bus 321 exam 1

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three ways passion is displayed

1.by looking at the challenges of the business in a creative way 2.by being persistently focused on the business 3.by being absorbed by the tasks and concerns of the business

how much sales does lifestyle or part-time firms have

25 thousand a year or less

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

Determination competencies

vAchieving Sustainability (1 of 2) vSustainable entrepreneurship 9identifies or creates and then exploits opportunities to make a profit in a manner that minimizes the depletion of natural resources, maximizes the use of recycled material, improves the environment, or any combination of these outcomes 9Green entrepreneurship vAchieving Sustainability (2 of 2) vISO 14001 certification 9A certification awarded to organizations for creating and implementing an environmentalmanagement system that meets the requirement of the International Standards Organization. v

achieving sustainability

the visible behavior a person takes

action

The differences between small businesses and high-growth ventures aren't just semantic. They're fundamental.

aren't just semantic. They're fundamental.

vAsking for Help vRequest from people you trust vAsk for specific behavior vDo not be defensive vDo not overreact or underreact vSummarize what was said to ensure understanding vExplain what you are going to do about feedback vThank the person for the input vFollow through v

asking for help

understanding the organization and business processes of a firm

basic business competency

four key ideas to starting an entrepreneurial small business

believe you can do this planning+action=success help helps do well. do good.

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

bootstraping

Four Elements Needed to Get Your Business Started (BRIE)

boundary, resources, intention, and exchange

people who purchase an existing business

buyers

A person's way of perceiving and thinking about his or her experience

cognition

forms of business-related expertise

competencies

Entrepreneurs who develop long-range plans for all aspects of the business

comprehensive planners

form of entrepreneurship which takes place in existing businesses around new products, services or markets

corporate entrepreneurship

A theory in entrepreneurship and occupational theory that says that as you start pursuing one line of work or opportunity (which is like going down a corridor) you will encounter other opportunities.

corridor principle

focus which looks at the making of new entities

creation

The way that newly created goods, services, or firms can hurt existing goods, services, or firms.

creative destruction

Entrepreneurs who develop plans focused on the most important aspect of the business first

critical-point planners

Funding a business online through the collective involvement of others who provide donations, loans, or investments.

crowdfunding

techniques often based on Internet-based services to get opinions or ideas through the collective involvement of others.

crowdsourcing

focus on which refers to being in tune with one's market

customer-focus

vMake it easy for people to contact you vTake the initiative to ask others on the network to link with you vFind and link up with network mavens vKeep at it—successful online networking requires consistent involvement

developing a social network

vSocial network 9the entrepreneur's set of relationships and contacts with individuals and institutions 9way to work trust, reciprocity, and long-term relationships into your day-to-day business operations.

developing a social network

vThe action of each person helping another=Mutuality vNetworking= Interacting with others in order to build relationships useful to a business. v

developing a social network

An approach used to create alternatives in uncertain environments.

effectuation

focus which refers to doing the most work with the fewest resources

efficiency

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

efficiency-driven economy

a person who owns or starts an organization, such as a business

entrepreneur

vThe Entrepreneurial Life Cycle (1 of 6) vBusiness life cycle 9The sequence or pattern of developmental stages any business goes through during its life span. vThe Entrepreneurial Life Cycle (2 of 6) vEmergence 9The first stage of the small business life cycle, where the entrepreneur moves from thinking about starting the business t actually starting the business. vExistence 9The 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. vThe Entrepreneurial Life Cycle (3 of 6) vLiability of newness 9The set of risks faced by firms early in their life cycles that comes from a lack of knowledge by the owners about the business they are in and by customers about the new business. vThe Entrepreneurial Life Cycle (4 of 6) vSuccess 9The third stage of the business life cycle marked by the firm being established in its market, operation, and finances. vResource maturity 9The resource maturity stage is the most typical fourth stage of the small business 9Characterized by relatively stable or slowly rising sales and profits over several years. 9In a firm that has a takeoff stage following the success stage, the resource maturity stage occurs after takeoff. vThe Entrepreneurial Life Cycle (5 of 6) vSlack resources 9Profits that are available to be used to satisfy the preferences of the owner in how the business is run. vThe Entrepreneurial Life Cycle (6 of 6) vTakeoff 9This stage occurs after the success stage for a small percentage of businesses. 9Characterized by rapid growth (5-10 percent amonth or more). 9When this growth levels off, the firm enters the resource maturity stage. v

entrepreneurial life cycle

Majority of new businesses have a team of two or more co-owners Most teams are family related More than half of teams are spouses or life partners working together

entrepreneurial teams

vEnvironmental Scanning for Small Business (1 of 2) vLook for trends in the trade press of your industry vAsk your customers and suppliers what they see on the horizon vKeep notes on the things that bother you about the way work is done now and on how work has changed vSubscribe to blogs outside your area of business vEnvironmental Scanning for Small Business (2 of 2) vSocial capital 9Characteristics of a business, such as trust, consistency, and networks, that represent potential social obligations that are assets of the firm or entrepreneur. v

environmental scanning for small businesses

A situation that occurs when all the major functions of a firm are conducted according to the standard business practices of its industry.

