Entrepreneurship test 1
Baldrige Award
The Malcolm Baldrige National Quality Award is given by the US government to businesses and nonprofit organizations that have been judged outstanding in seven measures of quality leadership; strategic planning; customer and market focus; measurement, analysis, and knowledge management; human resource focus; process management, and results
standard business practice
a business action that has been widely adopted within an industry or occupation
independent small businesses
a business owned by an individual or small group
owner-managed firms
a business run by the individual who owns it
family business
a firm in which one family owns a majority stake and is involved in the daily management of the business
traditional small business
a firm intended to provide a living income to the owner, and operating in a manner and on 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 businesses
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 costs while maximizing productivity 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
innovation-driven economy
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
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.
small business administration
a part of the us government, which provides support and advocacy for small businesses
heir
a person who becomes an owner through inheriting or being given a stake in a family business
entrepreneur
a person who owns or starts an organization, such as a business
self-efficacy
a person's belief in his or her ability to achieve a goal.
cognition
a person's way of perceiving and thinking about his or her experience
main street businesses
a popular term for small businesses reflecting the idea that these are the kind 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
virtual instant global entrepreneurship
a process that uses the internet to quickly create businesses with a worldwide reach
organizational culture
a set of shared beliefs, basic assumptions, or common, accepted ways of dealing with problems and challenges within a company that demonstrate how things get done
expert business professionalism
a situation that occurs when all the major functions of a firm are conducted according to the standard business practices of its industry
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
minimized business professionalization
a situation that occurs when the entrepreneur does nearly everything in the simplest way possible
lifestyle or part time firm
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 or working
CSI entrepreneurship
acronym for the three forms of entrepreneurship, corporate, social, and independent
key business functions
activities common to all businesses such as sales, operations, 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
effectuation
an approach used to create alternatives in uncertain environments
prevention focus
an entrepreneurs attention to minimizing losses, with a basis toward inaction or protective action to prevent loss
certification
an examination based acknowledgement that the firm is owned and operated as specified
passion
an intense positive feeling an entrepreneur has toward the business or the idea behind the business
firm
an organization that sells to or trade to others
green entrepreneurship
another term for sustainable entrepreneurship taken from the popular belief that green is the color of a healthy environment, as in forests or fields
BRIE model
boundary- creating a place for your business- in location and in people's minds resources- the money, product, knowledge, etc.., that make up the business intention- the desire to start a business exchange- moving resources/products/ services in exchange for money
social capital
characteristics of a business, like trusts, consistency, and networks, that represent potential social obligations which are an asset of the firm or entrepreneur
novelty
characterized by being different or new
imitative
characterized by being like or copying something that already exist
necessity-driven entrepreneurship
creating a firm as an alternative to unemployment
opportunity-driven entrepreneurship
creating a firm to improve one's income or a product or service
comprehensive planners
entrepreneurs who develop long range plans for all aspects of the business
habit driven planners
entrepreneurs who do not plan, preferring to let all actions be dictated by their routines
critical-point planners
entrepreneurs who start with a goal instead of a plan and look for opportunities to achieve it
opportunistic planners
entrepreneurs who start with a goal instead of a plan and look for opportunities to achieve it
reactive planners
entrepreneurs with a passive approach, who wait for cues from the environment to determine what actions to take.
competencies
forms of business related expertise
crowdfunding
funding a business online through the collective involvement of others who provide donations, loans, or investments
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.
networking
interacting with others in order to build relationships useful to business
small business
involves 1-50 people and has its owner managing the business on a day to day basis
promotion focus
n entrepreneurs attention to maximizing gains and pursuing opportunities likely to lead to gains
overall growth strategy
one of four general ways to position a business based on the rate and level of growth entrepreneurs anticipate for their firms
organizational identity
part of the BRIE model; composed of the name, description, and distinctive elements of a firm, such as trademarks, uniforms, logos, characters, and stories
late career entrepreneurs
people who begin their businesses after having retired or resigned from work in corporations at age 50 or later
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
innovativeness
refers to how important a role new ideas, products, services, processes, or markets play in an organization
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
ISO
stands for the international standards organization, and refers to certification for having met a standard of quality that is consistently evaluated around the world
crowdsourcing
techniques often based on internet based services to get opinions or ideas through the collective involvement of others
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
Perseverance
the ability to stick with some activity even when it take a long time and its outcome is not immediately known
mutuality
the action of each person helping another
perseverance
the behavior of continued effort to achieve a goal
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
mindshare
the degree of attention your target market pays to your idea or organization
social network
the entrepreneur's set of relationships and contacts with individuals and institutions
innovation
the entrepreneurial focus which looks at a new thing or new way of doing things
creation
the entrepreneurial focus which looks at the making of new entities
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
professionalization
the extent to which a firm meets or exceeds the standard business practices for its industry
external environment
the forces, institutions and people outside the boundary of the firm
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 organizations 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
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
ecommerce
the general term for conducting business on the internet
small and medium enterprise
the international term for small business
focuses of entrepreneurship
the key directions the organization intends to pursue
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.
trade magazines
the magazines that target specific industries and professions
income reward
the money mad by owning one's own business
time management
the organizing process to help make the most efficient use of the day
internal environment
the people and groups within the boundary of a firm, including the owners, managers, employees, and board members of the firm
succession
the process of intergenerational transfer of a business
forms of entrepreneurship
the setting in which the entrepreneurial effort takes place
environment
the sum total of forces outside of the entrepreneur and the firm
goods or services
the tangible things (goods) or intangible things (services) created for sale
action
the visible behavior a person takes
creative destruction
the way that newly created goods, services, or firms can hurt existing goods, services, or firms
occupation
type of activity a person does regularly for pay
bootstrapping
using low-cost or free techniques to minimize your cost of doing business
growth rewards
what people get from facing and beating challenges
self employed
working for yourself