Masters In Business Administration - Healthcare Management

Front 1

Bricolage

Back 1

Entrepreneurs making do by applying combinations of the resources at hand to new and opportunities

Front 2

Causal process

Back 2

A process that starts with a desired solution and focuses on the means to generate that outcome

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Cognitive adaptability

Back 3

Describes the extent to which entrepreneurs are dynamic, flexible, self-regulating, and engaged in the process of generating multiple decision frameworks focused on sensing and processing changes in their environments and then acting on them

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Comprehension questions

Back 4

Questions designed to increase the entrepreneurs’ understanding of the nature of the environment

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Connection tasks

Back 5

Tasks designed to stimulate entrepreneurs to think about the current situation in terms of similarities and differences from situations previously faced and solved

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Effectuation process

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A process that starts with what one has and selects among possible outcomes

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Entrepreneurial action

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Action through the creation of new products/processes and/or the entry into new markets, which may occur through a newly created organization or within an established organization

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Entrepreneurial intentions

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The motivational factors that influence individuals to pursue entrepreneurial outcomes

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Entrepreneurial mind-set

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Involves the ability to rapidly sense, act, and mobilize, even under uncertain conditions

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Entrepreneurial opportunities

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Those situations in which new goods services and raw materials can be introduce and sold at greater than their cost of production

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Entrepreneurial self efficaxy

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The conviction that one can successfully execute the entrepreneurial process

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Entrepreneurial thinking

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Individuals mental processes of overcoming ignorance to decide whether a signal represents an opportunity for someone and or reducing doubt as to whether an opportunity for someone is also an opportunity for them specifically

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Moral support network

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Individuals who give psychological support to an entrepreneur

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Perceived desirability

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The degree to which an individual has a favorable or unfavorable evaluation of the potential entrepreneurial outcomes

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Professional-support network

Back 15

Individuals who help the entrepreneur in business activities

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Reflection tasks

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Tasks designed to stimulate entrepreneurs to think about their understanding and feelings as they progress through the entrepreneurial process

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Role models

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Individuals whose example an entrepreneur can aspire to and copy

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Strategic tasks

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Tasks designed to stimulate entrepreneurs to think about which strategies are appropriate for solving the problem (and why) or pursuing the opportunity (and how)

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Structural similarities

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Exist when the underlying mechanisms of the technology resemble (or match) the underlying mechanisms of the market

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Superficial similarities

Back 20

Exist when the basic (relatively easy to observe) elements of the technology (match) the basic (relatively easy to observe) elements of the market

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Sustainable entrepreneurship

Back 21

Entrepreneurship focused on preserving nature, life support, and community (sustainability) in the pursuit of perceived opportunities to bring future products, processes, and services into existence for gain (entrepreneurial action) where gain is broadly construed to include economic and no economic benefits to individuals, the economy, and society (development)

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Work history

Back 22

The past work experience of an individual

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Corporate entrepreneurship

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Entrepreneurial action within an established organization

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Culture

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The environment of a particular organization

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Dual process model of coping with negative emotions

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Involves an oscillations between a loss orientation and a restoration orientation

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Entrepreneurial orientation toward commitment of resources

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A focus on how to minimize the resources that would be required in the pursuit of a particular opportunity

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Entrepreneurial orientation toward control of resources

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A focus on how to access others resources

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Entrepreneurial orientation toward culture

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A focus on encouraging employees to generate ideas, experiment, and engage in other tasks that might produce opportunities

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Entrepreneurial action toward growth

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A focus on rapid growth

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Entrepreneurial orientation toward opportunity

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A commitment to taking action on potential opportunities

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Entrepreneurial orientation toward management structure

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More organic focus - has few layers of bureaucracy between top management and the customer and typically has multiple informal networks

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Entrepreneurial philosophy toward rewards

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One that compensates employees based on their contribution toward the discovery/generation and exploitation of opportunity

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Restoration orientation

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An approach to negative emotions based on both avoidance and a proactiveness toward secondary sources of stress arising from a major loss

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Strategic orientation

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A focus on those factors that are inputs into the formulation of the firms strategy

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Top management commitment

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Managers in an organization strongly supporting corporate entrepreneurship

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Attribute listing

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Developing a new idea by looking at the positives and negatives

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Big dream approach

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Developing a new idea by thinking without constraints

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Brainstorming

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A group method for obtaining new ideas and solutions

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Checklist method

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Developing a new idea through a list of related issues

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Collective notebook method

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Developing a new idea by group members regularly recording ideas

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Concept stage

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Second stage in product development process

