Intro to Entrepreneurship: Chapter 3

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Caveat emptor

"Let the buyer beware" made into a philosophy used by businesses that puts the burden for consumer protection onto the consumer

Universalism

An ethical model that suggests that there is a code of right and wrong that everyone can see and follow

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 relationships useful to a business

Six strategies for handling a crisis

1. admit you're in trouble 2. get to the scene 3. communicate what you do and don't know to relevant parties 4. have one person serve as spokesperson 5. separate crisis management from everyday motivate 6. deal with crisis quickly

Green entrepreneurship

Another term for sustainable entrepreneurship

Ethics

A set of values that people consider in determining whether actions are right or wrong

Ethical dilemma

A situation when a person's values are in conflict, making it unclear whether a particular decision is the right thing to do

Utilitarianism

An ethical model that supports seeking the greatest good for the greatest amount of people

External environment

Everything outside of the firm

Baldridge Award

Given to business and non-profits that have been judged outstanding in seven measures of quality leadership

Mututality

The action of each person helping each other

Legitimacy

The belief that a firm is worthy of consideration of doing business because of the opinions of customers, suppliers, investors, or competitors

Social network

The entrepreneur's set of relationships and contacts with individuals and institutions

Bootstrapping

Using low cost or free techniques

Organizational culture

A set of shared beliefs or common accepted ways of dealing with problems and challenges within a company that demonstrate how things get done

Environment

All the forces outside of the firm

Sustainable entrepreneurship

An approach to operating a firm or a line of business which makes a profit in a way that can minimize the depletion of natural resources, maximize the use of 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

Golden Rule

An ethical model which suggests you treat others the way you would want to be treated

External relations strategies

Building legitimacy, developing a social network, handling a crisis, achieving sustainability, making ethical decisions

ISO (International Standards Organization)

Certification for having met a standard of quality that is consistently valued around the world

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

Organizational identity

Part of the BRIE model; the name, description and distinctive elements of a firm such as stories, trademarks, etc.

General environment

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

Types of legitimacy

People based legitimacy, product based legitimacy, organization based legitimacy

Task environment

People your firm deal with every day like customers, suppliers, etc.

External relations

Processes and skills used in the management of a firm's interactions with people, organizations and institutions outside of its boundary

Internal environment

The people and groups within the boundary of a firm


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