Environment

is a firm consists of those people inside the boundary-the owner,any employess and any other owners or board members of the firm

liscense

is a legal agreement granting you rights to use a particular piece of intellectual property

crisis

is a situation that poses a major problem for the business or its people, in which the survival of the business is at stake, and immediate action is necessary

social networking

is a way to work trust, reciprocity, and long-term relationships into your day-to-day business operations.

Entrepreneur

is an individual who creates a new business, bearing most of the risks and enjoying most of the reward

Passion

is an intense positive feeling the entrepreneur has toward the business or even the idea behind the business

Perseverance

is best thought of as a type of learned optimism, the ability to stick with some activity even when it takes a long times

organizational identity

is not just the name of a firm, but its basic description—what it does and where it does this

social network

is the entrepreneur's relationship and contacts with others

mutuality

is the idea and action of each person helping the other.

resource maturity

is the most typical fourth stage of the small business. It is characterized by relatively stable or slowly rising sales and profits over several years. In a firm that has a takeoff stage following the success stage, the resource maturity stage occurs after takeoff.

Environment

is the sum of all the forces outside the firm or entrepreneur

caveat emptor

let the buyer beware

legitimacy

means that a firm is worthy of consideration or doing business with because of the impressions or opinions of customers, suppliers, investors, or competitors.

critical point planners

plan around the most important aspect of the business first, and act on it and then consider if additional plans are needed

radical innovation strategy

rejecting existing ideas, and presenting a way to do things differently

. Opportunity Competencies

skills necessary to identify and exploit elemennts of the business environment that can lead to a profitable and sustainable business

networking

small business owners interacting with others in order to build relationships useful to the business

oppurtunistic planners

starts with a goal and look for oppurtunities to achieve it

Entrepreneurial Management

t as the practice of taking entrepreneurial knowledge and utilizing it for increasing the effectiveness of new business venturing as well as small- and medium-sized businesses

role conflict

t describes the kind of problem that arises when people have multiple responsibilities, such as parent and boss, and each makes different demands on them.

comprehensive planners

take a long term view, develop long range plans for all aspects of the business, are comfortable with planning and act based on the plans they ve developed

incremental strategy

taking an idea and offering a way to do something slightly better than it is done presently

intention

the desire to start a business and is most frequently occuring element of the BRIe model

royalty

the payment per item sold

liabilities of newness

the problems of mastering operations, marketing and finances

succession

the process of intergenerational transfer of a business.

oppurtunity recognition

the search and capture of new ideas

Expert business professionalization

when most aspects of the business meet or exceed the industry's standard

minimalized business professionalization

when none of the aspects of the business achieve the industry standard

specialized business professionalization

when one or two aspects of the business are at this level