expert business professionalization

A nation where the major forces for jobs, revenues, and taxes come from farming or extractive industries like forestry, mining, or oil production.

factor-driven economy

vFamily Businesses (1 of 5) vFamily business 9a firm in which one family owns a majority stake and is involved in the daily management of the business v1/3 of the Standard & Poor's 500 are family owned and managed v vFamily Businesses (2 of 5) v39% of businesses in the United States are small family businesses. vAlmost 10.8 million firms vThey employ 58% of America's workforce. v vFamily Businesses (3 of 5) vRole conflict 9the kind of problem that arises when people have multiple responsibilities, such as parent and boss, and the different responsibilities make different demands on them 9 vWhenever possible, make decisions based on business necessities. vFamily Businesses (4 of 5) vTime management 9organizing process to help make the most efficient use of the day 9List, 123 Prioritize, Delegate, Repeat, Strategize vFamily Businesses (5 of 5) vSuccession 9the process of intergenerational transfer of a business 9Lack of clear transition plan is the death knell v

family businesses

Steps in the Entrepreneurial Process

feel-check-plan-do

An organization that sells to or trades with others.

firm

vFive Skills for Managing Relationswith the Environment (1 of 2) vExternal relations 9The 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. vFive Skills for Managing Relationswith the Environment (2 of 2) Five approaches to managing relations with the environment vBuilding legitimacy vDeveloping a social network vHandling a crisis vAchieving sustainability vMaking ethical decisions v

five skills for managing relations with the environment

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

flexibility rewards

three key rewards all entrepreneurs talk about

flexibility, a livable income and personal growth

people who create or start new businesses

founders

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

franchise

The tangible things (goods) or intangible commodities (services) created for sale.

goods or services

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

green entrepreneurship

what people get from facing and beating challenges

growth rewards

Entrepreneurs who do not plan, preferring to let all actions be dictated by their routines

habit-driven planners

1.Admit you're in trouble - quickly 2.Get to the scene as soon as possible 3.Communicate facts you know 4.Have one person serve as the firm's spokesperson 5.Separate crisis management from the everyday management of the firm 6.Deal with the crisis quickly

handling a crisis

a person who becomes an owner through inheriting or being given a stake in a family business

heir

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

high-growth venture

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

high-performing small business

Characterized by being like or copying something that already exists.

imitative

money made by owning one's own business

income rewards

form of entrepreneurship in which a person or group own their own for-profit business

independent entrepreneurship

a business owned by an individual or small group

independent small businesses

activities, skills, and knowledge, specific to businesses in an industry

industry-specific knowledge

focus which looks at a new thing or a new way of doing things

innovation

A nation there 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.

innovation-driven economy

refers to how important a role new ideas, products, services, processes, or markets play in an organization

innovativeness

activities common to all businesses sales, operations, accounting, finance, and human resources

key business functions

displayed three of the key characteristics of successful entrepreneurs introduced in chapter 1

laura tidwell

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 Based on people, product, or organization

legitimacy

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.

lifestyle or part-time firm

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.

main street business

degree of attention to which your target market pays to your idea or organization

mindshare

a situation that occurs when the entrepreneur does nearly everything in the simplest way possible

minimalized business professionalization

Creating a firm as an alternative to unemployment.

necessity-driven entrepreneurship

vKnow who you are vKnow whom you want and why vBuddy up vBone up on the small talk vDo not forget why you're here vMake the connection vFollow up

networking skills

Characterized by being different or new.

novelty

Entrepreneurs who start with a goal instead of a plan and look for opportunities to achieve it

opportunistic planners

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

opportunity competencies

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

opportunity-driven entrepreneurship

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.

organizational culture

One of four general ways to position a business based on the rate and level of growth entrepreneurs anticipate for their firm.

overall growth strategy

a business run by individual who owns it

owner-manged firms

An intense positive feeling an entrepreneur has toward the business or the idea behind the business.

passion

five p's of entrepreneurial behavior

passion, perseverance, promotion/prevention focus, planning style, professionalization

