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a part of U.S. government which provides support and advocacy for small business
offices co-sponsored by states and the federal government that offer free or low-cost help to existing or potential small business
what people get from facing and beating challenges
money made by owning one’s own business
ability of business owners to structure life in the way that suits their needs
What three rewards are universally mentions regarding entrepreneurs?
High Innovation
low growth
Low innovation
low growth
high innovation
high growth rate
high innovation
low growth rate
Pura Vida Bracelets are _________ driven type of entrepreneurship
Smart Passive Income is ________ driven type of entrepreneurship
What does BRIE stand for in MGMT 315?
Creating a place for your business in location and in people's minds
The money, product, knowledge, etcs. that make up a business
The desire to start a new business
Moving resources/products/services in exchange for money
What are the two hurdles to starting a new business?
What is the government website devoted to small business?
What is the most important first step/hurdle of starting a business?
Someone who has a business idea but does not follow through is known as a …
What are the 3 major rewards entrepreneurs seek when starting a business?
What are the 5 myths of small business?
What percent of new business' fail within 2 years?
Business needs to start with minimal $$.
The ability to sell directly online.
another term for differentiating yourself in business
Loner, hard worker, fast learner, and risk taker are all classic qualities of a __________ personality
Intense positive feeling
Learned optimism
Balance
Maximize gains/minimize losses
Comprehensive – long term
Critical Point – most important first
Opportunistic – start with a goal
Reactive – passive,
Habit – don’t plan
forms of business-related expertise
understanding the organizational and business processes of a firm
activities common to all businesses
sales, operations, accounting, finance, and human resources
activities, skills, and knowledge, specific to businesses in an industry
the ability or skill of the entrepreneur at finding expendable components necessary to the operation of the business
Time, information, location, financing, raw materials, expertise
skill identified with the energy and focus needed to bring a business into existence
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
Expert, specialized, minimalized
a business action that has been widely adopted within an industry or occupation
those which you notice everything seems to be done in the best way possible
firm has exceeded the standard business practices of the industry
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
Entrepreneur figures that “good enough” is all that is necessary to keep the business going
No systematic accounting
Little recordkeeping
How would you describe the classic entrepreneur?
. What is learned optimism?
What are the five areas of Entrepreneurial Operational Competencies?
What are the 3 levels of professionalization?
composed of the name, description, and distinctive elements of a firm, such as trademarks, uniforms, logos, characters and stories
The sum total of forces outside of the entrepreneur and the firm.
Everything outside of the firm’s boundary – Task and General
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
the components that directly relate to your firm performing its basic business tasks
Customers, suppliers, distributors, corporate partners, competitors, government
consists of those people inside the boundary
owner, employees, board members
set of shared beliefs that demonstrate how things get done
Building legitimacy
Developing a social network
Handling a crisis
Achieving sustainability and Social Entrepreneurship
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
Good will
Public Recognition
Product/Service name recognition
Business network membership
Organizational size
Attire
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
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
the more important
practices of business today
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
The process of building and sustaininga company’s good name and generating positive feedback from stakeholders.
take a long time to build or change.
can damage a firm’s reputation
The process of handling a high-impactevent characterized by ambiguityand the need for swift action
Warning Signs and symptoms may occur
Crisis occurs
Ongoing crisis requires explanation and decision making
Success and failure outcomes for firm and stakeholders
Not being proactive
Not taking responsibility
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.
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
TOMS
What is the internal environment and who does it consist of?
What is bootstrapping?
. What are the 3 areas legitimacy is based on?
How do you define a crisis?
What is social entrepreneurship?
