Chapter 3

habitual entrepreneurs

(type of entrepreneur) owners for a lifetime, sometimes in one business, sometimes across many

career

lifelong series of jobs or occupations

growth entrepreneurs

(type of entrepreneur) also lifetime owners, their goal is major success and if they top out with one business they'll start another

spiral, or helical entrepreneurs

(type of entrepreneur) alternate periods of growth and stability which are determined by personal or family needs

Harvest entrepreneurs

(type of entrepreneur) owners with an exit plan. work first in order to play later, they build companies, harvest the money, then make another company

occasional entrepreneurs

(type of entrepreneur) people who generally have another job that is their primary one. pursue entrepreneurship periodically

competencies

forms of business-related expertise

role conflict

when people take more than one role and the responsibilities of those roles make different demands on the people

39

What percentage of U.S. family owned businesses are expected to face the retirement or semiretirement of their CEO within the next five years?

key business functions

activities common to all businesses such as sales, operations, accounting, finance, and human resources

standard business practice

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

certification

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

professionalization

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

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

time management

organizing process to help make the most efficient use of the day

late career entrepreneurs

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

expert business professionalization

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

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

minimalized business professionalization

situation that occurs when the entrepreneur does nearly everything in the simplest way possible

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

resource competencies

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

industry-specific knowledge

activities, knowledge, and skills specific to business in a particular industry

family

these type of businesses are 1/3 of the S&P 500