-the ability to stick with some activity even when it takes a long time, and when a successful or unsuccessful outcome is not immediately known -learned optimism

perseverance

An entrepreneur's attention to minimizing losses, with a bias toward inaction or protective action to prevent loss.

prevention focus

vProduct-Based Legitimacy Indicators(2 of 3) vISO (International Standards Organization) 9refers to certification for having met a standard of quality that is consistently evaluated around the world vProduct-Based Legitimacy Indicators(3 of 3) vBaldrige Award 9given by the U.S. government to businesses and nonprofit organizations that have been judged outstanding in seven measures of quality leadership; strategic planning; customer and market focus; measurement, analysis, and knowledge management; human resource focus; process management; and results 9 v

product based legitimacy indicators

An entrepreneur's attention to maximizing gains and pursuing opportunities likely to lead to gains

promotion focus

Entrepreneurs with a passive approach, who wait for cues from the environment to determine what actions to take.

reactive planners

the ability or skill of the entrepreneur at finding expendable components necessary to the operation of the business Time, information, location, financing, raw materials, expertise

resource competencies

People who begin their businesses after having left, retired, or resigned from work. Can include veterans of the armed forces and civilians from a broad range of industries.

second career entrepreneurs

a person's belief in his or her ability to achieve a goal

self-efficacy

working for yourself

self-employed

people who open multiple businesses throughout their career

serial entrepreneurs

the international term for small businesses

small and medium enterprise

involves 1-50 people and has its owner managing the business on a day-to-day basis

small business

a part of U.S. government which provides support and advocacy for small business

small business administration

form of entrepreneurship involving the creation of self-sustaining charitable and civic organizations, or for-profit organizations which invest significant profits in charitable activities

social entrepreneurship

A situation that occurs when businesses have founders or owners who are passionate about one or two of the key business functions, such as sales, operations, accounting, finance, or human resources

specialized business professionalization

A business action that has been widely adopted within an industry or occupation

standard business practice

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.

sustainable entrepreneurship

vThe Elements of the Small Business Environment (1 of 5) vInternal environment 9The people and groups within the boundary of a firm, including the owners, managers, employees, and board members of the firm vThe Elements of the Small Business Environment (2 of 5) vExternal environment 9The forces, institutions and people (i.e., the rest of the world) outside the boundary of the firm. vThe Elements of the Small Business Environment (3 of 5) vTask environment 9A 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. vThe Elements of the Small Business Environment (4 of 5) vGeneral environment 9A 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 vThe Elements of the Small Business Environment (5 of 5) vEntrepreneurial ecosystem 9A specific configuration of the environment that reflects the components that are most central to developing a strong and active community of start-upbusinesses. 9The components are entrepreneurs, government,universities, investors, service people, mentors, and large organizations. v

the elements of the small business environment

vThe Environment of Small Business (1 of 3) vEnvironment 9The sum total of forces outside of the entrepreneur and the firm. v vThe Environment of Small Business(2 of 3) vOrganizational identity 9composed of the name, description, and distinctive elements of a firm, such as trademarks, uniforms, logos, characters and stories 9part of the BRIE model vThe Environment of the Small Business(3 of 3) vBootstrapping 9Using low-cost or free techniques to minimize your cost of doing business v

the environment of the small businesses

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

traditonal small business

myths about small businesses

vNot enough financing vYou can't start a business during a recession vTo make profits, you need to make something vIf you fail, you can never try again vStudents don't have the skills to start a business vNinety percent of all new businesses fail within two years

process that uses the Internet to quickly create businesses with a worldwide reach. Depends on using websites like eBay (for products) or Upwork (for services) to quickly establish a global presence.

virtual instant global entrepreneurship (VIGE)

vWomen and Minorities in Small Business (1 of 5) vWomen-owned businesses are one of the fastest-growing sectors of all United States businesses v29.6% of all businesses are majority owned by women, with 17.5% equally owned by men and women vWomen and Minorities in Small Business (2 of 5) vMinority-owned businesses represent 14.6% of all United States businesses. v2007-2012 Growth rates 9General Business 10% 9Minority-owned 27% vWomen and Minorities in Small Business (3 of 5) vDiscrimination in financing 9Minority applicants were denied at twice the rate of whites. 9Asian and Hispanic owners pay higher interest rates on their loans vWomen and Minorities in Small Business (4 of 5) vSet asides 9Government contracting funds which are earmarked for particular kinds of firms, such as small businesses, minority-owned firms, and women-owned firms vWomen and Minorities in Small Business (5 of 5) vCertification 9an examination base acknowledgement that the firm is owned and operated as specified v v

women and minorities in small businesses


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