test one management 350

networking skills

- know who you are -buddy up -know whom you want and why -follow up

episodic business

a temporary, project based operating business

netowork marketing

an approach to selling in which the salesperson recruits customer to become distributors of the products/services

informational websites

an internet site designed to introduce and explain a business to others

four elements to get your business started

boundary resources intention exchange

how do we determine what to do?

caveat emptor golden rule utilitarism universalism

intention

desire to start a business

licensing

documented permission from the government to run your own business

rewards of a small business

growth rewards income rewards flexibility rewards

list of risks

loss of money loss of time loss of social life

income rewards

money made by owning ones own business

resources

money, product, knowledge etc

myths about small businesses

not enough financing you can't start a business during a recession to make profits, you need to make something if you fail, you can never try again students don't have the skills to start a business

types of entrepreneurship

opportunity driven entrepreneurship necessity driven entrepreneurship

what does it take to be an entrepreneur?

passion, perservance, promotion, planning and professionalism

intellectual property

property coming from sort of original thought; patents, trade secrets, trademarks

rarely metioned rewards

recognition power family admiration

with rewards there are....

risks

Hybrid entrepreneurship

the process of initiating a business while simultaneously remaining employed for wages/salary

stand retail

the roadside , flea market, farmers market - one of the most ancient forms of business -semi-permanent -success factors: inventory and location

conflict of interest

a situation in which a person faces two or more competing standards or goals

ethical dilemma

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

lifestyle/part time business

a small business primarily intended to provide partial financial support for the existing lifestyle of the owner most often to fits the owners schedule and way of working

ethics

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

flexibility rewards

ability of business owners to structure life

level 2 costs

administrative and audit legal and investigate; govt oversight

handling a crisis

admit you are wrong or in trouble fast get to the scene communicate facts

exchange

moving resources and products in exchange for money

second career entrepreneurs

people who begin their business after leaving, retired or resigned other job can include veterans

buyers

people who purchase an existing business

part time business types

pop up business episodic business part time business hybrid business

home based businesses

pop up business mobile offices virtual offices

part time business

a business in which the owener either particpates fewer than 35 hrs per week or operates temporarily/seasonal

family business

a firm in which one family owns a majority of the stake and is involved in 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 higher income through sales or profits superior to those of a traditional small business

outsourcing

contracting with people or companies outside your business to do work for your business

necessity driven entrepreneurship

creating a firm as an alternative to unemployment

cannibalizing

taking business away from your employer

pop up business

temporary business that offers services or products in a variety of locations for a brief period of time

delegation

the assignment of work to others over whom you have power

social network

the entrepreneurs set of relationships and contacts with individuals and insititutions

e commerce

the use of internet to conduct business transactions

bootstrapping

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

why are part time businesses so important

volatility

occasional metioned rewards

wealth product

environmental scanning for a small business

-look for trends in the trade press of your industry - ask customers and suppliers what they can see on the horizon -keep notes of what bothers you, so you can change it - subscribe to blogs outside your area of a business

maker

a modern term for an innovator, an inventor who uses modern technique technology like 3d printers

heir

a person who becomes an owner through inheriting or being given

entrepreneur

a person who owns or starts an organization

mainstreet business

a popular term for small business reflecting the idea that these kinds of firms will be found on mainstream of a typical american city; opposite of big businesses

franchise

a prepackaged business bought, rented or leased from a company

high growth venture

a firm started with the intent of eventually going public, following the pattern of growth and operations of a big business

business to business

business to business transactions using e commerce

internet website consumer types

business to consumer business to business

business to consumer

business to consumer transactions using e commerce

social capital

characterisitics of a business such as trust and networks that represent potential social obligations that are assets of the firm

opportunity driven entrepreneurship

creating a firm to improve one's income or product/service

boundary

creating a place for your business

level 3 costs

customer defections, loss of reputation, loss of employee moral; more damaging but less executive attention

ethical decision making model

define moral problem generate alternatives that meet ethical goals implement the best solution

stages of a business cycle

emergence--> existence--> success--> takeoff--> maturity

home retail

entrepreneur arranges a get together at someones home where participants can socialize and get acquainted with entreprenur and products/services

what are the three types of economies

factor driven economy effiicency driven economy innovation driven economy

what is the stages of an entrepreneur

feel--> check--> plan--> do

volatility

frequency of business starts and stops

crowdfunding

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

level 1 costs

government fines and penalities; less damaging but more executive attention

registration

information provided to the government concerning the existence of nature of, contact information for your business

small business

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

IRS

less than 10 mil

chambers of commerce

less than 10 mil and less than 100 employees

business costs of ethical failure

level 1, 2 and 3 costs

what are the types of businesses

lifestyle/part time business traditional small business high performing small business high growth venture mainstream business

growth rewards

what people get from facing and beating challenges

part time employment

working for 35 hours or less a week

self-employed

working for yourself

full time employment

working more than 35 hours a week

moonlighting

working on your own part time after your regular job