Chapter 1: small Businesses
Traditional small business.
A firm intended to provide a living income to the owner, and operating in a manner and on a schedule consistent with other firms in the industry and market.
High-peforming small business
A firm intended to provide the owner with a high income through sales or profits superior to those of the traditional small business.
High-growth venture
A firm started with eh intent of eventually goin public, following the pattern of growth and operation of a big business.
main street businesses
A popular term for small businesses reflecting the idea that these are the kinds of firms you would expect to find on the main street of a typical American city, and are the opposite of big businesses or "Wall Street" businesses.
Franchise
A prepackaged business bought, rented, or leased from a company called a franchisor
Lifestyle or part-time firm
A small business primarily intended to provide partial or subsistence financial support for the existing lifestyle of the owner, most often through operations that fit the owner's schedule and way of working.
Novelty
Characterized by being like copying something that already exists.
Overall growth strategy
One of four general ways to position a business based on the rate and level of growth entrepreneurs anticipate for their firm.
Founder
People who create to start new businesses
Unicorn
The most successful high-growth ventures, those with a valuation of $1 billion or more.
Occupation
The type of activity a person does regularly for pay.
Independent the small business
a business owned by an individual or small group
Owner-managed firm
a business run by the individual who owns it
Heir
a person who becomes an owner through inheriting or being given a stake in a family business
Serial entrepreneur
a person who opens multiple businesses throughout his or her career
self-efficacy
a person's belief about his or her ability to perform a behavior successfully
Firm
an organization that uses resources to produce a product, which it then sells to or trades with others
Crowdfunding
funding a business online through the collective involvement of others who provide donations, loans, or investments
small business
involves 1-50 people and has its owner managing the business on a day-to-day basis
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
Flexibility rewards
the ability of business owners to structure life in the way that suits their needs best
Small and medium enterprise (SME)
the international term for small businesses
Income rewards
the money made by owning one's own business
Goods or Services
the tangible things (goods) or intangible commodities (services) created for sale
Bootstrapping
using low-cost or free techniques to minimize your cost of doing business
Growth rewards
what people get from facing and beating challenges
Self-employed
working for yourself