15249543
Description
Flashcards by Amber Torres, updated more than 1 year ago
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Created by Amber Torres
over 5 years ago
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| Question | Answer |
| a part of U.S. government which provides support and advocacy for small business | Small Business Administration |
| offices co-sponsored by states and the federal government that offer free or low-cost help to existing or potential small business | Small Business Development Center |
| what people get from facing and beating challenges | Growth rewards |
| money made by owning one’s own business | Income rewards |
| ability of business owners to structure life in the way that suits their needs | Flexibility rewards |
| What three rewards are universally mentions regarding entrepreneurs? | 1. Flexibility 2. Income 3. Growth |
| High Innovation low growth | Resource constrained Inventors |
| Low innovation low growth | Economic Core Small business |
| high innovation high growth rate | Glamorous "Microsoft" |
| high innovation low growth rate | Ambitious Franchises & Multi-site Firms |
| Pura Vida Bracelets are _________ driven type of entrepreneurship | Opportunity |
| Smart Passive Income is ________ driven type of entrepreneurship | necessity |
| What does BRIE stand for in MGMT 315? | Boundary Resources Intention Exchange |
| Creating a place for your business in location and in people's minds | Boundary |
| The money, product, knowledge, etcs. that make up a business | Resources |
| The desire to start a new business | Intention |
| Moving resources/products/services in exchange for money | exchange |
| What are the two hurdles to starting a new business? | 1. Inaction 2. Taking the right direction |
| What is the government website devoted to small business? | SBDC |
| What is the most important first step/hurdle of starting a business? | Taking action |
| Someone who has a business idea but does not follow through is known as a … | Wantrepreneuer |
| What are the 3 major rewards entrepreneurs seek when starting a business? | Growth rewards Income rewards Flexibility rewards |
| What are the 5 myths of small business? | 1.Not enough financing 2.You can’t start a business during a recession 3.To make profits, you need to make something 4.If you fail, you can never try again 5.Students don’t have the skills to start a business |
| What percent of new business' fail within 2 years? | 90% |
| Business needs to start with minimal $$. | Bootstrapping |
| The ability to sell directly online. | E-commerce |
| another term for differentiating yourself in business | competitive advantage |
| Loner, hard worker, fast learner, and risk taker are all classic qualities of a __________ personality | entrepreneurial |
| Intense positive feeling | Passion |
| Learned optimism | Perseverance |
| Balance Maximize gains/minimize losses | Promotion/Preventative Focus |
| Comprehensive – long term Critical Point – most important first Opportunistic – start with a goal Reactive – passive, Habit – don’t plan | Planning styles |
| forms of business-related expertise | Competencies |
| understanding the organizational and business processes of a firm | Basic business competency |
| activities common to all businesses sales, operations, accounting, finance, and human resources | Key business functions |
| activities, skills, and knowledge, specific to businesses in an industry | Industry-specific knowledge |
| the ability or skill of the entrepreneur at finding expendable components necessary to the operation of the business | Resource competencies |
| Time, information, location, financing, raw materials, expertise | Resources |
| skill identified with the energy and focus needed to bring a business into existence | Determination competencies |
| skills necessary to identify and exploit elements of the business environment that can lead to a profitable and sustainable business | Opportunity competencies |
| the extent to which a firm meets or exceeds the standard business practices for its industry Expert, specialized, minimalized | Professionalization |
| a business action that has been widely adopted within an industry or occupation | Standard business practice |
| those which you notice everything seems to be done in the best way possible firm has exceeded the standard business practices of the industry | Expert businesses |
| founders or owners are passionate about one or two of the key business functions, Satisfied if other activities are no worse than other firms in the market | Specialized |
| Entrepreneur figures that “good enough” is all that is necessary to keep the business going No systematic accounting Little recordkeeping | Minimalized |
| How would you describe the classic entrepreneur? | Loner, socially isolated Hard worker Fast learner Risk-taker seeking wealth |
| . What is learned optimism? | Learning optimism is done by consciously challenging any negative self talk. |
| What are the five areas of Entrepreneurial Operational Competencies? | 1. Key business functions 2. Industry-specific knowledge 3. Resource Competencies 4. Determination competencies 5. Opportunity Competencies |
