Entrepreneurship - Chapter 2
late career entrepreneurs
(also known as second career entrepreneurs) People who begin their businesses after having retired or resigned from work in corporations at age 50 or later.
standard business practice
a business action that has been widely adopted within an industry or occupation
certification
an examination based acknowledgement that the firm is owned and operated as specified
determination competencies
skills identified with the energy and focus needed to bring a business into existence
opportunity competencies
skills necessary to identify and exploit elements of the business environment that can lead to a profitable and sustainable business
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
professionalization
the extent to which a firm meets or exceeds the standard business practices for its industry
role conflict
the kind of problem that arises when people have multiple responsibilities, such as parent and boss, and the different responsibilities make different demands on them
time management
the organizing process to help make the most efficient use of the day
succession
the process of intergenerational transfer of a business.
career
a lifelong series of jobs or occupations
family business
a firm in which one family owns a majority stake and is involved in the daily management of the business
specialized business professionalization
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.
key business functions
activities common to all businesses such as sales, operations (also called production), accounting, finance, and human resources
competencies
forms of business-related expertise
expert business professionalization
a situation that occurs when all the major functions of a firm are conducted according to the standard business practices of its industry
minimalized business professionalization
a situation that occurs when the entrepreneur does nearly everything in the simplest way possible
industry-specific knowledge
activities, knowledge, and skills specific to businesses in a particular industry
set-asides
government contracting funds which are earmarked for particular kinds of firms, such as small businesses, minority-owned firms, women-owned firms, and the like.
