Entrepreneurship-Ch4 Review

Reverse auction

Low bid wins (Dad and Bettis)

Part time employment

working 35 or fewer hours a week

What is the ultimate resource?

TIME is central to balancing home and business

Stand retailing

(Most ancient form) Putting a stand up and selling what they have

Network marketing/Multilevel marketing (MLM)

(Pyramid scheme!) Salespeople recruit customers and those customers become distributors of the products

Sponsored link

Form of paid advertising to get your company's website to the top of the search list

Volatility

Frequency of business starts and stops

Ecommerce

Online business

Multi channel marketing

Using different channels trying to reach customers

Time management

Very important to organize your time

Blog

Webpage where entries are posted in reverse chronological order (recent first)

B 2 B business

Business to Business transactions using Ecommerce

B 2 C business

Business to Consumer transactions using Ecommerce

Outsourcing

Contract with people or businesses outside of your business to do work

Poisoning the well

Creating a negative impression at your current job among your employer's customers

Key to keep full time and part time jobs separate

Do not contact customers of your part time business when you are at your full time job

Home retail

Parties and door-to-door (Tupperware/Mary Kay)

E-Bay

Largest consignment store/"garage sale" in the world

Covenant

Limitations imposed on an individual's property by that neighborhood group

home-based businesses

Most part time businesses start at home. EASIEST and FASTEST way to start a business

Variance

Permission from a government organization to act differently

Full time employment

Working more than 35 hours a week.

Aggrandizing

attempting to make your business or yourself seem more accomplished or grander than reality

Door to Door selling

going directly to the consumer's home or place of business

Zoning laws

government specifications for acceptable use of land and buildings in particular areas

4 reasons to start part time

1. Basic Experience 2. Lack of resource--TIME!!! 3. Narrow window of opportunity 4. Uncertain about demands

3 key considerations for part time small business start-ups (organization)

1. Cost 2. Time 3. Permanence

Tweet

140 CHARACTER or less message sent using the Twitter web service

Google receives how many searches per second worldwide?

40,000

What percent of entrepreneurs start part time?

75% or 3/4

SEO (Search Engine Optimization)

A general approach to website design intended to result in your site being displayed toward the beginning

Reserve price

A minimum acceptable selling price in an auction.

Conflict of interest

A person is facing two or more competing standards or goals

Pop-up business

TEMPORARY, not permanent, that offers services or products at a variety of locations for a brief period of time

Moonlighting

Working on your own part time after your regular job