Entrepreneur Exam 2
Aggradizing
Making your business or yourself seem more accomplished than it is
Covenants
the limitations imposed on your property by your neighborhood group
Conflict of interest
A situation in which a person faces two or more competing standards or goals
Organizational Identity
Composed of the name, description, and distinctive elements of a firm, such as trademarks, uniforms, logos, characters and stories
Boundary
Separating and balancing business and home
Cannibalizing
taking business away from your employer
Entrepreneurial Ecosystem
A specific configuration of the environment that reflects the components that are most central to developing a strong and active community of start-up businesses. The components are entrepreneurs, government, universities, investors, service people, mentors, and large organizations.
Ethics
A system of values that people consider in determining whether actions are right or wrong
BATNA
An acronym for "Best Alternative To a Negotiated Settlement" in which the second-best outcome is identified by the parties in a negotiation to help clarify the value of achieving a successful negotiation
Billboard Principle
Asks whether someone would be comfortable having his decision and name advertised on a billboard for the public to see
Outsourcing
Contracting with people or companies outside your business to do work for your business
Poisoning the well
Creating a negative impression among your employers' customers
Opportunity Recognition
Searching and capturing new ideas that lead to business opportunities. This process often involves creative thinking that leads to discovery of new and useful ideas.
Universalism
Suggests that there is a code of right and wrong that everyone can see and follow
Golden Rule
Suggests you treat others in the manner you wish to be treated
Utilitarianism
Supports seeking the greatest good for the greatest number of peopl
Delegation
The assignment of work to others over whom you have power
Legitimacy
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
Social Network
The entrepreneur's set of relationships and contacts with individuals and institutions.
External Environment
The forces, institutions and people outside the boundary of the firm
External Relations
The 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.
Permanence
The impression of long-term continuity a business gives others
Internal Environment
The people and groups within the boundary of a firm, including the owners, managers, employees, and board members of the firm
Environment
The sum total of forces outside of the entrepreneur and the firm
Bootstrapping
Using low-cost or free techniques to minimize your cost of doing business
Moonlighting
Working on your own part-time after your regular job
Caveat Emptor
a Latin phrase meaning "let the buyer beware" which is used by businesses to put the burden for consumer protection onto the customer
Ethical Dilemma
a situation that occurs when a person's values are in conflict, making it unclear whether a particular decision is the right thing to do
Imitative strategy
an overall strategic approach in which the entrepreneur does more or less what others are already doing
Zoning Laws
government specifications for acceptable use of land and buildings in particular areas
Time to start-up
how long it takes to start a new business
Networking
interacting with others in order to build relationships useful to a business
incremental strategy
taking an idea and offering a way to do something slightly better than it is done presently
Entrepreneurial Alertness
the ability to notice things without engaging in deliberate search
Mutuality
the action of each person helping another
Cost to start-up
the amount of money it takes to start a new business
Feasibility
the extent to which an idea is viable and realistic and the extent to which you are aware of internal and external forces that could affect your business
Social Capital
Characteristics of a business, such as trust, consistency, and networks, that represent potential social obligations that are assets of the firm
Avoid Pitfalls
1. Identifying the wrong problem 2. Judging ideas too quickly 3. Stopping with the first good idea 4. Failing to act 5. Obeying rules that don't exist
Developing a Social Network
1. Make it easy for people to contact you 2. Take the initiative to ask others on the network to link with you 3. Find and link up with network mavens 4. Keep at it!
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.