BUSN 101 Exam 1 Vocab
Organization
Deliberate arrangement of people who accomplish specific purpose with goals and structures
Entrepreneurial personalities
Discipline, creativity, self awareness, resourcefulness, empathetic, communicative, self motivated
Entrepreneurial Personality Types
Salesperson, Hardworker, Wealth seeker, Fast Learner
Need for Approval
Work often needs to be approved by managers and directors in every organization before it can formally begin or move to the next step
Resource competencies
ability or skill of the entrepreneur at finding expendable components necessary to the operation of the business (Time, Location, Info, Financing and Expertise)
Goal setting
active steps to achieve your desired outcome
Business
activity that provides goods or services to earn profit
Adapt
adaptation from existing products or services
MTE Goals
an endpoint, accomplishment or target an organization wants to achieve in a period of time
Recommendation
analysts view on a company or sector communicated to investors
Competitive advantage
attracting more customers and growing its market share
BRIE
boundary, resources, intention and exchange
Value statement
brief declaration that describes a company's priorities and values
Tagline (or Mantra or Slogan)
catch phrase that summarizes what your brand is about
Put to other uses
challenge yourself to think of all the potential uses for a product or service
Transition point
change in something like change in ownership
Personality
combination of characteristics or qualities that form an individual's distinctive character
Scope
combined objectives and requirement needed to complete a project
Organizational Imperative
concept that a business has its own needs and objectives separate from the needs and objectives of any of the business's other stakeholders
Learned helplessness
condition where individuals elevate negative events in their lives and think the cause of problems are enduring and pervasive personal defects
Boundary
creating a place for your business
Cost strategy
cutting cost to a minimum possible levels in order to provide customers with lower prices and boost their savings
Mission
definition of company's business: who it serves, what it does, and objectives
Intention
desire to start a business
Venture
enterprise or organization in which something is risked in hope to obtaining a reward
Logical fallacies
error in reasoning that occurs when invalid arguments are introduced without any evidence to support them
Scenarios Analogies
estimating the expected value of a portfolio after a given change in the values of key factor take place
Storytelling
explaining your motivations for change and be sure they are consistent with your values and beliefs, reframe your past experience to demonstrate how you can meet new challenges
Feasibility
extent which an idea is viable and realistic which you are aware of internal and external forces that could affect your business
Profit
financial reward that comes from running a business
Problem solving
finding a solution to an issue
Family owned business
firm in which one family owns a majority stake and its involvement in the daily management of business accounts for 64% of the U.S
Entrepreneurial Intelligence
focus and awareness
Policy statement Issue
focus on specific issue and should state the organization's position on the issue
Claim
formal notice of truth of something
Creativity
generation of new ideas
Brainstorming
group discussion to produce ideas or solve problems
Combined abilities
having two or more skills or abilities and using them to solve an issue
Epistemology
how do you know it is true branch of philosophy deals with the sources of knowledge
Strategic decision
identifying the best way to achieve goals and objectives
Enterpriser
individual who engages in activities to serve their purpose
Networking
interacting with others to exchange info and develop professional or social contacts
Achievement
is this challenging?
Happiness
is this enjoyable to you?
Role conflict
kind of problem that arises when people have multiple responsibilities such as parent and boss
Commitments
level of commitment an employee has towards his or her tasks assigned
Deductive reasoning
logical process in which a conclusion is based on the concordance of multiple premises that are generally assumed to be true
Inductive reasoning
logical thinking that combines observations with experiential info to reach a conclusion
Decision making
making choices and gathering info
Differentiation
meeting customers needs in a unique way
Entrepreneurial alertness
mental model that drives entrepreneurial teams and process internal and external info to identify entrepreneurial opportunities
Hook
message or tagline that attracts customers attention to take action in company
Focus strategy
method of developing, marketing and selling products to a niche market
Resource
money, product, knowledge that make up the business
Exchange
moving resources/products or services in exchange for money
Ambidextrous thinking
one who is curious and can think creatively and critically able to access both side of their brain
Prioritizing
order of importance so that one can deal with most important before others
Vision statement
organization's declaration of its goals and what they want to become in the future
Imitative strategy
overall strategic approach in which the entrepreneur does more or less what others are already doing
Entrepreneur
people who risk their time, money to start a business, Achieves goals through Problem solving + Decision making
Stakeholder
person or group that has an interest to invest and decision making and actions of the business, organization or project
Strategy
plan or action designed to achieve a main goal
Combine
possible combination that results in something completely different
Pilot test
preliminary run of a business, sales effort, program with the goal of assessing how well the overall approach is
Succession plan
process of identifying the critical positions within your organization and developing action plans for individuals to assume those positions
Theory
proposed laws or principles that can be used to describe markets, competition, innovation and culture
Structure Warrant
proprietary instruments issued by a third-party issue that give holders the right buy or sell the underlying instrument in the future for a fixed price
Screening ideas
questions: what is your product? What needs of your customer does your product address? Is your technology unique?
Purpose
reason for the company and what they do that makes them stand out from others
Iterative analysis
repeating a process with the goal of improvement and refinement
Appreciative Inquiry
represents positive and collaborative techniques to improve leadership and implement organizational change
Entrepreneurial mindset
resilient, resourceful solutions to create something
Eliminate
search for opportunities that arise when you get rid of something
Professionalization
seeking to become publicly recognized as professions according to the degree top which they meet the criteria
Imposter syndrome
self doubt of intellect, skills or accomplishments among high achieving individuals
Disposition
set of personality characteristics that generally remains stable in nearly all situations such as person's temperament, character or way of seeing the world
Elevator Pitch
short, persuasive speech that you use to spark interest in what your organization does
Situational limitations
situations where one is temporarily unable to access info
Determination competencies
skill identified with the energy and focus needed to bring a business in existence
Opportunity competencies
skills necessary to identify and exploit elements of the business environment that can lead to profitable and sustainable business
SME
small and midsize enterprises
Conceptual blocks
some of the concepts that prevent a person from solving problems creatively, they are either pre established methods or routines
Entrepreneurial alertness
special set of observational and thinking skill that help entrepreneurs identify good opportunities
Value Proposition
statement that clearly identifies the benefits of a company's product and services will deliver to its customers
Organizational Behavior
study of individuals, groups and organizations interact and influence one another
SCAMPER
substitute, combine, adapt, magnifying, put to other uses, eliminate, and rearrange
Magnify
taking an existing product and changing its appearance or adding more features
Incremental strategy
taking an idea and offering way to do something better than it's already done
Goals
the endpoint wanted to achieve
Cognition
thought process that reveals what and how you think, significantly influencing what you are likely to do
Basic business competency
time, location, information and financing
Rearrange
to inspire new ideas changing
Time Management
using time productively
Ontology
what is true set of concepts within a domain and the relationship that hold between them ; the science/study of what is true: Observe, see, copy Try or test it out Prove it works conceptually Just believe
Substitute
what might substitute something else to form an idea
Idea trigger
what opportunities can you think of that come as a result of substituting something that already exists
Ask
when you ask investors or customers to buy into your business or product and they do
Legacy
will this be enduring?
Significance
will this make a difference in the world?