Ent

Small business assistance center

Centers funded by the small business administration that advises individuals wishing to start a new business

1970s and early 1980s entire industries were in

Decline

1970s and early 1980s nation was in

Economic turmoil

Can respond quickly to change

Entrepreneurial businesses

Greater flexibility

Entrepreneurial businesses have

Local

Entrepreneurial businesses have an understanding of the __ Community. They provide more than just jobs they provide means to meet the varied demands that individuals face in society

Incubator

Facilities that house new businesses, providing many critical services for these new businesses

High-growth, high-tech

First category of start up businesses include those formed as

Alexis de Tocqueville

Frenchman who toured the US in the early 1830s and wrote a famous analysis of the country

Large firms

Happy ability to produce a service or product more cheaply since it's turn on a large scale

Competitive advantage, skill set, understanding of the industry

I found her or founding team must have synergy which is a combination of what

Stakeholders

Individuals or other organizations that impact the success of a business

The Great Depression of 1930s resulted in

Industrial concentration

Family experiences

Is A skill for a new business that is often overlooked

99.9%

Of all businesses in the US are small

Gap analysis

Once a list of skills and abilities have been developed the next step is to perform a ___ To examine the marketplace for an opportunity that exist between the demand for a product in the supply provided by firms in the market

Exam in the marketplace for opportunities

Once a skill analysis has been completed the next step is to

The decline of larger firms opened new

Opportunities for new businesses

Entrepreneurial businesses

Or more flexible and willing to pursue a wider range of opportunity

Bounded rationality

Rational decision making that is constrained by the background and history of the person making the decision

500, 50

Small and entrepreneurial businesses: US government considers to be any business with fewer than ___ employees whereas the European Union it's ___ employees.

Threats to operational financing

Specific threats to the new venture and financing its growth including high development costs rapid expansion plans high inventory needs and or an entrepreneurial team with a low asset base

Entrepreneurial firms

Start up is usually still funded by those close to them The number of employees may be zero or as he was one and typically would not be expected to grow more than 50 to 500

List and evaluate one's personal skill sets, analyze the market and look for a gap or need that is not being met, compares one's ability to fill the identify gaps with an opportunity available

Steps that are important to the development of quality business idea in order

These are true statements regarding education as it relates to skill sets

Technology skills acquired through education can be particularly valuable, knowledge gained from formal education provides a skill set, an opportunity that uses your education is another source of business

Synergy

The connection between the entrepreneur skills and understanding of the industry and the ability to create a competitive advantage such that the sum of the parts of the new business is greater than the individuals part alone

Industrial concentration

The degree to which production of an industry/economy is dominated by a few large firms

Amount of family resources that could be committed, I'm out of money required to operate a business, I'm out of money required to start a business

The finance category on the gap analysis chart examines the

Leading edge or new application of technology. Hi research and development. Money upfront. Low production cost high margin. Ease of scalability.

The first category of start up businesses include those forms high-growth high-tech

Moving from 3 to 5 ideas to a single idea

The initial analysis is a process of

Break even point

The level where revenue coming into the firm is sufficient to cover expenses

Harvest plan

The plan to exit the small business

Linear; Interactive

The step in the process of generating ideas do not occur in a(n)____ Fashion but should occur in a(n) _____ manner.

Family, social networks, community, financial support

The support and resource areas the entrepreneur might examine include

Robber Barons...

Took advantage of economics of scale

Being laid off, being approached by one or more people with a new business idea, reaching a point financially where the risk return level of propose new business is tolerable

Triggers in the formation of a new business

Venture capitol startups

Well funded, are formed with a harvest plan, develop organizational structure, often hire an experienced president to grow the company, etc.

Current work experience, family history, hobbies, past work experiences

Which contributes to personal skill sets

Large organizations

Will often ignore business opportunities if they do not believe the results will generate high profits

Competitors

Without the needed skills the founders would be faced with not holding any advantage over the ___ Who have the necessary depth in the area

glass ceiling

Women may be hired by large firms but experience limits placed on the advancement

Economies of Scale

a condition that allows the long-run average cost to continue downward ad production increases

Fortune 500

a list of the 500 U.S. companies with highest earnings, published yearly by Fortune magazine

Robber Barons

a person who has become rich through ruthless and unethical business practices

33.3%

of known export value are from small businesses

Family business

A business that is run by and for a particular family

Brainstorming

A creative process whereby a group or individuals are brought together and asked to generate ideas with little or no effort made to evaluate the potential for each idea

Agency theory

A managerial theory that argues that individuals at to maximize their own benefit. Thus in settings where there is a split between ownership and control

Gap analysis

A relatively simple process of systematically examining the difference between what is expected in what occurred

Organizational slack

Access resources in an organization typically found in large organizations rather than small businesses