Flashcards
MGMT 315
Flashcards do conjunto (80)
- 1a part of U.S. government which provides support and advocacy for small businessSmall Business Administration
- 2offices co-sponsored by states and the federal government that offer free or low-cost help to existing or potential small businessSmall Business Development Center
- 3what people get from facing and beating challengesGrowth rewards
- 4money made by owning one’s own businessIncome rewards
- 5ability of business owners to structure life in the way that suits their needsFlexibility rewards
- 6What three rewards are universally mentions regarding entrepreneurs?1. Flexibility
2. Income
3. Growth - 7High Innovation low growthResource constrained
Inventors - 8Low innovation low growthEconomic Core
Small business - 9high innovation high growth rateGlamorous
"Microsoft" - 10high innovation low growth rateAmbitious
Franchises & Multi-site Firms - 11Pura Vida Bracelets are _________ driven type of entrepreneurshipOpportunity
- 12Smart Passive Income is ________ driven type of entrepreneurshipnecessity
- 13What does BRIE stand for in MGMT 315?Boundary Resources Intention Exchange
- 14Creating a place for your business in location and in people's mindsBoundary
- 15The money, product, knowledge, etcs. that make up a businessResources
- 16The desire to start a new businessIntention
- 17Moving resources/products/services in exchange for moneyexchange
- 18What are the two hurdles to starting a new business?1. Inaction
2. Taking the right direction - 19What is the government website devoted to small business?SBDC
- 20What is the most important first step/hurdle of starting a business?Taking action
- 21Someone who has a business idea but does not follow through is known as a …Wantrepreneuer
- 22What are the 3 major rewards entrepreneurs seek when starting a business?Growth rewards
Income rewards
Flexibility rewards - 23What 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 - 24What percent of new business' fail within 2 years?90%
- 25Business needs to start with minimal $$.Bootstrapping
- 26The ability to sell directly online.E-commerce
- 27another term for differentiating yourself in businesscompetitive advantage
- 28Loner, hard worker, fast learner, and risk taker are all classic qualities of a __________ personalityentrepreneurial
- 29Intense positive feelingPassion
- 30Learned optimismPerseverance
- 31Balance Maximize gains/minimize lossesPromotion/Preventative Focus
- 32Comprehensive – long term Critical Point – most important first Opportunistic – start with a goal Reactive – passive, Habit – don’t planPlanning styles
- 33forms of business-related expertiseCompetencies
- 34understanding the organizational and business processes of a firmBasic business competency
- 35activities common to all businesses sales, operations, accounting, finance, and human resourcesKey business functions
- 36activities, skills, and knowledge, specific to businesses in an industryIndustry-specific knowledge
- 37the ability or skill of the entrepreneur at finding expendable components necessary to the operation of the businessResource competencies
- 38Time, information, location, financing, raw materials, expertiseResources
- 39skill identified with the energy and focus needed to bring a business into existenceDetermination competencies
- 40skills necessary to identify and exploit elements of the business environment that can lead to a profitable and sustainable businessOpportunity competencies
- 41the extent to which a firm meets or exceeds the standard business practices for its industry Expert, specialized, minimalizedProfessionalization
- 42a business action that has been widely adopted within an industry or occupationStandard business practice
- 43those which you notice everything seems to be done in the best way possible firm has exceeded the standard business practices of the industryExpert businesses
- 44founders 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 marketSpecialized
- 45Entrepreneur figures that “good enough” is all that is necessary to keep the business going No systematic accounting Little recordkeepingMinimalized
- 46How would you describe the classic entrepreneur?Loner, socially isolated
Hard worker
Fast learner
Risk-taker seeking wealth - 47. What is learned optimism?Learning optimism is done by consciously challenging any negative self talk.
- 48What 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 - 49What are the 3 levels of professionalization?1. Expert business
2. Specialized
3. Minimalized - 50composed of the name, description, and distinctive elements of a firm, such as trademarks, uniforms, logos, characters and storiesOrganizational Identity
- 51The sum total of forces outside of the entrepreneur and the firm.Business Environment
- 52Everything outside of the firm’s boundary – Task and GeneralExternal environment
- 53A 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 sectorGeneral environment
- 54the components that directly relate to your firm performing its basic business tasks Customers, suppliers, distributors, corporate partners, competitors, governmentTask environment
- 55consists of those people inside the boundary owner, employees, board membersInternal environment
- 56set of shared beliefs that demonstrate how things get doneOrganizational culture
- 57Building legitimacy Developing a social network Handling a crisis Achieving sustainability and Social EntrepreneurshipSkills for Managing Relations with the Environment
- 58the 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 organizationLegitimacy
- 59Good will Public Recognition Product/Service name recognition Business network membership Organizational size AttirePeople Based Legitimacy indicators
- 60Customer 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 visibilityProduct Based legitimacy indicators
- 61Media 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 visionOrganization based legitimacy indicators
- 62the more important practices of business todayBuilding effective relationships
- 63Coffee 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 othersBuilding Effective Relationships and developing a social network
- 64The process of building and sustaining a company’s good name and generating positive feedback from stakeholders.Reputation Management
- 65take a long time to build or change.reputations
- 66can damage a firm’s reputationNot handling a crisis situation to the satisfaction of stakeholders
- 67The process of handling a high-impact event characterized by ambiguity and the need for swift actionCrisis Management
- 68Warning Signs and symptoms may occurProdromal stage of Crisis Management Process
- 69Crisis occursacute stage of crisis management process
- 70Ongoing crisis requires explanation and decision makingchronic stage of crisis management process
- 71Success and failure outcomes for firm and stakeholdersResolution stage of crisis management process
- 72Not being proactive Not taking responsibilityfailures in Crisis Management
- 73An 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
- 74Doing 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 businessSocial Entrepreneurship
- 75TOMSSocial Entrepreneurship business
- 76What is the internal environment and who does it consist of?Employees
Owners
Board of Directors - 77What is bootstrapping?Using low-cost or free techniques to minimize your cost of doing business
- 78. What are the 3 areas legitimacy is based on?1. People
2. Product
3. Organization - 79How do you define a crisis?high-impact event
- 80What is social entrepreneurship?Doing business for a social cause