test one management 350
networking skills
- know who you are -buddy up -know whom you want and why -follow up
episodic business
a temporary, project based operating business
netowork marketing
an approach to selling in which the salesperson recruits customer to become distributors of the products/services
informational websites
an internet site designed to introduce and explain a business to others
four elements to get your business started
boundary resources intention exchange
how do we determine what to do?
caveat emptor golden rule utilitarism universalism
intention
desire to start a business
licensing
documented permission from the government to run your own business
rewards of a small business
growth rewards income rewards flexibility rewards
list of risks
loss of money loss of time loss of social life
income rewards
money made by owning ones own business
resources
money, product, knowledge etc
myths about small businesses
not enough financing you can't start a business during a recession to make profits, you need to make something if you fail, you can never try again students don't have the skills to start a business
types of entrepreneurship
opportunity driven entrepreneurship necessity driven entrepreneurship
what does it take to be an entrepreneur?
passion, perservance, promotion, planning and professionalism
intellectual property
property coming from sort of original thought; patents, trade secrets, trademarks
rarely metioned rewards
recognition power family admiration
with rewards there are....
risks
Hybrid entrepreneurship
the process of initiating a business while simultaneously remaining employed for wages/salary
stand retail
the roadside , flea market, farmers market - one of the most ancient forms of business -semi-permanent -success factors: inventory and location
conflict of interest
a situation in which a person faces two or more competing standards or goals
ethical dilemma
a situation that occurs when a person values are in conflict, making it unclear whether a particular decision is the right thing to do
lifestyle/part time business
a small business primarily intended to provide partial financial support for the existing lifestyle of the owner most often to fits the owners schedule and way of working
ethics
a system of values that people consider in determining whether actions are right or wrong
flexibility rewards
ability of business owners to structure life
level 2 costs
administrative and audit legal and investigate; govt oversight
handling a crisis
admit you are wrong or in trouble fast get to the scene communicate facts
exchange
moving resources and products in exchange for money
second career entrepreneurs
people who begin their business after leaving, retired or resigned other job can include veterans
buyers
people who purchase an existing business
part time business types
pop up business episodic business part time business hybrid business
home based businesses
pop up business mobile offices virtual offices
part time business
a business in which the owener either particpates fewer than 35 hrs per week or operates temporarily/seasonal
family business
a firm in which one family owns a majority of the stake and is involved in daily management of the business
traditional small business
a firm intended to provide a living income to the owner and operating in a manner and on schedule consistent with other firms in the industry and market
high performing small business
a firm intended to provide the owner with a higher income through sales or profits superior to those of a traditional small business
outsourcing
contracting with people or companies outside your business to do work for your business
necessity driven entrepreneurship
creating a firm as an alternative to unemployment
cannibalizing
taking business away from your employer
pop up business
temporary business that offers services or products in a variety of locations for a brief period of time
delegation
the assignment of work to others over whom you have power
social network
the entrepreneurs set of relationships and contacts with individuals and insititutions
e commerce
the use of internet to conduct business transactions
bootstrapping
using low cost or free techniques to minimize your cost of doing business
why are part time businesses so important
volatility
occasional metioned rewards
wealth product
environmental scanning for a small business
-look for trends in the trade press of your industry - ask customers and suppliers what they can see on the horizon -keep notes of what bothers you, so you can change it - subscribe to blogs outside your area of a business
maker
a modern term for an innovator, an inventor who uses modern technique technology like 3d printers
heir
a person who becomes an owner through inheriting or being given
entrepreneur
a person who owns or starts an organization
mainstreet business
a popular term for small business reflecting the idea that these kinds of firms will be found on mainstream of a typical american city; opposite of big businesses
franchise
a prepackaged business bought, rented or leased from a company
high growth venture
a firm started with the intent of eventually going public, following the pattern of growth and operations of a big business
business to business
business to business transactions using e commerce
internet website consumer types
business to consumer business to business
business to consumer
business to consumer transactions using e commerce
social capital
characterisitics of a business such as trust and networks that represent potential social obligations that are assets of the firm
opportunity driven entrepreneurship
creating a firm to improve one's income or product/service
boundary
creating a place for your business
level 3 costs
customer defections, loss of reputation, loss of employee moral; more damaging but less executive attention
ethical decision making model
define moral problem generate alternatives that meet ethical goals implement the best solution
stages of a business cycle
emergence--> existence--> success--> takeoff--> maturity
home retail
entrepreneur arranges a get together at someones home where participants can socialize and get acquainted with entreprenur and products/services
what are the three types of economies
factor driven economy effiicency driven economy innovation driven economy
what is the stages of an entrepreneur
feel--> check--> plan--> do
volatility
frequency of business starts and stops
crowdfunding
funding a business online through the collective involvement of others who provide donations, loans or investments
level 1 costs
government fines and penalities; less damaging but more executive attention
registration
information provided to the government concerning the existence of nature of, contact information for your business
small business
involves 1-50 people and has its owner managing the business on a day to day basis
IRS
less than 10 mil
chambers of commerce
less than 10 mil and less than 100 employees
business costs of ethical failure
level 1, 2 and 3 costs
what are the types of businesses
lifestyle/part time business traditional small business high performing small business high growth venture mainstream business
growth rewards
what people get from facing and beating challenges
part time employment
working for 35 hours or less a week
self-employed
working for yourself
full time employment
working more than 35 hours a week
moonlighting
working on your own part time after your regular job