Entrepreneurship Test 1 Ch. 3

Front 1

Competencies

Back 1

forms of business-related expertise

Front 2

Key business functions

Back 2

activities common to all businesses such as sales, operations, accounting, finance, and human resources

Front 3

Industry-specific knowledge

Back 3

activities, knowledge, and skills specific to businesses in a particular industry

Front 4

Resource Competencies

Back 4

the ability or skill of the entrepreneur at finding expendable components necessary to the operation of the business such as time, information, location, financing, raw materials, and expertise

Front 5

Determination Competencies

Back 5

skills identified with the energy and focus needed to bring a business into existence

Front 6

Opportunity Competencies

Back 6

skills necessary to identify and exploit elements of the business environment that can lead to a profitable and sustainable business

Front 7

Professionalization

Back 7

the extent to which a firm meets or exceeds the standard business practices for its industry

Front 8

Standard business practice

Back 8

a business action that has been widely adopted within an industry or occupation

Front 9

Expert business professionalization

Back 9

a situation that occurs when all the major functions of a firm are conducted according to the standard business practices of its industry

Front 10

Specialized business professionalization

Back 10

a situation that occurs when businesses have founders or owners who are passionate about one or two of the key business functions, such as sales, operations, accounting, finance, or human resources

Front 11

Minimalized business professionalization

Back 11

a situation that occurs when the entrepreneur does nearly everything in the simplest way possible

Front 12

Career

Back 12

a lifelong series of jobs or occupations

Front 13

Family business

Back 13

a firm in which one family owns a majority stake and is involved in the daily management of the business

Front 14

Role Conflict

Back 14

the kind of problem that arises when people have multiple responsibilities, such as parent and boss, and the different responsibilities make different demands of them

Front 15

Time management

Back 15

the organizing process to help make the most efficient use of the day

Front 16

Succession

Back 16

the process of intergenerational transfer of a business

Front 17

Set-asides

Back 17

government contracting funds which are earmarked for particular kinds of firms, such as small businesses, minority-owned firms, women-owned firms, and the like

Front 18

Certification

Back 18

an examination based acknowledgment that the firm is owned and operated as specified

Front 19

Late career entrepreneurs (second career entrepreneurs)

Back 19

people who begin their businesses after having retired or resigned from work in corporations at age 50 or later