Entrepreneurship Exam 1

caveat emptor

"let the buyer beware"

independent small business

a business owned by an individual or small group

icubator

a facility which offers subsidized space and business advice to companies in their earliest stages of operation

dynamic capitalism typology

a model of an economy categorizing businesses based on their innovativeness and growth rate

efficiency-driven economy

a nation where industrialization is becoming the major force providing jobs, revenues, and taxes and where minimizing costs while maximizing productivity is a major goal

innovation-driven economy

a nation where the forces for jobs, revenues, and taxes come from high-value added production based on new ideas and technologies and from professional services based on higher education

factor-driven economy

a nation where the major forces for jobs, revenues, and taxes come from farming or extractive industries like forestry, mining, or oil production

heir

a person who becomes an owner through inheriting or being given a stake in family business

virtual instant global entrepreneurship

a process that uses the internet to quickly create businesses with a worldwide reach

PICS model of entrepreneurship

an acronym for the four forms of entrepreneurship, Public, independent, corporate, and social

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

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

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

BATNA

best alternative to a negotiated settlement

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

novelty

characterized by being different or new

imitative

characterized by being like or copying something that already exists

resource constrained sector

consists of firms high in innovation but low in growth rate due to a lack of resources

glamorous sector

consists of firms with high growth and high innovation. These are among the most visible firms in the media

ambitious firm sector

consists of franchises and multi-site firms, with low to moderate innovation and high levels of growth

high-growth venture

firms with exceptionally high innovativeness and growth rates, making them candidates fro possible venture capital funding

competencies

forms 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

determination competencies

skills identified with the energy and focus needed to bring a business into existence

opportunity competencies

skills necessary to identify and exploit elements of the business environment that can lead to a profitable and sustainable business

resources competencies

the ability or skill of the entrepreneur at finding expendable components necessary to the operation of the business such as time, information, location, financing, raw materials, and expertise

mindshare

the degree of attention your target market pays to your idea or organization

ecommerce

the general term for conducting business on the internet

focuses of entrepreneurship

the key directions the organization intends to pursue

economic core sector

the most numerous and most widely available type of firm, also called small business, ranging from low to moderate levels of innovation and growth

occupational structure

the sequence or organization of jobs and careers in the economy

creative destruction

the way that newly created goods, services, or firms can hurt existing goods, services, or firms

bootstrapping

using low-cost or free techniques to minimize your cost of doing business

BRIE

Boundary, Resources, Intention, Exchange