Entrepreneur Chapter 1

Economic Core Sector

the most numerous and most widely available type of firm, also called small business, ranging from low to moderate levels of innovation and growth

Creative Destruction

the way that newly created goods, services, or firms can hurt existing goods, services, or firms

Ecommerce

the general term for conducting business on the internet

Income Rewards

the money made by owning one's own business

Forms of Entrepreneurship

the settings in which the entrepreneurial effort takes place

Small Business Development Center

offices co-sponsored by states and the federal government that offer free or low-cost help to existing and potential small businesses

Founders

people who create or start new businesses

Buyers

people who purchase an existing business

Owner-Manager

the individual who owns and runs a business

Incubator

a facility which offers subsidized space and business advice to companies in their earliest stages of operation

Dynamic Capitalism Typology

a model of an economy categorizing businesses based on their innovativeness and growth rate

Efficiency-Driven Economy

a nation where industrialization is becoming the major force providing jobs, revenues, and taxes, and where minimizing costs while maximizing productivity is a major goal

Flexibility Rewards

the ability of business owners to structure life in the way that suits their needs best

Growth Rewards

what people get from facing and beating challenges

Self-Employed

working for yourself

Independent Entrepreneurship

the form of entrepreneurship in which a person or group own their own for profit business

Occupational Structure

the sequence of organization of jobs and careers in the economy

Potential for Growth

Refers to the potential market size

Small and Medium Enterprise

The international term for small businesses

PICS Model of Entrepreneurship

an acronym for the four forms of entrepreneurship - Public, Independent, Corporate, and Social

Novelty

characterized by being different or new

Imitative

characterized by being like or copying something that already exists

Resource Constrained Sector

consists of firms high in innovation but low in growth rate due to a lack of resources

Glamorous Sector

consists of firms with high growth and high innovation, these are among the most visible firms in the media

Ambitious Firm Sector

consists of franchises and multisite firms, with low to moderate innovation and high levels of growth

High-Growth Venture

firms with exceptionally high innovativeness and growth rates, making them candidates for possible venture capital funding

Customer-Focus

the entrepreneurial focus which refers to being in tune with one's market

Public Entrepreneurship

the form of entrepreneurship that involves revitalizing government agencies

Innovation-Driven Economy

A nation where the major forces for jobs, revenues, and taxes come from high-value added production based on new ideas and technologies and from professional services based on higher education

Independent Small Business

a business owned by an individual or small group

Factor-Driven Economy

a nation where the major forces for jobs, revenues, and taxes come from farming or extractive industries like forestry, mining, or oil production

Small Business Administration

a part of the united states government which provides support and advocacy for small business

Heir

a person who becomes an owner through inheriting or being given a stake in a family business

Entrepreneur

a person who owns or starts an organization, such as a business

Franchise

a prepackaged business bought, rented, or leased from a company called a franchisor

Virtual Instant Global Entrepreneurship

a process that uses the internet to quickly create businesses with a worldwide reach

Informal Capital

funding invested for a share of a firm or given as loans or credit from family, friends, and other businesses used to help start or grow a firm

Small Business

involves 1-50 people and has its owner managing the business on a day to day basis

Innovativeness

refers to how important a role new ideas, products, services, processes, or markets play in an organization

Mindshare

the degree of attention your target market pays to your idea of organization

Innovation

the entrepreneurial focus which looks at a new thing or a new way of doing things

Creation

the entrepreneurial focus which looks at the making of new entities

Efficiency

the entrepreneurial focus which refers to doing the most work with the fewest resources

Social Entrepreneurship

the form of entrepreneurship involving the creation of self-sustaining charitable and civic organization, or for-profit organizations which invest significant profits in charitable activities

Corporate Entrepreneurship

the form of entrepreneurship which takes place in existing businesses around new products, services, or markets

Focuses of Entrepreneurship

the key directions the organization intends to pursue