Chapter 1
founders
people who create or start new businesses
franchise
prepackaged business bought, rented, or leased from a company called a franchisor
virtual instant global entrepreneurship
process that uses the internet to quickly create businesses with a worldwide reach
potential for growth
refers to the potential market size
PICS model of entrepreneurship
Public Independent Corporate Social
dynamic capitalism typology
a model of an economy categorizing businesses based on their innovativeness and growth rate
heir
a person who becomes an owner through inheriting or being given a stake in a family business
flexibility rewards
ability of business owners to structure life in the way that suits their needs best
factor-driven economies
antion where the major forces for jobs, revenues, and taxes come from farming or extractive industries like forestry, mining, or oil production
independent small business
business owned by an individual or small group
novelty
characterized as being different or new
imitative
characterized by being like or copying something
ambitious sector
characterized by high growth rate and low innovation
economic core sector
characterized by low growth rate and low innovation (most common)
efficiency
entrepreneurial focus on doing the most work with the fewest resorces
customer focus
entrepreneurial focus which refers to being in tune with one's market
social entrepreneurship
entrepreneurship in which the creation of self-sustaining charitable and civic organizations, or for-profit organizations which invest significant profits in charitable activities
public entrepreneurship
entrepreneurship that involves revitalizing government agencies
corporate entrepreneurship
entrepreneurship that takes place in existing businesses around new products, services, markets
Incubator
facility which offers subsidized space and business advice to companies in their earliest stages of operation
glamorous sector
firms with high growth rate and high innovation (fortune 500)
resource constrained sector
firms with high innovation and low growth rate
independent entrepreneurship
form of entrepreneurship in which a person or group own their own for-profit business
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
income rewards
money made by owning one's own business
Efficiency-driven economy
nation where industrialization is becoming the major force providing jobs, revenues, and taxes and where minimizing costs while maximizing productivity
Innovation-driven economy
nation where the major forces for jobs, revenues, and taxes come from high-value added production based on new ideas and technology.
Small business administration
part of US government which provides support and advocacy for small businesses
occupational structure
sequence or organization of jobs and careers in the economy
mindshare
the degree of attention your target market pays to your idea or organization
focuses of entrepreneurship
the key directions the organization intends to pursue
creative destruction
the way that newly created goods, services, or firms can hurt existing goods, services, or firms
self employed
working for yourself
BRIE assessment
Boundary Resources Intention Exchange