MGT 302 Ch.1

Owner-managed firms

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

Founders

People who create or start new businesses

Exchange

moving resources, goods, or service to others, in exchange for money or other resources

Independent small businesses

A business owned by an individual or small group

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-growth venture

A firm started with the intent of eventually going public, following the pattern of growth and operations of a big business

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

Innovation-driven economy

A nation where the major 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

Small Business Administration

A part of the U.S. government, which provides support and advocacy for small businesses

Franchise

A prepackaged business bought, rented, or leaded from a company called a franchisor

Virtual instant global entrepreneurship

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

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

Effectuation

An approach used to create alternative in uncertain environments

Firm

An organization that sells to or trades with others

Novelty

Characterized by being different or new

Imitative

Characterized by being like or copying something that already exists

Necessity-driven entrepreneurship

Creating a firm as an alternative to unemployment

Opportunity-driven entrepreneurship

Creating a firm to improve one's income or a product or service

Intention

Desire to start a business and is the most frequently occurring element of the BRIE model

Crowdfunding

Funding a business online through the collective involvement of others who provide donations, loans, or investments

Resources

Include the product or service to be offered, informational resources on markets and running a business, financial resources, and human resources such as your own time to devote to the business or that of others working with you for you

Small business

Involves 1-50 people and has its owner managing the business on a day-to-day basis

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

Serial entrepreneurs

People who open multiple businesses throughout their career

Buyers

People who purchase an existing business

Boundary

Something that sets it up as a firm, and sets it off from the buying or selling or bartering we all do occasionally. It can be a business name or government registration, a phone or email address for the business, etc.

Crowdsourcing

Techniques often based on Internet-based services to get opinions or ideas through the collective involvement of others

Flexibility rewards

The ability of business owners to structure life in the way that suits their needs best

Perseverance

The behavior of continued effort to achieve a goal

Mindshare

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

Creation

The entrepreneurial focus which looks at the making of new entities

Customer-focus

The entrepreneurial focus which refers to being in tune with one's market

Efficiency

The entrepreneurial focus which refers to doing the most work with the fewest resources

Independent entrepreneurship

The form of entrepreneurship in which a person or group own their own for-profit business

Social entrepreneurship

The form of entrepreneurship involving the creation of self- sustaining charitable and civic organizations which invest significant profits in charitable activities

Corporate entrepreneurship

The form of entrepreneurship which takes place in existing businesses around new products, services, or markets

E-commerce

The general term for conduction business on the Internet

Small and medium enterprise

The international term for small businesses

Focuses of Entrepreneurship

The key directions the organization intends to pursue

Income rewards

The money made by owning one's own business

Forms of entrepreneurship

The settings in which the entrepreneurial effort takes place

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

High-performing 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

Efficiency-driven economy

A nation where industrialization is becoming the major force providing jobs, revenues, and taxes, and where minimizing costs while maximizing productivity (i.e. efficiency) is a major goal

Entrepreneur

A person who owns or starts an organization, such as a business

Self-efficacy

A person's belief in his or her ability to achieve a goal

Main street business

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

CSI entrepreneurship

Acronym for the three forms of entrepreneurship, corporate, social, and independent

Innovativeness

Refers to how important a role new ideas, products, services, processes, or markets play in an organization

Occupation

The type of activity a person does regularly for pay

Creative Destruction

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

Innovation

the entrepreneurial focus which looks at a new thing or a new way of doing things