• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off

Card Range To Study



Play button


Play button




Click to flip

Use LEFT and RIGHT arrow keys to navigate between flashcards;

Use UP and DOWN arrow keys to flip the card;

H to show hint;

A reads text to speech;

19 Cards in this Set

  • Front
  • Back
forms of business-related expertise
Key business functions
activities common to all businesses such as sales, operations, accounting, finance, and human resources
Industry-specific knowledge
activities, knowledge, and skills specific to businesses in a particular industry
Resource Competencies
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
Determination Competencies
skills identified with the energy and focus needed to bring a business into existence
Opportunity Competencies
skills necessary to identify and exploit elements of the business environment that can lead to a profitable and sustainable business
the extent to which a firm meets or exceeds the standard business practices for its industry
Standard business practice
a business action that has been widely adopted within an industry or occupation
Expert business professionalization
a situation that occurs when all the major functions of a firm are conducted according to the standard business practices of its industry
Specialized business professionalization
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
Minimalized business professionalization
a situation that occurs when the entrepreneur does nearly everything in the simplest way possible
a lifelong series of jobs or occupations
Family business
a firm in which one family owns a majority stake and is involved in the daily management of the business
Role Conflict
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
Time management
the organizing process to help make the most efficient use of the day
the process of intergenerational transfer of a business
government contracting funds which are earmarked for particular kinds of firms, such as small businesses, minority-owned firms, women-owned firms, and the like
an examination based acknowledgment that the firm is owned and operated as specified
Late career entrepreneurs (second career entrepreneurs)
people who begin their businesses after having retired or resigned from work in corporations at age 50 or later