Entre2

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Vision Statement

A very simple 5-10 word sentence or tagline that expresses the fundamental idea or goal of the firm.

Entrepreneurial alertness

a special set of observational and thinking skills that help entrepreneurs identify good opportunities; the ability to notice things that have been overlooked, without actually launching a formal search for opportunities, and the motivation to look for opportunities

Strategic Vision

concerns a firm's future business path The kind of company it is trying to become Customer needs to be satisfied in the future

Serendipity

being in the right place at the right time (luck)

combinational capabilities

combining tangible and intangible resources

Internal Understanding

extent to which employees, investors, and family members in the business know the business's purposes and operations

transformational capabilities

firm can make its product or service better in value

Volatility

frequency of business starts and stops

scope

geographic range covered by the market

Screening Plan

gives the basic overview of the firm and a detailed look at the financials. http://quizlet.com/11372000/edit/Also called a mini-plan

Work experience

idea grows out of listening to customer complaints Ideas can come from frustration Ideas can come from not finding what you are looking for as a consumer

Innovation

implementation of a creative idea or opportunity leading to profitable and effective outcomes

mass market

large portions of the population

License

legal agreement ranting you rights to use a particular piece of intellectual property

Aggrandizing

making your business or yourself seem more accomplished than it is

niche market

narrowly defined segment of the population that is likely to share interests or concerns

Undercapitalization

not having enough money available to the business to cover shortfalls in sales or profits

Stand Retail

one of the most ancient forms of business

Royalty

payment based on the number or value of licensed items sold

Due Diligence

process of investigating a business to determine its value

Creativity

a process introducing an idea or opportunity that is novel and useful, frequently derived from making connection among distinct ideas or opportunities

organizational capabilities

abilities, skills, and competencies used by the firm to make profits from tangible and intangible resources

Business Format Franchising

agreement that provides a complete business format, including trade name, operational procedures, marketing and products or services to sell

Conversion Franchising

agreement that provides an organization through which independent businesses may combine resources

product distribution franchising

agreement that provides specific brand name products which are resold by the franchisee in a specific territory

Elevator Pitch

A 30-second action-oriented description of a business designed to sell the idea of the business to another

Blog

A Web page in which entries are posted in reverse chronological order

Invention Plan

A business plan that provides information to potential licensees. Invention plans focus on the details of an invention, including intellectual property rights.

Revolving Credit

A credit agreement that allows the borrower to pay all or part of the balance at any time; as the loan balance is paid off, it becomes available to be borrowed again.

Business Plan

A document designed to detail the major characteristics of a firm— its product or service, its industry, its market, its manner of operating (production, marketing, management), and its financial outcomes with an emphasis on the firm's present and future.

Franchise

A legal agreement that allows a business to be operated using the name and business procedures of another firm.

Decline Stage

A life cycle stage in which sales and profits of the firm begin a falling trend.

Reciprocal links

A listed, live connection to a different Web site, which in turn displays a similar link to the first Web site.

Reserve Price

A minimum acceptable selling price in an auction. If the bidding does not exceed the price, the sale will not go through.

Executive Summary

A one- to two-page (250-500 words) overview of the business, its business model, market, expectations, and immediate goals.

RSS Feed

An Internet messaging service that pushes (sends) whatever Web material you specify to subscribers to that feed.

Operational Plan

Business plans designed to be used internally for management purposes.

Discounted Cash Flows

Cash flows that have been reduced in value because they are to be received in the future

Industry Dynamics

Changes in competitors, sales and profits in an industry over time

Tagline

Memorable catchphrase that captures the key idea of a business, its service, product, or customer. also known as a slogan

Preselling

Involves introducing your product to potential customers and taking orders for later delivery

caveat emptor

Latin: let the buyer beware

Asset

Something the business owns that is expected to have economic value in the future.

Research and Development

The part of a business that is focused on creating new products or services and preparing new technologies, ideas, products, or services for the firm's market.

Cash Flows

The actual receipt and spending of cash by a business.

Maturity Stage

The third life cycle stage, marked by a stabilization of demand, with firms in the industry moving to stabilize or improve profits through cost strategies.

Multichannel Marketing

The use of several different channels to reach your customers, for example, a Web site, direct mail, and traditional retailing.

E-Commerce

The use of the Internet to conduct business transactions.

Chargebacks

This is a fee the service levels on you for any of a variety of problems related to the sale

feasibility

the extent to which an idea is viable and realistic and the extent to which you are aware of internal and external forces that could affect your business

strategy

the ideas and actions that explain how a firm will make its profit

Boom

A type of life cycle growth stage marked by a very rapid increase in sales in a relatively short time.

