MGMT 315 Test 2
Incremental strategy
taking an idea and offering a way to do something better than it is done presently
Blog
A Web page in which entries are posted in reverse chronological order (i.e., the most recent at the top of the page)
Part-time business
A business in which the owner either participates fewer than 35 hours per week or operates on a temporary or seasonal basis while maintaining employment elsewhere for wages or salary
Spin-off
A business that is created by separating part of an operating business into a separate entity.
Synergy
A combination in which the wholeis greater than the sum of its component parts.
Poisoning the well
Creating a negative impression among your employers' customers.
Licensing
Documented permission from the government to run your business.
Strategic partnerships
Formal or informal relationshipswith customers, vendors, or mentors to ensure the success of an entrepreneurial venture
Zoning laws
Government specifications for acceptable use of land and buildings in particular areas.
Time to start-up
How long it takes to start a new business.
Registration
Information provided to the government concerning the existence of, name of, nature of, and contact information for your business.
Payment
Most online transactions use a credit card or an online payment system like PayPal.
Cost to start-up
The amount of money it takes to start a new business.
Delegation
The assignment of work to othersover whom you have power
Replacement value
The cost to acquire an essentially identical asset.
Permanence
The impression of long-term continuity a business gives others.
Creativity
a process introducing an idea or opportunity that is novel and useful, frequently derived from making connection among distinct ideas or opportunities
Entrepreneurial alertness
a special set of observational and thinking skills that help entrepreneurs identify good opportunities
Adapt
adaptation from existing products or services
Royalty
payment based on the number or value of licensed items sold
Combine
possible combinations that result in something completely different
Target market
refers to the group of customers in the area you plan to serve who would be likely to be interested in your product, or those of competitors.
Opportunity recognition
searching and capturing new ideas that lead to business opportunities
Effectual reasoning
A logical process in which one analyzes the resources available and restraints on the use of resources to create an attainable goal.
Variance
Permission from a government organization to act differently that the laws state.
Intellectual property (IP)
Property coming from some sort of original thought, for example, patents, trade secrets, trademarks, and copyrights.
Bricolage
Refers to the process of analyzing the resources available and creating a product or service from them.
Rearrange (or reverse)
What can you rearrange or reorder in the way your product or service appears?
Full-time employment
Working more than 35 hours a week.
SCAMPER
a creativity tool that provides cues to trigger new ideas for your business
Home retail
entrepreneur arranges a get-together at someone's home where participants can socialize and get acquainted with the entrepreneur and the products or services offered.
Volatility
frequency of business starts and stops
Eliminate
search for opportunities that arise when you get rid of something or stop doing something
Boundary
separating and balancing business and home
Magnify (or Modify)
taking an existing product and changing its appearance or adding more features
Revolving credit
A credit agreement that allows the borrower to pay all or part of the balance at any time
Outsourcing
Contracting with people or companies outside your business todo work for your business.
Radical innovation strategy
Rejecting existing ideas, and presenting a way to do things differently.
Put to other uses
Think of ways you could generate a high number of opportunities for your product or service
Chargebacks
This is a fee the service levels on you for any of a variety of problems related to the sale
Bootstrapping
Using low-cost or free techniques to minimize your cost of doing business.
Pilot Test
a preliminary run of a business, sales effort, program, or Web site with the goal of assessing how well the overall approach works and what problems it might have.
License
legal agreement ranting you rights to use a particular piece of intellectual property
Aggrandizing
making your business or yourself seem more accomplished than it is
Causal model of entrepreneurship
one in which you wan to create a particular product or service that does not yet exist and to achieve that end, you have to cause the product or service to exist.
Stand retail
the roadside, flea market, farmers' market, or craft fair business
Workout
A form of business termination in which the firm's legal or financial obligations are not fully met at closing.
Start-up
A new business that is started from scratch.
Intangibles
Assets, such as patents or trademarks, and liabilities, such as accounts payable, that have no physical existence.
Walkaway
Business termination in which the entrepreneur ends the business with its obligations met.
Conversion rate
The measure of how many visitors to your website (or people who click on your online advertisement) are actually willing to makea commitment to the product or service promoted on the site
Affordable loss
The minimum possible expenditure of capital and other resources in order to bring an entrepreneurial idea to market.
