Chap 1

Founders

People who create or start new businesses.

Creation

The entrepreneurial focus which looks at the making of new entities.

Forms of entrepreneurship

The settings in which the entrepreneurial effort takes place.

Independent small business

A business owned by an individual or small group.

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 (i.e. efficiency) is a major goal.

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.

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.

Small Business Administration

A part of the United States government which provides support and advocacy for small businesses.

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.

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

Consist 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.

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.

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.

Buyers

People who purchase an existing business.

Innovativeness

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

Potential for growth

Refers to the potential market size

Flexibility Rewards

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

Mindshare

The degree of attention your target market pays to your idea or organization.

Innovation

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

Customer-focus

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

Efficiency

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

Independent Entrepreneurship

The form of entrepreneurship in which a person or group own their own for-profit business.

Social Entrepreneurship

The form of entrepreneurship involving the creation of self-sustaining charitable and civic organizations which invest significant profits in charitable activities.

Public entrepreneurship

The form of entrepreneurship that involves revitalizing government agencies.

Corporate entrepreneurship

The form of entrepreneurship which takes place in existing businesses around new products, service, or markets.

Ecommerce

The general term for conducting business on the internet

Owner-manager

The individual who owns and runs a business

Small and Medium enterprise

The international term for small businesses.

Focuses of Entrepreneurship

The key directions the organization intends to pursue.

Income rewards

The money made by owning one's own business.

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.

Occupational structure

The sequence or organization of jobs and careers in the economy

Creative destruction

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

Self-employed

Working for yourself.