Entrepreneurial Small Business Chapter 2
Perseverance
ability to stick with some activity even when it takes a long time
Key business functions
activities common to all businesses
Industry-specific knowledge
activities, skills, and knowledge, specific to businesses in an industry
Prevention focus
an entrepreneur's attention to minimizing losses, with a bias towards inaction or protective action to prevent loss
Comprehensive planners
entrepreneurs who develop long-range plans for all aspects of the business
Critical-point planners
entrepreneurs who develop plans focused on the most important aspect of the business first
Habit-driven planners
entrepreneurs who do not plan, preferring to let all actions be dictated by their routines
Opportunistic planners
entrepreneurs who start with a goal instead of a plan and look for opportunities to achieve it
Late career entrepreneurs
people who begin their businesses after having retired or resigned
Succession
process of intergenerational transfer of a business
Expert business professionalization
situation that occurs when all the major functions if a firm are conducted according to the standard business practices of its industry
Specialized business professionalism
situation that occurs when businesses have founders or owners who are passoniate about one or two of the key business functions, such as sales, operations, accounting, finance or human resources
Determination competencies
skills identified with the energy and focus needed to bring a business into existence
Opportunity competencies
skills necessary to identify and exploit elements of the business environment that can lead to a profitable and sustainable business
Basic business competency
understanding the orgnaizational and business processes of a firm
Resource competencies
ability or skill of the entrepreneur at finding expandable components neccesary to the operation of the business
Promotion focus
an entrepreneur's attention to maximizing gain and pursuing opportunities likely to lead to gains
Reactive planners
entrepreneurs with a passive approach, who wait for cues from the environment to determine what actions to take
Family business
firm in which one family owns a majority stake and is involved in the daily management of the business
Competencies
form of business-related expertise
Set asides
government contracting funds which are earmarked for particular kinds of firms,such as small businesses, minority-owned firms, and women-owned firms
Passion
intense positive feeling an entrepreneur has towards the business or the idea behind the business
Role conflict
kind of problem that arises when people have multiple responsibilities and the different responsibilties make different demands on them
