MGMT 470: Ch. 5 - Small Business Entry: Paths to Part-Time Entrepreneurship

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Biggest Success Factors for Part-Time Businesses = _______

(establishing a) Boundary

The Key Question when deciding whether to move to Full-Time Entrepreneurship: _______ ______

Financial Feasibility

An _______: Takes the product, makes an effort to sell it, then gets a portion of the sales price with the remainder going to the maker

agent

When an entrepreneur makes their firm appear bigger, more substantial, or more capable than what it is

aggrandizing

(4) Instances of When to Consider Part-Time Entrepreneurship: 1. Lack ______ ______ 2. Lack ______ ______ 3. Narrow _____ ___ ______ 4. _____ ______

basic experience, necessary resources, window of opportunity, demand uncertainty

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

blog

_______-____-______ (____): Sales from one firm to another using e-commerce Whether selling to customers or other firms, a website is essential

business-to-business (B2B)

_______-____-______ (____): Selling products to individuals using e-commerce (products → individuals)

business-to-customer (B2C)

(3) Risks of Moonlighting: When you take away business from your employer

cannibalizing

(8) Major Challenges: 1. _______ _______ _______ 2. ______ ______ 3. _____-_____ 4. _____ _____ 5. _____ _____ 6. _____ _____ 7. _____ _____ 8. _____ _____

cash flow mgmt, time mgmt, self-doubt, capital development, strapped budget, marketing strategy, business development, delegating tasks

NEVER outsource: The thing that defines your _______ _______.

distinctive competence

The use of the Internet to conduct business transactions

e-commerce

(4) Disadvantages of Consignment: 1. Little _____ put forth to sell your product 2. High potential for _____ offerings 3. LONG TIME before ______ 4. Lower ______

effort, competing, payouts, profitability

- Have no permanent locations - A temporary, project-based, or sporadically operating business - Ex: "pop-up"

episodic business

(3) Challenges of Part-Time Entrepreneurship: moonlight & aggrandzing

ethics

How you make profits, price your goods and services and make obtaining profits likely

exchange

Biggest Advantage of Pop-ups over Stand Retail = _______

flexibility

_____-____ Employment: Understood to mean working more than 35 hours a week

full-time

(4) Advantages of Consignment: 1. Permit ____-____ sales w/ only ____-____ involvement 2. Low ______ _____ 3. Low _____ 4. _____

full-time, part-time, setup costs, risk, flexibility

(2) Key Groups a Part-Time Business Must Deal With: 1. _______ 2. ______

government, customers

(8) Most Common Forms of Part-Time Businesses: (Pt. 1) 1. ________ 2. ______ informational websites 3. ________ & eBay websites 4. ______ ______

home based, internet, e-commerce, home retail

Describes someone who keeps a constant job as an employee while working on their own business

hybrid entrepreneurship

An _________: - A rent space - For-profit _____ are similar to executive offices but cheaper

incubator

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

informational website

Permanence is related to ______ → Customers want to know the co. will be around for future sales and service.

legitimacy

Documented permission from the government to run your business

licensing

Working part-time at your business after your regular job

moonlighting

The use of several different channels to reach your customers Ex: When your web address is listed on business cards, all advertising, and every piece of official paper Ex: Websites, direct mail, traditional retailing

multichannel marketing

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

network marketing

(3) Challenges of Part-Time Entrepreneurship: Contracting with people or companies outside of your business to do work for your business

outsourcing

_____-____ Employment: Understood to mean working 35 or fewer hours a week

part-time

(3) Key Considerations for Success in Part-Time Entrepreneurship: The impression of long-term continuity a business gives others

permanence

(3) Risks of Moonlighting: Creates a negative impression among your employers' customers

poisoning the well

______ Business: A temporary business that offers services or products in a variety of locations for a brief period of time; Characterized by its temporary nature

pop-up

(8) Most Common Forms of Part-Time Businesses: (Pt. 1) 5. _____-_____ 6. _______ ______ 7. _______ ______, executive offices, incubators 8. ______ & agents

pop-up, mobile offices, virtual offices, consignments

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

reciprocal link

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

registration

(3) Ways to Deal with the Government: 1. ___________ 2. _______ 3. _______

registration/licensing, taxes, zoning

_____ _____ _____ (_____): A general approach to website design intended to result in the site being displayed outward the beginning of a search engine's results

search engine optimization (SEO)

A ______ ______: A form of paid advertising that gets your co's website at the top of search list

sponsored link

(3) Considerations for any Consignment Relationship: 1. Make sure there is a ______ ______ 2. Have a ______ _____ of the product 3. For physical properties, mention the _____ & any ______

written contract, clear description, condition, blemishes

Regulations limiting the use of your business space when applied by the government

zoning laws

An _____ ______ have short-term space for an office or work area.

Executive Office

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

RSS feed

When your customers are likely to see your site in search results

SEO

A _____ ______ is the next step in most hosting packages.

Virtual Office

(7) Ideals of Part-Time Entrepreneurship: 1. Find a __-______ who can keep you balanced 2. _____ _____ _____ & days for the startup, working with the team 3. Get better at _____ _____ to your friends 4. Set ______ ______ & take them seriously 5. Select a business idea that has a _______ ______ 6. Prepare yourself for a ______ ______ to success 7. Make ______ a ____-______ __________

co-owner, set fixed times, saying NO, realistic milestones, longer runway, long journey, learning, full-time vocation

(6) Tips for Successfully Establishing a Boundary for Your Part-Time Business: 1. Don't waste time _______ 2. Don't aim for _____ 3. Don't dwell on the _____ 4. Minimize your time spent in _____ 5. Schedule quality time with your _____ 6. Schedule time for _____ to have fun!

complaining, perfection, past, meetings, family, yourself

(3) Risks of Moonlighting: Occur when what is best for your business is NOT best for your job

conflicts of interest

(3) Risks of Moonlighting: 1. ______ ___ ______ 2. _______ 3. ______ ____ ______

conflicts of interest, cannibalizing, poisoning the well

_______ ______: Sell an inventor's item and get a share of the price

consignment shops

"Doing business without a business organization" = ______ & ______

consignments & agents

A private individual or household that is the end-user of a product or service

consumer

(3) Key Considerations for Success in Part-Time Entrepreneurship: The amount of money it takes to start your new part-time business

cost to startup

(3) Key Considerations for Success in Part-Time Entrepreneurship: 1. ______ to startup 2. _____ to startup 3. _______

cost, time, permanence

Regulations limiting the use of your business space when applied by organizations (such as neighborhood groups, etc.)

covenants

(3) Challenges of Part-Time Entrepreneurship: When you assign work to subordinates; The assignment of work to others over whom you have power

delegation

(3) Challenges of Part-Time Entrepreneurship: 1. ___________ & ___________ 2. ___________ 3. Moving to _____-_____ ___________

delegation & outsourcing, ethics, full-time entreneurship

(3) Key Considerations for Success in Part-Time Entrepreneurship: - How long it takes to start a new business - Want the SHORTEST

time to startup

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

tweet

Permission from a government organization to act differently than the law states

variance

Many people jump into and out of self-employment, a change called ________ by economists

volatility


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