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Forced

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A method for obtaining new ideas focusing on the parameters

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Focus groups

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Groups of individuals providing information in a structured format

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Forced relationship

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Developing a new idea by looking at product combinations

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Free association

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Developing a new idea through a chain of word associations

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Gordon method

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Method for developing new ideas when the individuals are unaware of the problem

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Idea stage

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First stage in product development process

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Parameter analysis

Back 48

Developing a new idea by focusing on parameter identification and creative synthesis

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Problem inventory analysis

Back 49

A method for obtaining new ideas and solutions by focusing on problem

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Product development stage

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Third stage in product development process

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Product life cycle

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The stages each product goes through from introduction to growth to maturity to decline

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Product planning and development process

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The stages in developing a new product

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Reverse brainstorming

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A group method for obtaining new ideas focusing on the negative

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Test marketing stage

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Final stage before commercialization in product development process

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Barter

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A method of payment using nonmoney items

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Current account

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The trade status of imports/exports between countries

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Direct exporting

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Involves the use of independent distributors or the company’s own overseas sales office in conducting international business

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Diversified activity merger

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A conglomerate merger involving the consolidation of two essentially unrelated firms

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Exporting

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The sale and shipping of products manufactured in one country to a customer located in another country

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Horizontal merger

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A type of merger combining two firms that produce one or more of the same or closely related products in the same geographic area

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Indirect exporting

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In international business, involves having a foreign purchaser in the local market or using an export management firm

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International entrepreneurship

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An entrepreneur doing business across his or her national boundary

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Joint venture

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The joining of two firms in order to form a third company in which the equity is shared

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Licensing

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Involves giving a foreign manufacturer the right to use a patent, technology, production process, or product in return for the payment of a royalty

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Majority interest

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The purchase of over 50 percent of the equity in a foreign business

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Management contract

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A no equity method of international business in which an entrepreneur contracts his or her management techniques and skills to a (foreign) purchasing company

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Assessment of risk

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Identifies potential hazards a and alternative strategies to meet business plan goals and objectives

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Business plan

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Written document describing all relevant internal and external elements and strategies for starting a new venture

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Description of the venture

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Provides complete overview of product(s), services, and operations of a new venture

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Environmental analysis

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Assessment of external uncontrollable variables that may impact the business plan

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Financial plan

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Projections of key financial data that determine economic feasibility and necessary financial investment commitment

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Industry analysis

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Reviews industry trends and competitive strategies

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Marketing plan

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Describes the market conditions and strategy related to how the product(s) and services will be distributed, priced, and promoted

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Organizational plan

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Describes form of ownership and lines of authority and responsibility of members of new venture

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Production plan

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Details how products will be manufactured

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Marketing goals and objectives

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Statements of level of performance deserved by new venture

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Marketing mix

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Combination of product, price , promotion, and distribution and other marketing activities needed to meet marketing objectives

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Marketing plan

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Written statement of marketing objectives, strategies, and activities to be followed in the business plan

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Market segmentation

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Process of dividing a market into definable and measurable groups for purposes of targeting marketing strategy

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Market strategy and action plan

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Specific activities outlines to meet the ventures business plan and objectives

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Marketing system

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Interacting internal and external factors that affect ventures ability to provide goods and services to meet customer needs

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Situation analysis

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Describes past and present business achievements of new venture

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Target market

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Specific group of potential customers toward which venture aims its marketing plan

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C corporation

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Most common form of corporation, regulated by statute and treated as a separate legal entity for liability and tax purposes

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Corporation

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Separate legal entity that is run by stockholders having limited liability

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Partnership

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Two or more individuals having unlimited liability who have pooled resources to own a business

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Proprietorship

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Form of business with single owner who has unlimited liability, controls all decisions, and receives all profits

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S corporation

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Special type of corporation where profits are distributed to stockholders and taxed as personal income

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Assets

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Items that are owned or available to be used in the venture operations

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Breakeven

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Volume of sales where the venture neither makes a profit nor incurs a loss

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Liabilities

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Money that is owed to creditors

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Owner equity

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The amount owners have invested and/or retained from the venture operations

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Pro forma balance sheet

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Summarizes the projected assets, liabilities, and net worth of the new venture

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Pro forma cash flow

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Projected cash available calculated from projected cash accumulations minus projected cash disbursements

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Pro forma income

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Projected net profit calculated from projected revenue minus projected costs and expenses

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Pro forma sources and applications of funds

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Summarizes all the projected sources of funds available to the venture and how these funds will be disbursed