Entrepreneurship

What are the sources of business ideas.

1. Work and personal experience 2. A similar business 3. Chance 4. Family and friends 5. Education or expertise 6. Idea sites

Caveat Emptor

A Latin expression that means, " let the buyer beware," which has been made into a philosophy sometimes used by businesses to put the burden for consumer protection onto the customer

What is ISO 14001 Certification?

A certification awarded to organizations for creating and implementing an environmental management system that meets the requirements of the International Standards Organization.

Entrepreneurship life cycle:

A.K.A business life cycle; the sequence or pattern of developmental stages any business goes through during its life span

Certification

An examination- based acknowledgement that the firm is owned and operated as specified.

Education or expertise

Applying what you've learned in school or developed on your own.

Social Network sites

Facebook.com, WhatsApp, QQ, Facebook messenger, QZone, WeChat, Tumblr, Instagram, Twitter.com, Baidu Tieba, Skype , LinkedIn

Work and personal experience

Frustrations or unfulfilled wishes from your life working or being a consumer

What is legitimacy? (People & product related)

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 Having people in the organization- an owner, employees, or even media spokespeople-- whom customers know and respect increases the firm's legitimacy. Making sure the people of your business always work in the best, friendliest, and most professional way also helps build the business. Most small businesses offer products or services with which customers are already familiar with. The goal than becomes making sure the customer knows about the details of the product---its high quality and environmental friendliness, its competitive advantage, how to use it ---and has the assurance that it will be backed up by the firm.

Understand the entrepreneur process

Overall growth strategy - one of four general ways to position a business based on the rate and level of growth entrepreneurs anticipate for their firm. Strategies include : lifestyle or part-time firms , traditional small businesses, high performing small businesses, high growth ventures.

Five P's of entrepreneurship

Passion Perseverance Promotion focus Prevention focus Planning style Professionalization

A similar business

Seeing something new to you or your area, and thinking about importing or copying it

SME businesses are in the marketplace

Small and medium enterprise: the International term for small businesses

SBA definition of a small business

Small business administration: A part of the united states government that provides support and advocacy for small business

Family and friends

Someone else has a great idea

Idea sites

Try halfbaker.com, coolbusinessideas.com, or ideaswatch.com, or search online for "idea sites."

License

a legal agreement granting you rights to use a particular piece of intellectual property

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.

Royalty

a payment to a licensor based on the number or value of licensed items sold

Serial entrepreneur

a person who opens multiple businesses throughout his or her career

Definition of an entrepreneur?

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

key business function

activities common to all businesses such as sales, operations (also called production), accounting, finance, & human resources

Industry-specific knowledge

activities, knowledge, & skills specific to businesses in a particular industry Resource

Promotion Focus

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

Prevention Focus

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

Chance

being in the right place at the right time

Planning Style

comprehensive planners, critical-point planners, opportunistic planners, reactive planners,habit -based planners

3 forms of entrepreneurship

corporate entrepreneurship Social entrepreneurship Independent entrepreneurship

Type of rewards for entrepreneurs

flexibility rewards Growth reward Income rewards

What is crowdfunding

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

Set Aside

government contracting funds that are earmarked for particular kinds of firms, such as small businesses, minority-owned firms, women owned firms, and the like.

Passion

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

Elements of the Small Business Environment

internal environment External environment Task environment General environment

Understand business related competencies (resource, industry-specific knowledge)

key business function Industry-specific knowledge competencies Determination competencies Opportunities competencies

casual model of entrepreneurship

one of two approaches to thinking about entrepreneurship (the other is effectuation). The casual approach is one in which you want to create a particular product or service that does not yet exist, and to achieve that end, you have to cause the product or service to exist. This can mean you will have to learn new skills, or find others to help you achieve your end.

determination competencies

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

Opportunities competencies

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

flexibility rewards

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

Compentencies

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, & expertise

perseverance

the ability to stick with some activity even when it takes a long time and its outcome is not immediately known

Professionalization

the extent to which a firm meets or exceeds the standard business practices for its industry

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

External environment

the forces, institutions, and people(I.e, the rest of the world) outside the boundary of the firm.

Independent entrepreneurship:

the form of entrepreneurship in which a person or group owns a for profit business.

Social entrepreneurship

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

corporate entrepreneurship

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

Income rewards

the money made by owning one's own business

internal environment

the people and groups within the boundary of a firm, including the owners, managers, employees , and board members of the firm

Licensee

the perosn or firm that is obtaining the rights to use a particular piece of intellectual property

Liscensor

the person or organization that is offering the rights to use a particular piece of intellectual property

Concept of bootstrapping

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

Growth reward

what people get from facing and beating challenges