MGMT 470: Ch. 5 - Small Business Entry: Paths to Part-Time Entrepreneurship
Biggest Success Factors for Part-Time Businesses = _______
(establishing a) Boundary
The Key Question when deciding whether to move to Full-Time Entrepreneurship: _______ ______
Financial Feasibility
An _______: Takes the product, makes an effort to sell it, then gets a portion of the sales price with the remainder going to the maker
agent
When an entrepreneur makes their firm appear bigger, more substantial, or more capable than what it is
aggrandizing
(4) Instances of When to Consider Part-Time Entrepreneurship: 1. Lack ______ ______ 2. Lack ______ ______ 3. Narrow _____ ___ ______ 4. _____ ______
basic experience, necessary resources, window of opportunity, demand uncertainty
A web page in which entries are posted in reverse chronological order (ie., most recent at the top of the page)
blog
_______-____-______ (____): Sales from one firm to another using e-commerce Whether selling to customers or other firms, a website is essential
business-to-business (B2B)
_______-____-______ (____): Selling products to individuals using e-commerce (products → individuals)
business-to-customer (B2C)
(3) Risks of Moonlighting: When you take away business from your employer
cannibalizing
(8) Major Challenges: 1. _______ _______ _______ 2. ______ ______ 3. _____-_____ 4. _____ _____ 5. _____ _____ 6. _____ _____ 7. _____ _____ 8. _____ _____
cash flow mgmt, time mgmt, self-doubt, capital development, strapped budget, marketing strategy, business development, delegating tasks
NEVER outsource: The thing that defines your _______ _______.
distinctive competence
The use of the Internet to conduct business transactions
e-commerce
(4) Disadvantages of Consignment: 1. Little _____ put forth to sell your product 2. High potential for _____ offerings 3. LONG TIME before ______ 4. Lower ______
effort, competing, payouts, profitability
- Have no permanent locations - A temporary, project-based, or sporadically operating business - Ex: "pop-up"
episodic business
(3) Challenges of Part-Time Entrepreneurship: moonlight & aggrandzing
ethics
How you make profits, price your goods and services and make obtaining profits likely
exchange
Biggest Advantage of Pop-ups over Stand Retail = _______
flexibility
_____-____ Employment: Understood to mean working more than 35 hours a week
full-time
(4) Advantages of Consignment: 1. Permit ____-____ sales w/ only ____-____ involvement 2. Low ______ _____ 3. Low _____ 4. _____
full-time, part-time, setup costs, risk, flexibility
(2) Key Groups a Part-Time Business Must Deal With: 1. _______ 2. ______
government, customers
(8) Most Common Forms of Part-Time Businesses: (Pt. 1) 1. ________ 2. ______ informational websites 3. ________ & eBay websites 4. ______ ______
home based, internet, e-commerce, home retail
Describes someone who keeps a constant job as an employee while working on their own business
hybrid entrepreneurship
An _________: - A rent space - For-profit _____ are similar to executive offices but cheaper
incubator
An Internet site designed to introduce and explain a business to others
informational website
Permanence is related to ______ → Customers want to know the co. will be around for future sales and service.
legitimacy
Documented permission from the government to run your business
licensing
Working part-time at your business after your regular job
moonlighting
The use of several different channels to reach your customers Ex: When your web address is listed on business cards, all advertising, and every piece of official paper Ex: Websites, direct mail, traditional retailing
multichannel marketing
An approach to selling in which the salesperson recruits customers to become distributors of the product or service to others
network marketing
(3) Challenges of Part-Time Entrepreneurship: Contracting with people or companies outside of your business to do work for your business
outsourcing
_____-____ Employment: Understood to mean working 35 or fewer hours a week
part-time
(3) Key Considerations for Success in Part-Time Entrepreneurship: The impression of long-term continuity a business gives others
permanence
(3) Risks of Moonlighting: Creates a negative impression among your employers' customers
poisoning the well
______ Business: A temporary business that offers services or products in a variety of locations for a brief period of time; Characterized by its temporary nature
pop-up
(8) Most Common Forms of Part-Time Businesses: (Pt. 1) 5. _____-_____ 6. _______ ______ 7. _______ ______, executive offices, incubators 8. ______ & agents
pop-up, mobile offices, virtual offices, consignments
A listed, live connection to a different website, which in turn displays a similar link to the first website
reciprocal link
Information provided to the government concerning the existence of, name of, nature of, and contact information for your business
registration
(3) Ways to Deal with the Government: 1. ___________ 2. _______ 3. _______
registration/licensing, taxes, zoning
_____ _____ _____ (_____): A general approach to website design intended to result in the site being displayed outward the beginning of a search engine's results
search engine optimization (SEO)
A ______ ______: A form of paid advertising that gets your co's website at the top of search list
sponsored link
(3) Considerations for any Consignment Relationship: 1. Make sure there is a ______ ______ 2. Have a ______ _____ of the product 3. For physical properties, mention the _____ & any ______
written contract, clear description, condition, blemishes
Regulations limiting the use of your business space when applied by the government
zoning laws
An _____ ______ have short-term space for an office or work area.
Executive Office
An Internet messaging service that pushes (sends) whatever web material you specify to subscribers of that feed
RSS feed
When your customers are likely to see your site in search results
SEO
A _____ ______ is the next step in most hosting packages.
Virtual Office
(7) Ideals of Part-Time Entrepreneurship: 1. Find a __-______ who can keep you balanced 2. _____ _____ _____ & days for the startup, working with the team 3. Get better at _____ _____ to your friends 4. Set ______ ______ & take them seriously 5. Select a business idea that has a _______ ______ 6. Prepare yourself for a ______ ______ to success 7. Make ______ a ____-______ __________
co-owner, set fixed times, saying NO, realistic milestones, longer runway, long journey, learning, full-time vocation
(6) Tips for Successfully Establishing a Boundary for Your Part-Time Business: 1. Don't waste time _______ 2. Don't aim for _____ 3. Don't dwell on the _____ 4. Minimize your time spent in _____ 5. Schedule quality time with your _____ 6. Schedule time for _____ to have fun!
complaining, perfection, past, meetings, family, yourself
(3) Risks of Moonlighting: Occur when what is best for your business is NOT best for your job
conflicts of interest
(3) Risks of Moonlighting: 1. ______ ___ ______ 2. _______ 3. ______ ____ ______
conflicts of interest, cannibalizing, poisoning the well
_______ ______: Sell an inventor's item and get a share of the price
consignment shops
"Doing business without a business organization" = ______ & ______
consignments & agents
A private individual or household that is the end-user of a product or service
consumer
(3) Key Considerations for Success in Part-Time Entrepreneurship: The amount of money it takes to start your new part-time business
cost to startup
(3) Key Considerations for Success in Part-Time Entrepreneurship: 1. ______ to startup 2. _____ to startup 3. _______
cost, time, permanence
Regulations limiting the use of your business space when applied by organizations (such as neighborhood groups, etc.)
covenants
(3) Challenges of Part-Time Entrepreneurship: When you assign work to subordinates; The assignment of work to others over whom you have power
delegation
(3) Challenges of Part-Time Entrepreneurship: 1. ___________ & ___________ 2. ___________ 3. Moving to _____-_____ ___________
delegation & outsourcing, ethics, full-time entreneurship
(3) Key Considerations for Success in Part-Time Entrepreneurship: - How long it takes to start a new business - Want the SHORTEST
time to startup
A 140-character-or-less message sent using the Twitter web service
tweet
Permission from a government organization to act differently than the law states
variance
Many people jump into and out of self-employment, a change called ________ by economists
volatility