Entrepreneurship EXAM 1 (5)

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Aggrandizing

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

Business-to-business (B2B)

business-to-business transactions using e-commerce

Outsourcing

contracting with people or companies outside your business to do work for your business

Poisoning the well

creating a negative impression among your employers' customers

Cannibalizing

taking business away from your employer

Time to start-up

how long it takes to start a new business

Equity

ownership of a portion of a business

Blog

a web page in which entries are posted in reverse chronological order (i.e., the most recent at the top of the page)

Network marketing

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

Information website

an internet site designed to introduce and explain a business to others

Undercapitalization

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

Variance

permission from a government organization to act differently than the laws state

Multichannel marketing

the use of several different channels to reach your customers, for example, a website, direct mail, and traditional retailing

Reverse auction

an auction in which the low bid gets the business or wins

RSS feed

an internet messaging service that pushes (sends) whatever web material you specify to subscribers to that feed

Intellectual property (IP)

property coming from some sort of original though, for example, patents, trade secrets, trademarks, and copyrights

Cost to start-up

the amount of money it takes to start a new business

Delegation

the assignment of work to others over whom you have power

Volatility

the frequency of business starts and stops

Permanence

the impression of long-term continuity a business gives others

Covenants

the limitations imposed on your property by your neighborhood group

E-commerce

the use of the Internet to conduct business transactions

Tweet

a 140-character or less message sent using the Twitter web service

Consumer

a private individual or household that is the end-user of (the entity that "consumes") a product or service

Conflict of interest

a situation in which a person faces two or more competing standards or goals

Sponsored link

a form of paid advertising that gets your company's website at the top of a search list

Search engine optimization

a general approach to website 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

Reciprocal links

a listed, live connection to a different website, which in turn displays a similar link to the first website

Reserve price

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

Business-to-consumer (B2C)

business-to-consumer transactions using e-commerce

Licensing

documented permission from the government to run your business

Zoning laws

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

Registration

information provided to the government concerning the existence of, name of, nature of, and contact information for your business

Bootstrapping

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

Part-time self-employment

working for yourself for 35 or fewer hours a week

Full-time self-employment

working for yourself for more than 35 hours a week


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