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28 Cards in this Set

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  • Back
entrepreneurial opportunity
A value-creating innovation with market potential.
entrepreneur
A person who starts and/or operates a business.
reluctant entrepreneur
A person who becomes an entrepreneur as a result of some severe hardship.
refugee
A person who becomes an entrepreneur to escape an undesirable situation.
founder
An entrepreneur who brings a new firm into existence.
franchisee
An entrepreneur whose power is limited by a contractual relationship with a franchising organization.
high-potential venture
A small firm that has great prospects for growth.
attractive small firm
A small firm that provides substantial profits to its owner.
microbusiness
A small firm that provides minimal profits to its owner.
lifestyle business
A microbusiness that permits the owner to follow a desired pattern of living.
entrepreneurial team
Two or more prople who work together as entrepreneurs on one endeavor.
artisan entrepreneur
A person with primarily technical skills and little business knowledge who starts a business.
opportunistic entrepreneur
A person with both sophisticated managerial skills and technical knowledge who starts a business.
internal locus of control
A belief that one's success depends on one's own efforts.
external locus of control
A belief that one's life is controlled more by luck or fate than by one's own efforts.
precipitating event
An event, such as losing a job, that moves an individual to become an entrepreneur.
entrepreneurial legacy
Material assets and intangible qualities passed on to both heirs and society.
integrity
An uncompromising adherence to doing what is right and proper.
ethical issues
Questions of right and wrong.
stakeholders
Individuals who can affect or are affected by the performance of the company.
social responsibilities
Ethical obligations to customers, employees, and the community.
intellectual property
Original intellectual creations, including inventions, literary creations, and works of art, that are protected by patents or copyrights.
ethical imperialism
The belief that the ethical standards of one's own country can be applied universally.
ethical relativism
The belief that ethical standards are subject to local interpretation.
underlying values
Unarticulated ethical beliefs that provide a foundation for ethical behavior in a firm.
code of ethics
Official standards of employee behavior formulated by a firm.
bait advertising
An insincere offer to sell a product or service at a very low price, used to lure customers in so that they can be switched later to a more expensive product or service.
environmentalism
The effort to protect and preserve the environment.