Entrepreneurship Chapter 3
family business
a firm in which one family owns a majority stake and is involved in the daily management of the business
key business functions
activities common to all businesses such as sales, operations, accounting, financing, and human resources -boundary
industry-specific knowledge
activities, knowledge, and skills specific to businesses in a particular industry
certification
an examination based on acknowledgement that the firm is owned and operated as specified
competencies
form of business-related expertise
set-asides
government contracting funds, which are earmarked for particular kinds of firms, such as small businesses, minority-owned firms, women-owned firms, and the like
professionalization
refers to the extent to which a firm meets or exceeds the standard business practices for the industry -3 levels of professionalization
minimalized professionalization
situation where the entrepreneur does nearly everything in the simplest way possible -"good enough" attitude
determination competencies
skills identified with the energy and focus needed to bring a business to existence -intention
opportunity competencies
skills necessary to identify and exploit elements of the business environment that can lead to a profitable and sustainable business -exchange
resource competencies
the ability or skill of the entrepreneur at finding expendable components necessary to the operations of the business such as time, information, location, financing, raw materials, and expertise -resources
role conflict
the kind of problem that arises when people have multiple responsibilities, such as parent and boss, and the different responsibilities make different demands on them
specialized professionalization
the owner is passionate about one key business function, but is satisfied if the other activities are no worse than other businesses in the market
succession
the process of intergenerational transfer of a business
expert professionalization
those in which you notice everything seems to be done the best way possible