| What are the 3 levels of professionalization? | 1. Expert business 2. Specialized 3. Minimalized |
| composed of the name, description, and distinctive elements of a firm, such as trademarks, uniforms, logos, characters and stories | Organizational Identity |
| The sum total of forces outside of the entrepreneur and the firm. | Business Environment |
| Everything outside of the firm’s boundary – Task and General | External environment |
| A part of the external environment made up of sectors of major forces that shape the people and institutions of the task and internal environments, such as the economic sector or the demographic sector | General environment |
| the components that directly relate to your firm performing its basic business tasks Customers, suppliers, distributors, corporate partners, competitors, government | Task environment |
| consists of those people inside the boundary owner, employees, board members | Internal environment |
| set of shared beliefs that demonstrate how things get done | Organizational culture |
| Building legitimacy Developing a social network Handling a crisis Achieving sustainability and Social Entrepreneurship | Skills for Managing Relations with the Environment |
| the belief that a firm is worthy of consideration or doing business with because of the impressions or opinions of customers, suppliers, investors, or competitors Based on people, product, or organization | Legitimacy |
| Good will Public Recognition Product/Service name recognition Business network membership Organizational size Attire | People Based Legitimacy indicators |
| Customer Assurance – guarantees, return policy, etc. Experiential supports – documentation, demonstrations Customer service Quality standards Environmental friendliness Certifications/licensing Testimonials Intellectual Property - trademarks, copyrights Industry Leadership Media product/service visibility | Product Based legitimacy indicators |
| Media organization visibility History Time commitment – Full time/part time Days of operation Phone line Phone answering Legal form- corporation, partnership, LLC Physical setting – store or home-based business Public listings Internet identity – domain name Graphic design – business cards, stationery, Web sites Partnering – with known businesses Dealer network membership – being and authorized dealer or agent Code of ethics/mission and vision | Organization based legitimacy indicators |
| the more important practices of business today | Building effective relationships |
| Coffee house meetings and get togethers Conferences in your industry Show your face at community events Engage actively on Facebook groups, Linkedin, Reddit and other online social platforms Create something that deserves respect Build partnerships with other businesses that compliment yours Build good relationships with other local businesses Develop and manage your online reputation and your “personal brand” Seek out business leaders and successful people As you become successful, mentor others | Building Effective Relationships and developing a social network |
| The process of building and sustaining a company’s good name and generating positive feedback from stakeholders. | Reputation Management |
| take a long time to build or change. | reputations |
| can damage a firm’s reputation | Not handling a crisis situation to the satisfaction of stakeholders |
| The process of handling a high-impact event characterized by ambiguity and the need for swift action | Crisis Management |
| Warning Signs and symptoms may occur | Prodromal stage of Crisis Management Process |
| Crisis occurs | acute stage of crisis management process |
| Ongoing crisis requires explanation and decision making | chronic stage of crisis management process |
| Success and failure outcomes for firm and stakeholders | Resolution stage of crisis management process |
| Not being proactive Not taking responsibility | failures in Crisis Management |
| An approach to operating a firm or a line of business which identifies, creates, and exploits opportunities to make a profit in a way that can minimize the depletion of natural resources, maximize the use of a recycled material, or improve the environment. | Sustainable/Green Entrepreneurship |
| Doing business for a social cause Businesses that help support social, cultural, or environmental issues They are ”for profit” companies The mission and vision of the company supports the cause and the business | Social Entrepreneurship |
| TOMS | Social Entrepreneurship business |
| What is the internal environment and who does it consist of? | Employees Owners Board of Directors |
| What is bootstrapping? | Using low-cost or free techniques to minimize your cost of doing business |
| . What are the 3 areas legitimacy is based on? | 1. People 2. Product 3. Organization |
| How do you define a crisis? | high-impact event |
| What is social entrepreneurship? | Doing business for a social cause |
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