Entrepreneurial Smal Business Chapter 1

Front 1

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

Back 1

Small Business

Front 2

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

Back 2

Entrepreneur

Front 3

A part of the united states government which provides support and advocacy for small businesses

Back 3

Small Business Administration

Front 4

Offices co-sponsored by states and the federal government that offer free or low cost help to existing and potential small businesses

Back 4

Small Business Development Center

Front 5

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

Back 5

Incubator

Front 6

The international term for small businesses

Back 6

Small and Medium Enterprise

Front 7

A business owned by an individual or small group

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Independent Small Business

Front 8

The individual who owns and runs a business

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Owner-Manager

Front 9

Characterized by being different or new

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Novelty

Front 10

Characterized by being like or copying something that already exists

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Imitative

Front 11

Working for yourself

Back 11

Self-Employed

Front 12

People who create or start new businesses

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Founders

Front 13

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

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Franchise

Front 14

People who purchase an existing business

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Buyers

Front 15

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

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Heir

Front 16

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

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Innovativeness

Front 17

Refers to the potential market size

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Potential for Growth

Front 18

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

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Dynamic Capitalism Typology

Front 19

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

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Economic Core Sector

Front 20

Consist of firms with high growth and high innovation. these are among the most visible firms in the media.

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Glamourous Sector

Front 21

Firms with exceptionally high innovativeness and growth rates, making them candidates for possible venture capital funding.

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High Growth Sector

Front 22

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

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Resource Constrained Sector

Front 23

The money made by owning one's own business

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Income Rewards

Front 24

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

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Flexibility Rewards

Front 25

Funding invested for a share of a firm or given as loans or credit from family, friends, and other businesses used to help start or grow a firm

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Informal Capital

Front 26

The sequence of organization of jobs and careers in the economy

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Occupational Structure

Front 27

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

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Creative Destruction

Front 28

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

Back 28

Factor Driven Economy

Front 29

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.

Back 29

Efficiency Driven Economy

Front 30

A nation there 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.

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Innovation-Driven Economy

Front 31

The general term for conducting business on the internet

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Ecommerce

Front 32

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

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Virtual Instant Global Entrepreneurship

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The settings in which the entrepreneurial effort takes place

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Forms of Entrepreneurship

Front 34

An acronym for the four forms of entrepreneurship-

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Pics Model of Entrepreneurship
Public, Independent, Corporate, and Social

Front 35

The entrepreneurial focus which looks at making of new entities.

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Creation

Front 36

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

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Customer-Focus

Front 37

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

Back 37

Efficiency

Front 38

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

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Innovation

Front 39

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

Back 39

Independent Entrepreneurship

Front 40

The form of entrepreneurship that involves revitalizing government agencies.

Back 40

Public Entrepreneurship

Front 41

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

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Corporate Entrepreneurship

Front 42

The form of entrepreneurship involving the creating of self sustaining charitable and civic organizations, or for profit organizations which invest significant profits in charitable activities.

Back 42

Social Entrepreneurship

Front 43

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

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Mindshare

Front 44

The key directions the organization intends to pursue.

Back 44

Focuses of Entrepreneurship