Leveraging contingencies
The practice of and ability to seize upon novel opportunities that become apparent during the conduct of business.
Buyout
The purchase of substantially all of an existing business.
Sponsored link
A form of paid advertising that gets your company's website at the top of a search list.
Customer segment
A group or subgroup of potential purchasers that can be approached in a coherent manner.
RSS feed
An Internet messaging service that pushes (sends) whatever Web material you specify to subscribers to that feed.
Takeover
Seizing of control of a business by purchasing its stock to be able to select the board of directors.
Asset
Something the business owns that is expected to have economic value in the future.
Net realizable value
The amount for which an asset will sell, less the costs of selling.
Covenants
The limitations imposed on your property by your neighborhood group.
Pain
can be any sort of problem, annoyance, source of aggravation, shortcoming, or suboptimal situation customers or potentialcustomers face.
Feasibility
the extent to which an idea is viable and realistic and the extent to which you are aware of internal and external forces that could affect your business
Substitute
what might substitute for something else to form an idea
Part-time employment
working for 35 or fewer hours a week
Moonlighting
working on your own part-time after your regular job
Franchise
A legal agreement that allows a business to be operated using the name and business procedures of another firm.
Reciprocal links
A listed, live connection to a different Web site, which in turn displays a similar link to the first Web site.
Reserve price
A minimum acceptable selling price in an auction.
Maker
A modern term for an inventor, in particular, an inventor who uses modern techniques like 3-D software and 3-D printers or do-it-yourself electronics to create new items.
Conflict of interest
A situation in which a person faces two or more competing standards or goals.
Pop-up business
A temporary business that offers services or products in a variety of locations for a brief period at a time.
Episodic businesses
A temporary, project-based, or sporadically operating business.
Pass off
A type of business transfer where the owner gives the business to someone else without a payment.
Sell off
A type of business transfer where the seller gets only a fraction of the value of the business.
A/B testing
A way to check customer reaction to websites describing your product or service.
Informational Web sites
An Internet site designed to introduce and explain a business to others.
Network marketing
An approach to selling in which the salesperson recruits customers to become distributors of the product or service to others.
Reverse auction
An auction in which the low bid gets the business or wins.
Transfer
An endgame strategy in which ownership is moved from one person or group to another.
Termination
An endgame strategy in which the owner closes down a business.
Bankruptcy
An extreme form of business termination that uses a legal method for closing a business and paying off creditors when debts are substantially greater than assets.
Business-to-business (B2B)
Business-to-business transactions using e-commerce.
Business-to-consumer (B2C)
Business-to-consumer transactions using e-commerce.
Value proposition
Small business owners' unique selling points that customers can expect from your goods or services, including benefits that differentiate your offering from those of the competition.
Cannibalizing
Taking business away from your employer.
Hybrid entrepreneurship
The process of initiating a business while simultaneously remaining employed for wages or salary.
Causal (predictive) reasoning
The process of setting a goal and then determining the strategy and resources required to attain the goal.
Buy-in
The purchase of substantially less than 100 percent of a business
Multichannel marketing
The use of several different channels to reach your customers; for example, a Web site, direct mail, and traditional retailing.
E-commerce
The use of the Internet to conduct business transactions.
Gain
can be any sort of outcome (a product, service, outcome, or situation) customers or potential customers would like to encounter or be able to depend on.
Lean business practices
addresses the specifics of new business creation, particularly Internet-based businesses, where rapid experimentation and constant monitoring of viewers' choices are possible.
Business format franchising
agreement that provides a complete business format, including trade name, operational procedures, marketing and products or services to sell
Conversion franchising
agreement that provides an organization through which independent businesses may combine resources
Product distribution franchising
agreement that provides specific brand name products which are resold by the franchisee in a specific territory
Trade name franchising
agreement that provides to the franchisee only the rights to use the franchisor's trade name and/or trademarks
Freemium
an approach to pricing, and a business model,that connects free and premium products or services.
Imitative strategy
an overall strategic approach in which the entrepreneur does more or less what others are already doing
Business models
a way to identify and organize key information on a business and how it achieves its goals.