Entrepreneurial Small Business Chapter 1

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Small business

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

Forms of entrepreneurship

the settings in which the entrepreneurial effort takes place.

Small Business Administration

a part of the United States government which provides support and advocacy for small businesses.

Self-efficacy

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

Lifestyle or part time business

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.

Novelty

characterized by being different or new.

Imitative

characterized by being like or copying something that already exists.

Necessity-driven entrepreneurship

creating a firm as an alternative to unemployment.

Crowdfunding

funding a business online through the collective involvement of others to provide donations, a loan or investment.

Overall growth strategy

one of four general ways to position a business based on the rate and level of growth entrepreneurs anticipate for them.

Founders

people who create or start new businesses.

Serial entrepreneurs

people who open multiple businesses throughout their career.

Buyers

people who purchase an existing business.

Flexibility rewards

refer to the ability of a business owner to structure life in the way that suits their needs best.

Innovativeness

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

Perseverance

the behavior of continued effort to achieve a goal.

Mindshare

the degree of attention your target market pays to your idea or organization.

Innovation

the entrepreneurial focus which looks at a new thing of a new way of doing things.

Customer-focus

the entrepreneurial focus which refers to being in tune with one's market.

Efficiency

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

Independent entrepreneurship

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

Social entrepreneurship

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

Corporate entrepreneurship

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

Small and medium enterprise

the international term for small businesses.

Focuses of entrepreneurship

the key directions the organization intends to pursue.

Income rewards

the money made by owning your own business.

Unicorn

the most successful high growth ventures, those with a valuation of $1 billion of more.

Good or services

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

Bootstrapping

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

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.

Innovation-driven economies

A nation 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.

Virtual instant global entrepreneurship (VIGE)

A process that uses the Internet to quickly create businesses with a worldwide reach.

Corridor principle

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

Opportunity-driven entrepreneurship

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

Green entrepreneurship

Staring or running a firm in a manner which saves or improves the environment. (See sustainable entrepreneurship.)

Firm

an organization that sells or trades with others.

Creation

the entrepreneurial focus which looks at the making of new entities.

Efficiency-driven economy

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.

Sustainable entrepreneurship

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.

Independent small business

a business owned by an individual or small group.

Owner managed firms

a business run by the individual who owns it.

Traditional small business

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.

High-performing small business

a firm intended to provide the owner with a 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.

Heir

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

Entrepreneur

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

Main street business

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.

Franchise

a prepackaged business bought, rented, or leased from a company called a franchisor.

CSI entrepreneurship

acronym to the three focuses of entrepreneurship - corporate, social and independent.

Effectuation

an approach used to create alternatives in uncertain environments.

Crowdsourcing

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

Occupation

the type of activity a person does regularly for pay.

Creative destruction

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

Growth rewards

what people get from facing and beating challenges or learning.

Self-employed

working for yourself.

E-Commerce

the general term for business conducted on the Internet.


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