Sport Entrepreneurship Exam 1

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Entrepreneurial Spirit

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The most significant economic development in recent history

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Orphan Customers

Back 2

People who have lost their business

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35-44

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Most common age to start a business

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Entrepreneur

Back 4

One who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalize on them.

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High Credit Score

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People are more likely to do business with you

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Opportunity Entrepreneurs

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Entrepreneurs who start their business because they spot an opportunity in the market place

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Necessity Entrepreneurs

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Entrepreneurs who start a business because they cannot find work any other way

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Serial Entrepreneurs

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Entrepreneurs who repeatedly start business and grow them to a sustainable size before striking out again

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Social Entrepreneurs

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Business builders that seek innovative solutions to some of society's most vexing problems

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Cloud Computing

Back 10

Intent-based subscription or pay-per-use software series that allow business owners to use a variety of business applications

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Micromultinationalsism

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Small companies that operate globally upon their inception

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Copreneurs

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Entrepreneurial couple that works together as co-owners of their business

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Corporate Castoffs

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People who have been laid off and become necessity entrepreneurs

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Corporate Dropouts

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People who have quit their job for something fresh

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Retiring Baby Booms

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Less risk and more experience

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Core Competencies

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A unique set of capabilities that a small company is key operational areas such as quality, service, innovation, teambuilding, flexibility, and responsiveness

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Differentiation

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seeds to build customer loyalty by presenting a unique producer

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Low-cost

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Company strives to be the lowest costing firm among its competition

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Focus

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Not all markets are homogeneous

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Creativity

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The ability to discover unique ways to solve problems and crate opportunity

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Innovation

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The ability to apply creative solutions to those problems to enhance people's lives

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Paradigms

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Preconceived ideas of what the world should look and operate like

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Preparation

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Get the mind ready for creative thinking

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Investigation

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Requires the individual to develop a solid understanding of the problem or decision

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Transformation

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Involves viewing the similarities and differences among information collected

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Incubation

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Allows the subconscious mind to reflect on the information collected

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Illumination

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Occurs during the incubation stage, "when the lightbulb goes on"

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Verification

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Validating the idea as accurate and useful

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Implementation

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Transforms the idea into a business reality

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Brainstorming

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Process in which small group of people interact with little structure with a goal of produce a large quantity of ideas

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Mind mapping

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Activity that encourages thinking on both sides of the brain. Allows problems to be viewed from different perspectives

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Force field analysis

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Allows entrepreneurs to weigh both advantages and disadvantages of a decision and work to maximize variables that support it and minimize variables that work against it

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TRIZ

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Systematic approach designed to solve any technical problem, it's a left brain, scientific step by step process based on studies of hundreds of the most innovative patents in the world

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Rapid prototyping

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Idea that transforming an idea into an actual model will point out flaws in the original idea and will lead to improvements on its design

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Patent

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Grant from federal government that gives an inventor exclusive rights to an invention for 20 years

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Trademark

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Any distinctive word, symbol, or trade dress that a company uses to identify its product and distinguish it from other goods

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Copyright

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Protects original work of authorship, covers form in which an idea is expressed, lasts for 70 years after the creator's death.

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Failure

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Just part of the creative process

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Observational Research

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use it to help you improve your product/service

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Classical conditioning

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Allow your mind to store information

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Servicemark

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Same as a trademark except it identifies the source of a service rather than a product

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Feasibility Analysis

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Helps predict business success or failure

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Five Forces Model

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Helps determine if the market is right for a particular business plan

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Five Forces Matrix

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Rating based on five forces model

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Primary research

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Collect data firsthand and analyze it

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Return on investment

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Combining the previous two estimates to determine how much investors can expect their investments to return

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Business Plan

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Written summary of an entrepreneur's proposed business venture

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Reality Test

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Proving that a market really does exist for your product or service

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Competitive Test

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Evaluates differentiation

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Capital

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Lenders expect small business owners to have an equity base of investment by the owner(s) that will help support the venture during times of financial strain

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Capacity

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The bank must be convinced of the firm's ability to meet its regular standards and to repay the bank as security for repayment

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Collateral

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Includes any assets the owner pledges to the bank as security for repayment of the loan

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Character

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Before approving to a loan to a small business the banker must be satisfied with the owner's personality

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Conditions

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The state of the nation's economy effect the chances of receiving funds

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Sole proprietorship

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A business owned and managed by one individual and is the most popular from the ownership

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Partnership

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Association of two or more people who co-own a business for the purpose of making a profit

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S Corporation

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Offers its owners limited liability protection but avoids double taxation of C corporations

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LLC

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Cross between a partnership and corporation yet operates without the restrictions imposed on an S corporation

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Professional Corporation

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Offers professionals the benefits of the corporate form of ownership

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Joint Venture

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Like a partnership, except that it is formed for a specific purpose

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General Partners

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Take an active role in managing a business

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Limited Partners

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Cannot participate in the day-to-day management of a company

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Corporation

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A separate legal entity from its owners

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Domestic

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Corporation doing business in the state in which it is incorporated

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Foreign

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Corporation formed in another state doing business in a different state than which it was incorporated

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Alien

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Corporation formed in another country but doing business in the United States

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Publicly Held

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Corporation that has many shareholders and whose stock usually is traded on one of the large stock exchanges

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Closely Held

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Corporation in which shares are controlled by a relatively small number of people, often family members, relatives, or friends