Business start-up exam 1

Time management

The organizing process to be as efficient as possible

Moonlighting

Working on your own part-time after your regular job

Bootstrapping

Low cost or free techniques to minimize the cost of doing business

Competencies

Forms of business-related expertise

Hybrid entrepreneurship

Initiating a business while still being employed outside

Lifestyle firm

Intends to provide financial support for the owner usually operating around their existing lifestyle and work style

Owner innovation

The skill needed to come up with original ideas to support a business

Environmental scanning

Understanding the environment around the business and how they can complement one another

Internet Marketing

Using online channels to communicate with customers and potential customers

Spin-off business

Separating part of an operating business into a separate entity

Business life cycle

Sequence or pattern of developmental stages any business goes through in its lifespan

Organizational culture

Shared beliefs and common and accepted way of dealing with problems

Target market

The demographic of consumers you intend to appeal to

Business environment

The external factors that influence the operation of a business

Part-time employment

Working 35 hours or less a week

6 steps to crisis management

1. Admit your in trouble, 2. Get to scene asap, 3. Communicate whatever you know to everyone involved, 4. Have one person serve as the spokesperson, 5. Separate crisis management from everyday mgmt 6. Deal with it quickly

Licensee

A person or firm that's obtaining the rights to use a piece of intellectual property

Delegation

Assigning work to others that you have power over

Organizational identity

Name, description, and identifiers such as a logo, uniform, story, characters, and trademarks

Entrepreneurial alertness

Observational thinking skills that notice missed opportunities and things that might have been overlooked along with motivation to look for these opportunities

Small Business Administration

Part of the US government that provides support and advocates for small businesses

Business sustainability

Product or service that positively impacts people, the planet and is conscious of its surroundings

Existing business purchase

Purchasing a functioning business with assets, inventory, etc.

E-commerce

Purchasing products online allowing for easy access for customers

Social capital

Characteristics such as trust, consistency, and networks that represent social obligations that are assets

Out-sourcing

Contracting people or companies outside your business to do work for your business

Revolving credit

Credit agreement that allows the borrower to pay all or part of the balance at any time, as it's paid off it becomes available to borrow again

Ethical decisions

Decisions that often are difficult to make but meet ethical, legal, and economic goals

Succession process

Defining necessities of the position, evaluating and selecting a successor

Book value

Difference between the original acquisition cost and how much it had depreciated

Reactive planner

Having a passive approach, waiting for cues from the environment to help decide actions