Studies in Entrepreneurship 3360 CH1-3

perseverance

1. the behavior of continued effort to achieve a goal 2. the ability to stick with some activity even when it takes a long time and its outcome is not immediately known

bootstrapping

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

Small Business Administration

A part of the U.S. government which provides support and advocacy for small businesses

CSI entrepreneurship

Acronym for the three forms of entrepreneurship, corporate, social, and independent

late career entrepreneurs

People who begin their businesses after having retired or resigned from work in corporations at age 50 or later

caveat emptor

a Latin expression which 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

standard business practice

a business action that has been widely adopted within an industry or occupation

independent small business

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 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

efficiency-driven economy

a nation where industrialization is becoming the major force providing jobs, revenues, and taxes, and where minimizing costs while maximizing revenues

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 language

factor-driven economy

a nations where the major forces for jobs, revenues, taxes come from farming or extractive industries lie forestry, mining, or oil production

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

heir

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

entrepreneur

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

self-efficacy

a persons belief in his or her ability to acheive a goal

cognition

a persons way of perceiving and thinking about his or her experience

main street business

a popular term for small businesses reflecting the idea that these are the kinds of firms you would expect to find of 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

ethical dilemma

a situation that occurs when a person's value are in conflict, making it unclear whether a particular decision is the right thing to do

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

specialized business professionalization

a situation that occurs when businesses have founders who are passionate about one or two of the key functions of the business functions, such as sales, operations, accounting, finance, or HR

minimalized 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 owners schedule and way of working

ethics

a system of values that people consider in determining whether actions are right or wrong

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 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

promotion focus

an entrepreneur's attention to maximizing and 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

certification

an examination based acknowledgment that the turn us owned and operated as specified

firm

an organization that sells to or trades with 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

passion

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

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 exists

necessity-driven entrepreneurship

creating a firm as an alternate 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

critical-point planners

entrepreneurs who develop plans focused on the most important aspect of the business first

habit-driven planners

entrepreneurs who do not plan, preferring to let all actions be dictated by their routines

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

crowd-funding

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 a business

small business

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

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

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

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 enviornment that can lead to a profitable and sustainable business

ISO

stands for 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

Baldridge Award

the Malcolm Baldridge National Quality Award is given by the U.S. government to businesses and nonprofit organizations that have been judges outstanding in seven measures of quality 1. Leadership 2. strategic planning 3. customer and market focus 4. measurement, analysis, and knowledge management 5. human resource focus 6. process management 7. results

flexibility rewards

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

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

mutuality

the action of each person helping another

effectuation

the approach used to create alternative to uncertain environments

legitimacy

the belief that f 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

innovation

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

creation focus

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

social network

the entrepreneurs set of relationships and contacts with individuals and institutions

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 boundaries of the firm

independent entrepreneurship

the form of entrepreneurship in which a person or a 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 firms 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 rewards

the money made 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 settings in which the entrepreneurial effort takes place

environment

the sum total of forces outside the entrepreneur and the firm

goods or services

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

occupation

the type of activity a person does regularly for pay

action

the visible behavior a person takes

growth rewards

what people get from facing and beating challenges

self-employed

working for yourself