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Entrepreneurial Small Business Ch.1-4

Small Business Administration
A part of the US gov. which provides support and advocacy for small businesses
Small Business
Involves 1-50 people and has its owner managing the business on day-to-day basis
Self-efficacy
A person’s belief in his or her ability to achieve a goal
Entrepreneur
A person who owns or starts an organization, such as a business
Goods or Services
The tangible things (goods) or intangible things (services) created for sale
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
Self-employed
Working for yourself
Founders
People who create or start a new businesses
Franchise
A prepackaged business bought, rented, or leased from a company called a franchisor
Example: Subway, DQ
Buyers
People who purchase an existing business
Small and medium Enterprise
The international term for small businesses
Independent small business
A business owned by an individual or small group
Owner-managed firms
A business run by the individual who owns it
Serial Entrepreneurs
People who open multiple businesses throughout their career
innovativeness
Refers to how important a role new ideas, products, services, processes, or markets play in an organization
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
Main Street Business
The idea of a business you would expect to see on the main street of a typical American city
Growth rewards
What people get from facing and beating challenges
Income rewards
The money made by owning one’s own business
Flexibility rewards
The ability of business owners to structure life in the way that suits their needs best
Crowdfunding
Funding a business online thorough the collective involvement of others who provide donations, loans, or investments
Bootstrapping
Using low cost or free techniques to minimize your cost of doing business
Example: Working from home
Key to becoming a small business owner
BRIE
Boundary- Creating a place for your business -location/in people’s brains
Resources- The money, product etc. that make up the business
Intention- The desire to start a business
Exchange- Moving resources/products/services in exchange for money
Creative destruction
The way that newly created goods, services, or firms can hurt existing goods, services, or firms
Factor-driven economy
A nation where the major forces for jobs, revenues, and jobs come from farming or extractive industries like forest, mining, or oil production
Example: Jamaica, Iran
Efficieny-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
Example: China, Brazil, Russia
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
Example: United States, Germany
Opportunity driven entrepreneurship
Creating a firm to improve one’s income or a product or service
Necessity driven entrepreneurship
Creating a firm as an alternative to unemployment
Virtual instant global entrepreneurship
A process that uses the internet to quickly create businesses with a worldwide reach
CSI entrepreneurship
Three forms of entrepreneurship
Corporate
Social
Independent
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
Example: Customer Survey
Efficieny
The entrepreneurial focus which looks at a new thing or a new way of doing things
Independent entrepreneurship
The form of entrepreneurship in which a person or group own their own for-profit business
Corporate entrepreneurship
The form of entrepreneurship in which takes place in existing businesses around a new product, services, or markets
Example: Creation of post-it notes
Social entrepreneurship
The form of entrepreneurship involving the creation of self-sustaining charitable and civic organizations, or for pro organizations which invest significant profits in charitable activities
Mindshare
The degree of attention your target market pays to your idea or organization
The 5 Ps of Entrepreneurial Behavior
Passion
Perseverance
promotion/prevention focus
Planning style
Professionalization
Promotion focus
Intent on maximizing gains
Prevention focus
intent on minimizing losses
Comprehensive planners
Develop long range plans for all aspects of the business
Critical point planners
Develop plans focused on the most important aspect of the business first
Opportunistic planners
Start with a goal instead of a plan and look for opportunities to achieve it
Reactive planners
Have passive approach, who wait for cues from the environment to determine what actions to take
Habit driven planners
Do not plan, preferring to let all actions be dictated by their routines
Standard business practice
A business action that has been widely adopted within an industry
Expert business professionalization
All major functions of a firm are conducted according to the standard business practices of its industry
Specialized business professionalization
Businesses have founders/owners who are passionate about one or two of the key business functions, such as sales, operations, accounting etc.
Minimalized business professionalization
The entrepreneur does nearly everything in the simplest way possible
Competencies
Forms of business related expertise
Two challenges typical to family business
role conflict
succession-the process of intergenerational transfer of a business
Set asides
Gov. contacting funds which are earmarked for particular kinds of firms, such as minority owned firms, women-owned firms
Environment
The sum total of forces outside of the entrepreneur and the firm
Organization identity
Part of BRIE model; composed of the name, description, and distinctive elements of a firm, such as trademarks, uniforms, logos, characters, and stories
Internal environment
The people and groups within the boundary of a firm, including the owners, managers, employees, and board members of the firm
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
External environment
The forces, institutions and people outside the boundary of the firm (the rest of the world)
Task environment
A part of the external environment made up of those components that the firm deals with directly such as media, interest groups
Trade magazine
Magazines that target specific industries and professions
General environment
Part of external environment made up of sectors of major forces that shape the people and institution of the task and internal environments
External relations
Description for the processes and skills used in the management of a firm’s interactions with people, organizations, and institutions outside of its boundary
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
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
International standards organization (ISO)
Certification for having met a standard of quality that is consistently evaluated around the world
Baldrige Award
Given by US gov. to businesses and nonprofit organizations that have been judged outstanding in 7 measures of quality
Sustainable Entrepreneurship
An approach to operating a firm or line of business which identifies, creates and exploits opportunities to make a profit in a way that can minimize the depletion of natural recourses, maximize the use of a recycled material, or improve the environment
Green entrepreneurship
Taken from the belief that green is the color of healthy environment (another term for sustainable entrepreneurship)
Ethics
A system of values that people consider in determining whether actions are right or wrong
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
Caveat emptor
“Let the buyer beware” used by businesses to put the burden for consumer protection onto the consumer
Utilitarianism
An ethical model that supports seeking the greatest good for the greatest number of people
Universalism
An ethical model that suggests that there is a code of right and wrong that everyone can see and follow
Billboard principle
An ethical model that asks whether someone would be comfortable having his/her decision and name advertised on a billboard for the public to see
BATNA
Best Alternative To a Negotiable Settlement in which second best outcome is identified by the parties in a negotiation to help clarify the value of achieving a successful negotiation
License
A legal agreement granting you rights to use a particular piece of intellectual property
Radical innovation strategy
Rejection existing ideas, and presenting a way to do things differently

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