Entrepreneurial Small Business Chapter 1
Small business
involves 1-50 people and has its owner managing the business on a day-to-day basis.
Forms of entrepreneurship
the settings in which the entrepreneurial effort takes place.
Small Business Administration
a part of the United States government which provides support and advocacy for small businesses.
Self-efficacy
a person's belief in his or her ability to achieve a goal.
Lifestyle or part time business
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.
Novelty
characterized by being different or new.
Imitative
characterized by being like or copying something that already exists.
Necessity-driven entrepreneurship
creating a firm as an alternative to unemployment.
Crowdfunding
funding a business online through the collective involvement of others to provide donations, a loan or investment.
Overall growth strategy
one of four general ways to position a business based on the rate and level of growth entrepreneurs anticipate for them.
Founders
people who create or start new businesses.
Serial entrepreneurs
people who open multiple businesses throughout their career.
Buyers
people who purchase an existing business.
Flexibility rewards
refer to the ability of a business owner to structure life in the way that suits their needs best.
Innovativeness
refers to how important a role new ideas products, services, processes or markets play in an organization.
Perseverance
the behavior of continued effort to achieve a goal.
Mindshare
the degree of attention your target market pays to your idea or organization.
Innovation
the entrepreneurial focus which looks at a new thing of a new way of doing things.
Customer-focus
the entrepreneurial focus which refers to being in tune with one's market.
Efficiency
the entrepreneurial focus which refers to doing the most work with the fewest resources.
Independent entrepreneurship
the form of entrepreneurship in which a person or group own their own for-profit business.
Social entrepreneurship
the form of entrepreneurship involving the creation of self-sustaining charitable and civic organizations, or for-profit organist ions which invest significant profits in charitable activities.
Corporate entrepreneurship
the form of entrepreneurship which takes place in existing businesses around new products, services or markets.
Small and medium enterprise
the international term for small businesses.
Focuses of entrepreneurship
the key directions the organization intends to pursue.
Income rewards
the money made by owning your own business.
Unicorn
the most successful high growth ventures, those with a valuation of $1 billion of more.
Good or services
the tangible things (goods) or intangible commodities (services) created for sale.
Bootstrapping
using low cost or free techniques to minimize your cost of doing business.
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.
Innovation-driven economies
A nation 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.
Virtual instant global entrepreneurship (VIGE)
A process that uses the Internet to quickly create businesses with a worldwide reach.
Corridor principle
A theory in entrepreneurial occupation theory that says as you start pursuing one line of work or opportunity (which is like going down a corridor) you will encounter other opportunities.
Opportunity-driven entrepreneurship
Creating a firm to improve one's income or provide a product or service.
Green entrepreneurship
Staring or running a firm in a manner which saves or improves the environment. (See sustainable entrepreneurship.)
Firm
an organization that sells or trades with others.
Creation
the entrepreneurial focus which looks at the making of new entities.
Efficiency-driven economy
A nation where industrialization is becoming the major force providing jobs, revenues, and taxes, and where minimizing costs while maximizing productivity (i.e., efficiency) is a major goal.
Sustainable entrepreneurship
An approach to operating a firm or a line of business that 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.
Independent small business
a business owned by an individual or small group.
Owner managed firms
a business run by the individual who owns it.
Traditional small business
a firm intended to provide a living income 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 a 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.
Heir
a person who becomes an owner through inheriting or being given a stake in the family business.
Entrepreneur
a person who owns or starts an organization, such as a business
Main street business
a popular term for small businesses reflecting the idea that these are the kinds of firms you would expect to find on the main street of a typical American city, and are the opposite of big businesses or "Wall street" businesses.
Franchise
a prepackaged business bought, rented, or leased from a company called a franchisor.
CSI entrepreneurship
acronym to the three focuses of entrepreneurship - corporate, social and independent.
Effectuation
an approach used to create alternatives in uncertain environments.
Crowdsourcing
techniques often based on Internet-based services to get opinions or ideas through the collective involvement of others.
Occupation
the type of activity a person does regularly for pay.
Creative destruction
the way that newly created goods, services or firms can hurt existing goods, services or firms.
Growth rewards
what people get from facing and beating challenges or learning.
Self-employed
working for yourself.
E-Commerce
the general term for business conducted on the Internet.