Shake-out

A type of life cycle stage following a boom in which there is a rapid decrease in the number of firms in an industry.

Differentiation Strategy

A type of generic strategy aimed at clarifying how one product is unlike another in a mass market.

New Entrant Business

A firm whose product or service is established elsewhere, but is new to this market.

Pioneering Business

A firm whose product or service is new to the industry or is itself creating a new industry.

Sponsored Link

A form of paid advertising that gets your company's Web site at the top of a search list.

Search engine optimization

A general approach to Web site design intended to result in the site being displayed toward the beginning of a search engine's (e.g., Google, Yahoo!, etc.) listing for that term.

Cost Strategy

A generic strategy aimed at mass markets in which a firm offers a combination of cost benefits that appeals to the customer.

Focus Strategy

A generic strategy that targets a portion of the market, called a segment or niche .

Cover letter

A one-page document on business stationery that introduces the business plan and the business owner to the recipient and indicates why the recipient is being asked to read the plan.

Mission Statement

A paragraph that describes the firm's goals and competitive advantages Talks in terms of how it will make a difference in for the customer or the industry

Industry Analysis

A research process that provides the entrepreneur with key information about the industry, such as its current situation and trends.

Private Placement Memo

A specialized legal form of business plan crafted by lawyers for the purpose of soliciting formal investments.

Informational Web Sites

An Internet site designed to introduce and explain a business to others.

Proof of Concept Website

An Internet-based type of business plan providing information or demonstration of a product or service designed to solicit information on customer interest.

Network Marketing

An approach to selling in which the salesperson recruits customers to become distributors of the product or service to others.

Rare Resource

An asset, capability, organizational process, information, or knowledge that is not generally available to competitors.

Valuable Resource

An asset, capability, organizational process, information, or knowledge that lets a firm take advantage of opportunities or lock out competitors.

Reverse Auction

An auction in which the low bid gets the business or wins.

Parallel Competition

An imitative business that competes locally with others in the same industry.

Growth Stage

An industry life cycle stage in which customer purchases increase at a dramatic rate.

Entry Wedge

An opportunity that makes it possible for a new business to gain a foothold in a market.

Retrenchment

An organizational life cycle stage in which established firms must find new approaches to improve the business and its chances for survival.

Innovative Strategy

An overall strategic approach in which a firm seeks to do something that is very different from what others in the industry are doing.

Imitative Strategy

An overall strategic approach in which the entrepreneur does more or less what others are already doing.

Trade name franchising

agreement that provides to the franchisee only the rights to use the franchisor's trade name and/or trademarks

Informational Plans

Give potential customers or suppliers information about the company and its product or service.

Zoning Laws

Government specifications for acceptable use of land and buildings in particular areas.

Payment

Most online transactions use a credit card or an online payment system like PayPal.

Variance

Permission from a government organization to act differently that the laws state.

Key Employee/partner plan

Provides information on the company, product/service, market, and critical risks to prospective business or marketing partners or to prospective key employees.

Test Marketing

Selling your product or service in a limited area, for a limited time.

Net Realizable value

The amount for which an asset will sell, less the costs of selling.

Strategic Direction

The conceptualization of how a business might best move in response to the findings of a SWOT analysis—Flaunt, Fix, Fight, Flee, Find, or Fire-up.

Replacement Value

The cost to acquire an essentially identical asset.

Book Value

The difference between the original acquisition cost and the amount of accumulated depreciation.

Degree of Similarity

The extent to which a product or service is like another.

External Legitimacy

The extent to which a small business is taken for granted, accepted, or treated as viable by organizations or people outside the small business or the owner's family.

Industry

The general name for the line of product or service being sold, or the firms in that line of business

Permanence

The impression of long-term continuity a business gives others.

Introduction Stage

The life cycle stage in which the product or service is being invented and initially developed.

Covenant

The limitations imposed on your property by your neighborhood group.

Competitive Advantage

The particular way a firm implements customer benefits that keeps the firm ahead of other firms in the industry or market.

Pure Innovation

The process of creating new products or services, which results in a previously unseen product or service.

SCAMPER

a creativity tool that provides cues to trigger breakthrough thinking; the letters stand for...

Opportunity Recognition

searching and capturing new ideas that lead to business opportunities involves creative thinking that leads to discovery of new and useful ideas

scale

size of the market

Bootstrapping

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

Moonlighting

working on your own part-time after your regular job


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