ENTREP MIND

Substitute

- what might substitute for something else to form an idea

Deploy

Bring online (deploy) a Web or crowd funding site with the products or services you want to offer, and start advertising it.

Managing External Relations

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

Manage External Relations

The goal of any small business owner in order to create social capital.

Environment

The sum total of forces outside of the entrepreneur and the firm.

Task Environment

These are components that directly relate to your firm performing its basic business tasks. This part of the environment is made up of those people your firm deals with every day - customers, suppliers, distributors, professional supports like accountants, and lawyers, subcontractors, allies and corporate partners, and lenders as well as other groups like competitors, government, media and interest groups such as trade and professional associations, consumer groups, environmental groups and so

Put to others use

Think of ways you could generate a high number of opportunities for your product or service

Code of Ethics

Three classes of ethical standards: 1) Employees should be dependable organizational citizens (e.g. finish your work, follow rules and orders, be on time, do not swear, dress appropriately, etc.) 2) Do not do anything that will harm the organization (e.g. protect confidential information, do not take drugs, kickbacks, or company property, etc.) 3) Be good to customers (e.g. be truthful, be helpful, listen attentively, etc.)

Creativity

a process introducing an idea or opportunity that is novel and useful, frequently derived from making connection among distinct ideas or opportunities

Ethical Dilemma

a situation that occurs when a person's values are in conflict, making it unclear whether a decision is the right thing to do

Entrepreneurial alertness

a special set of observational and thinking skills that help entrepreneurs identify good opportunities the ability to notice things that have been overlooked, without actually launching a formal search for opportunities, and the motivation to look for opportunities

Small Busines in High Social Capital

are more trusted, checked up on less, treated more fairly by regulators and given the benefit of the doubt when problems occur.

Billboard principle

as the name implies, this asks whether you would be comfortable having your decision advertised on a billboard for everyone you know to see.

Serendipity

being in the right place at the right time (luck) Being observant

Organizational Identity

composed of the name, description, and distinctive elements of a firm, such as trademarks, uniforms, logos, characters and stories.

Work Experience

idea grows out of listening to customer complaints Ideas can come from frustration Ideas can come from not finding what you are looking for as a consumer • You can use your own work and personal experiences to think of ideas for doing things differently.

Social Capital

includes characteristics of a business like trust, consistency, and networks that help make business operations smooth and efficient. is the major component of what accountants' call "good will," and you can find it on a business's balance sheet.

Socio cultural Sector

includes culture often based on things such as nationality or religion and subcultures which are based on groups formed around shared interest within a larger culture.

Technological Sector

includes innovation, invention, and modernization.

Demographic Sector

includes trends in the mix of ages, races, and gender in society.

Innovativeness

is a characteristic of an individual, team or organization. This is also the capacity to create ideas and develop them to usable products or services.

Sustainable Entrepreneurship

is an approach to the operation of the firm, the line of business of the firm, or both, which identifies or creates and then exploits opportunities to make a profit in a manner that minimize the depletion of natural resources, maximize the use of recycled material, improves the environment, or any combination of these outcomes.

Part time self employment

is working for 35 or lesser hours a week by you. Working part-time means that the entrepreneur can do other things or work, such as another job in another company, study, or take care of the family.

License

legal agreement ranting you rights to use a particular piece of intellectual property Licensee, licensor

Combine

possible combinations that result in something completely different

International Standards Organization

refers to certification for having met a standard of quality that is consistently evaluated around the world

Eliminate

search for opportunities that arise when you get rid of something or stop doing something

Opportunity Recognitions

searching and capturing new ideas that lead to business opportunities involves creative thinking that leads to discovery of new and useful ideas most basic and important entrepreneurial behavior

Magnify

taking an existing product and changing its appearance or adding more features - can also cue you to minimize something

Organizational Culture

A set of shared beliefs, basic assumptions, or common, accepted ways of dealing with problems and challenges within a company that demonstrate how things get done.

Difference

The firm and the entrepreneur are one and the same, but as the firm grows beyond the entrepreneur's direct personal, control, for example, by adding a part-time employee or running an order-taking Web site 24/7, parts of the identity of the firm can grow beyond the entrepreneur

Bootstrapping

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

universalism

a code of right and wrong that everyone can see and follow. The brainchild of the German philosopher Immanuel Kant.

Scamper

a creativity tool that provides cues to trigger breakthrough thinking

Education and expertise

decide first to own a business, then searching for a viable idea for that business Look to their own skills and talents for business Consulting companies are prime examples

Urilitarianism

means that the action resulting in the greatest good for the greatest number of people is the right action to take.

