Chap 2
Sustainable entrepreneurship
An approach to operating a firm or a line of business which identifies, creates and exploits opportunities to make a profit in a way that can minimize the depletion of natural resources, maximize the use of a recycled material, or improve the environment.
Golden Rule
An ethical model which suggests you treat others in the manner you wish to be treated.
Environment
The sum total of forces outside of the entrepreneur and the firm.
Ethics
A system of values that people consider in determining whether actions are right or wrong.
Caveat Emptor
A latin expression which means "let the buyer beware" which has been made into a philosophy sometimes used by businesses to put the burden for consumer protection onto the customer.
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.
Organizational culture
A set of shared beliefs, basic assumptions, or common, accepted ways of dealing with problems and challenges within a company that demonstrate how things get done.
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.
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 suggest that there is a code of right and wrong that everyone can see and follow.
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 the international Standards Organization, and refers to certification for having met a standard of quality that is consistently evaluated around the world.
Mutuality
The action of each person helping another.
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.
Bootstrapping
Using low-cost or free techniques to minimize your cost of doing business.
Networking
Interacting with others in order to build relationships useful to a business.
Internal environment
The people and groups within the boundary of a firm, including the owners, managers, employees, and board members of the firm.
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 of the demographic sector.
Social Capital
Characteristics of a business, like trusts, consistency, and networks, that represent potential social obligations which are an asset of the firm or entrepreneur.
Green entrepreneurship
Another term for sustainable entrepreneurship taken from the popular belief that green is the color of a healthy environment, as in forests or fields.
Utilitarianism
An ethical model that supports seeking the greatest good for the greatest number of people.
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.
Trade magazines
The magazines that target specific industries and professions.