entrep exam
success
. The third stage of the business life cycle marked by the firm being established in its market, operation, and finances.
second career entrepreneurs
.A special group of entrepreneurs.—people who begin their businesses after having left, retired, or resigned from work
traditional small business
A firm intended to provide a living 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 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.
efficiency driven economy
A nation where industrialization is becoming the major force providing jobs, revenues, and taxes, and where minimizing cost while maximizing productivity (i.e., efficiency) is a major goal
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.
General Environment
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
task environment
A 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.
heir
A person who become an owner through inheriting or being given a stake in a family business.
Franchise
A prepacked business bought, rented, or leased from a company called a franchisor
lifestyle or part-time firms
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.
innovation driven economy
An economy 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.
imitative strategy
An overall strategic approach in which the entrepreneur does more or less what others are already doing.
necessity-driven entrepreneurship
Creating a firm as an alternative to unemploymen
oppurtunity-driven economy
Creating a firm to improve one's income or a product or service.
Resources
Include the product or service to be offered, informational resources on markets and running a business, financial resources, and human resources.
creative destructions
It refers to the way that newly created goods, services, or firms can hurt existing goods, services, or firms
standard business practice
One hallmark of successful entrepreneurs is that they usually do at least one thing much better than average.
founder
People who create or start new business.
Buyers
People who purchase an existing business
determination competencies
Skills identified with the energy and focus needed to bring a business into existence.
Boundary
Something that sets it up as a firm and sets it off from the buying or selling or bartering we all do occasionally.
flexibility rewards
The ability of business owners to structure life in the way that suits their needs best.
resource competencies
The ability or skill of the entrepreneur at finding expendable components necessary to the operation of the business such as time, information, location, financing, raw materials, and expertise
feasibility
The extent to which an idea is viable and realistic and the extent to which you are aware of internal (to your business) and external (industry, market, and regulatory environment) forces that could affect your business.
emergence
The first stage of the small business life cycle, where the entrepreneur moves from thinking about starting the business to actually starting the business.
income rewards
The money made by owning one's own business
existence
The 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
exchange
This refers to moving resources, goods, or services to others in exchange for money or their resources.
takeoff
This stage occurs after the success stage for a small percentage of businesses. It is characterized by rapid growth (5-10 percent a month or more). When this growth levels off, the firm enters the resource maturity stage
key business functions
activites common to all business such as sales, operations(also called production), accounting, finance and human resources
industry-specific knowledge
activities, knowledge and skills specific to businesses in a particular industry
sustainable entrepreneurship
an approach to operating a firm or a line of business which 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
reactive planners
are completely ppassive, waiting for cues from the environment to determine what actions to take
small and medium enterprise
backbone of Asian economies
External Environment
consists of everything outside the firm's boundary
habit based planners
do not really plan at all because their actions are dictated by their routines
reputation
has a positive impact, it increases trust and creates a culture that enables people to make good decisions
promotion focus
intent on maximizing gains,s, which gives us a bias toward pursuing opportunities likely to lead to those gain
prevention focus
intent on minimizing losses, with a bias toward inaction or protective action
Internal Environment
is a firm consists of those people inside the boundary-the owner,any employess and any other owners or board members of the firm
liscense
is a legal agreement granting you rights to use a particular piece of intellectual property
crisis
is a situation that poses a major problem for the business or its people, in which the survival of the business is at stake, and immediate action is necessary
social networking
is a way to work trust, reciprocity, and long-term relationships into your day-to-day business operations.
Entrepreneur
is an individual who creates a new business, bearing most of the risks and enjoying most of the reward
Passion
is an intense positive feeling the entrepreneur has toward the business or even the idea behind the business
Perseverance
is best thought of as a type of learned optimism, the ability to stick with some activity even when it takes a long times
organizational identity
is not just the name of a firm, but its basic description—what it does and where it does this
social network
is the entrepreneur's relationship and contacts with others
mutuality
is the idea and action of each person helping the other.
resource maturity
is the most typical fourth stage of the small business. It is characterized by relatively stable or slowly rising sales and profits over several years. In a firm that has a takeoff stage following the success stage, the resource maturity stage occurs after takeoff.
Environment
is the sum of all the forces outside the firm or entrepreneur
caveat emptor
let the buyer beware
legitimacy
means that a firm is worthy of consideration or doing business with because of the impressions or opinions of customers, suppliers, investors, or competitors.
critical point planners
plan around the most important aspect of the business first, and act on it and then consider if additional plans are needed
radical innovation strategy
rejecting existing ideas, and presenting a way to do things differently
. Opportunity Competencies
skills necessary to identify and exploit elemennts of the business environment that can lead to a profitable and sustainable business
networking
small business owners interacting with others in order to build relationships useful to the business
oppurtunistic planners
starts with a goal and look for oppurtunities to achieve it
Entrepreneurial Management
t as the practice of taking entrepreneurial knowledge and utilizing it for increasing the effectiveness of new business venturing as well as small- and medium-sized businesses
role conflict
t describes the kind of problem that arises when people have multiple responsibilities, such as parent and boss, and each makes different demands on them.
comprehensive planners
take a long term view, develop long range plans for all aspects of the business, are comfortable with planning and act based on the plans they ve developed
incremental strategy
taking an idea and offering a way to do something slightly better than it is done presently
intention
the desire to start a business and is most frequently occuring element of the BRIe model
royalty
the payment per item sold
liabilities of newness
the problems of mastering operations, marketing and finances
succession
the process of intergenerational transfer of a business.
oppurtunity recognition
the search and capture of new ideas
Expert business professionalization
when most aspects of the business meet or exceed the industry's standard
minimalized business professionalization
when none of the aspects of the business achieve the industry standard
specialized business professionalization
when one or two aspects of the business are at this level