Entrepreneurship Exam 1 (3)
Low-cost/free ways to monitor environment
1. Look for trends and future-looking articles in the trade and professional press 2. Ask customers, suppliers, banker, attorney, accountants what they see on the horizon for business in general, business in your community in general, or you business in particular 3. Keep notes on the things that bother you about the way work is done now, or about how something has changed 4. Subscribe to magazines/newletters/newsfeeds/blogs
3 types of legitimacy indicators
1. employees should be dependable organizational citizens 2. do not do anything that will harm the organization 3. be good to customers
caveat emptor
a Latin expression which means "let the buyer beware" which has been made into a philosophy sometimes used by business to put the burden for consumer protection onto the customer
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 or the demographic sector
ethics
a system of values that people consider in determining whether actions are right or wrong
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
BATNA "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
networking
interacting with others in order to build relationship useful to a business
Organizational 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
Baldrige Award
the Malcolm Baldrige National Quality Award is given by the US government to business and nonprofit organization that have been judged outstanding in seven measure of quality leadership; strategic planning; customer and market focus; measurements; analysis, and knowledge management; human resource focus; process management; and results
mutuality
the action of each person helping another
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
Bootstrapping
using low-cost or free techniques to minimize your cost of doing business
ISO
International Standards Organization - refers to certification for having met a standard of quality that is consistently evaluated around the world
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
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 suggests that there is a code of right and wrong that everyone can see and follow
Utilitarianism
an ethical model that supports seeking the greatest good for the greatest number of people
Golden Rule
an ethical model which suggests you treat others in the manner you wish to be treated
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
social network
the entrepreneur's set of relationships and contacts with individuals and institutions
External relations
the general description for the process and skills used in the management of a firm's interactions with people, organizations, and institutions outside of its boundary
Trade magazines
the magazines that target specific industries and professions
Internal environment
the people and groups within the boundary of a firm, including the owners, managers, employees, and board members of the firm
Environment
the sum total of forces outside of the entrepreneur and the firm
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