Entrepreneurship Chapter 3 Vocab
Ethics
A system of values that people consider in determining whether actions are right or wrong
Trade Magazines
The magazines that target specific industries and professions
Caveat Emptor
A Latin expression that means "let the buyer beware", which has been made into a philosophy sometimes used by business to put the burden for consumer protection onto the customer
ISO 14001 Certification
A certification awarded to organizations for creating and implementing an environmental management system that meets the requirement of the International Standards Organization
General Environment
A part of the external environment made up of sectors of major forces that shape the people and institutions of the task and internal environments, such as the economic sector or the demographic sector
Social Capital
Characteristics of a business, such as trust, consistency, and networks, that represent potential social obligations that are assets of the firm or entrepreneur
Networking
Interacting with others in order to build relationships useful to a business
Organizational Identity
Part of the BRIE model; composed of the name, description, and distinctive elements of a firm, such as trademarks, uniforms, logos, characters, and stories
ISO
Stands for International Standards Organization, and refers to certification for having met a standard of quality that is consistently evaluated around the world
Baldrige Award
The Malcolm Baldrige National Quality Award is given by the US government to businesses and nonprofit organizations that have been judged outstanding in 7 measures of quality leadership; strategic planning; customer and market focus; measurement, analysis, and knowledge management; human resource focus; process management; and results
Mutuality
The action of each person helping another
Legitimacy
The belief that a firm is worthy of consideration or doing business with because of the impressions or opinions of customers, suppliers, investors, or competitors
Social Network
The entrepreneur's set of relationships and contacts with individuals and institutions
External Environment
The forces, institutions and people (i.e., the rest of the world) outside the boundary of the firm
External Relations
The general description for the processes and skills used in the management of a firm's interactions with people, organizations and institutions outside of its boundary
Internal Environment
The people and groups within the boundary of a firm, including the owners, managers, employees, and board members of the firm
Environment
The sum of all the forces outside the firm or entroreneur
Bootstrapping
Using low-cost or free techniques to minimize your cost of doing business
Task Environment
A part of the external environment made up of those components that the firm deals with directly such as customers, suppliers, consultants, media, interest groups, and the like
Ethical Dilemma
A situation that occurs when a person's values are in conflict, making it unclear whether a particular decision is the right thing to do
Entrepreneurial Ecosystem
A specific configuration of the environment that reflects the components that are most central to developing a strong and active community of start-up businesses. The components are entrepreneurs, government, universities, investors, service people, mentors, and large organizations
BATNA
An acronym for "Best Alternative To a Negotiated Settlement" in which the second-best outcome is identified by the parties in a negotiation to help clarify the value of achieving a successful negotiation
Billboard Principle
An ethical model that asks whether someone would be comfortable having his or her decision and name advertised on a billboard for the public to see
Universalism
An ethical model that suggests that there is a code of right and wrong that everyone can see and follow
Utilitarianism
An ethical model that supports seeking the greatest number of people
Golden Rule
An ethical model which suggests you treat others in the manner you wish to be treated