Family and friends

open to their suggestions Use their knowledge and experience

Royalty

payment based on the number or value of licensed items sold

Legitimacy

the belief that a firm is worthy of consideration or doing business with because of the impressions or opinions of customers, suppliers, investors, or competitors Gaining legitimacy is one of the top challenges facing new small businesses. Achieving legitimacy is also a major goal of all new businesses or of existing businesses but has gone through a significant change. It means building trust among customers and other key groups. Based on people, product, or organization

Technology trasnfer and licensing

universities and government agencies Tremendous development of new technologies or refinements They never do anything with them! Find out about inventions through the technology transfer offices

caveat emptor

A Latin expression which means "let the buyer beware" which has been made into a philosophy sometimes used by businesses to put the burden for consumer protection onto the customer

Pilot test

A preliminary run of a business, sales effort, program, or Web site with the goal of assessing how well the overall approach works and what problems it might have.

Social Network

A social network is the entrepreneur's set of relationships and contacts with individuals and institutions. Social networking is a way to work trust, reciprocity, and long-term relationships into your day to day business operations. It's a way to build your company's expertise by convincing others to share their skills and knowledge with your firm. The key is building a network of people who trust you and are willing to help you, and you can depend on for help and advice in return.

Revise

Based on the feedback from customers and visitors, you quickly fix (revise) what does not work and reinforce and promote those things which seem to work best. These changes can be done quickly, usually over a few days, although if response is strong enough, over a few hours.

5 Skills in Managing Relations

Building legitimacy Developing a social network Handling a crisis Achieving sustainability Making ethical decisions

Ethics

Comprise a system of values that people consider in determining whether actions are right or wrong

Rearrange

Dare to consider things upside-down, interchange components, backwards or inside-out, just different from what you're accustomed toy

People based legitimacy

Having people in the organization: an owner, employees, or even media spokespeople; whom customers know, and respect increase the firm's legitimacy Making sure the people of your business always work in the best, friendliest, and most professional way also helps build the business. Major examples: good will, public recognition, product/service name recognition, business network membership, organizational size, and attire.

Product based legitimacy

If customers do not understand the product or services offered, the company is unlikely to get any customer attention because there is no trust. Most small businesses offer products or services with which customers are already familiar. The goal then becomes making sure the customer knows about the details of the product, its high quality and environmental friendliness, its competitive advantage, how to use it a

External Environment

It consists of everything outside the firm's boundary. The forces, institutions and people (i.e., the rest of the world) outside the boundary of the firm.

General Environment

It is the larger part of the environment. It represents the major forces on the lives of people and institutions like businesses, and even nations. 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.

Listen

Listen to customer feedback through tracking who comes to the site, from where, using what search terms and what referring sites, and most of all whether they buy or not. You can ask purchasers and non-purchasers alike whether they liked the site or not via e-mail or quick Web surveys. Conversion rate is the measure of how many visitors to your Web site (or people who click on your online advertisement) make a purchase from you.

Organization based legitimacy

Promoting knowledge about the organization itself. This focus on telling about the history or visibility the firm already enjoys. The firm should look like a substantial and professional business. Whatever gives the customers confidence in the quality and survivability of the firm helps the selling process and in turn increases the trust factor?

Mutuality

The action of each person helping another. Part of building social capital with social networking comes from the help people in the network can provide one another

Internal Environment

The people and groups within the boundary of a firm, including the owners, managers, employees, and board members of the firm.

Repeat

The process of fixing or revising gets repeated continuously until it becomes clear that the idea is feasible, or it becomes evident that the idea does not make a viable business regardless of the revisions tried.

Adapt

adaptation from existing products or services

feasibility

comes to a decision either to keep pursuing the opportunity, or to wait for a better time to move forward with the decision or to stop working on the idea and look something else. When you decide in a feasibility analysis to go with the idea, very often the next step is to begin working on a full business plan, which capitalizes on many of the things you have written about in the feasibility study.

Eonomic Sector

includes the trends and current conditions of the overall market for goods and services, the availability of equity and credit, and employment

Green Entrepreneurship

is another term for sustainable entrepreneurship taken from the popular belief that green is the color of a healthy environment, as in forests or fields.

International Sector

is reflected by cross-national factors. Inexpensive worldwide communication, shipping, and money transfers mean that small business compete globally for business and need to be aware of global trends.

Networking

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

Political Legal Sector

reflects the broad trends affecting law, government, and politics.

Radical innovations

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

Ecosystem | Infrastucture

sector which reflects the physical world in which we live in. This sector includes the natural components, such as raw materials, weather, and ecological forces, as well as created components such as cities, roads, and other elements of the infrastructure.

Idea sites

websites where people post ideas they have and products and services they would like to see