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15 Cards in this Set
- Front
- Back
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process of intitiating a business venture, organizing necessary resources, and assuming the associated risks and rewards
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Entrepreneurship
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Someone who recognizs a viable ideas for a business porduct, or service and carries it out
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Entrepreneur
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5 categories of small business ower
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idealist, hard worker, juggler, optimizer, sustainer
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6 characteristics of very successful entrepreneurs
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internal locus of control, high energy level, need to achieve, self confidence, awareness of passing time, tolerance of ambiguity
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the belief by individuals that their future is in control and external forces value little influence
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internal locus of control
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business requires great effot, entrepreneuer works hard despite trauma
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high energy lever
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people are motivated to excel and pick situations in which success is likely which are moderately difficult
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need to achieve
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act decisively when start a business, feel confident about day to day decisions
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self confidence
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impatient, feel a sense of urgencym seize the moment
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awareness of time
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psychological characteristic that allows individuals to be untouched by disorder and uncertainity
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Tolerance of ambiguity
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a desired future state that the organization attepts to realize
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goal
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a blueprint specifying the resource allocations, schedules, and other actions neccessary for attaining goal
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plan
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the act of determining the org, gals and the means of achieving them
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planning
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levels of goals/ plans
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1. mission statement (basis for strategic goals) 2. Strategic goals/plans (the managers/ efficiency and effectiveness) 3. Tactical goals (division managers) 4. operational goals ( specific tasks)
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organizations reason for existence
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mission
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