Term
|
Definition
| The way that newly created goods, services, or firms can hurt existing goods, services, or firm Example, a new restaurant, but it also causes the other restaurants in the area to lose business, at least temporarily. |
|
|
Term
|
Definition
| These are usually intended to remain small, generally a size that the owner feels comfortable controlling personally. |
|
|
Term
|
Definition
| These start small but are intended to grow rapidly, often requiring a team of partners or managers to handle the growth. The differences between small businesses and high-growth ventures are not just semantic, they are fundamental. |
|
|
Term
| discrimination in financing |
|
Definition
| Access problems for women- and minority-owned small businesses crop up most often as ___________________ |
|
|
Term
| Thirty-nine percent or 1/3rd |
|
Definition
| _________________________ of U.S. family-owned businesses are expected to face the retirement or semiretirement of their CEO within the next five years. This statistic grows in importance if you factor in the idea that only one-third of family-owned businesses survive beyond the first generation. |
|
|
Term
|
Definition
| plan around the most important aspect of the business first, act on it, and then consider if additional plans are needed. It is not a very long-term approach to planning. |
|
|
Term
|
Definition
| These are completely passive, waiting for cues from the environment to determine what actions to take. Their focus is entirely short term, and there is little in the way of goals driving their efforts. They can make the most of a situation because there is no other plan competing for their attention. |
|
|
Term
| Challenges of team entrepreneurship |
|
Definition
| The majority of new businesses have a team of two or more co-owners, and the trend is toward even more businesses being developed by teams of entrepreneurs. When putting a team together it is important to work out key issues ahead of time. For example, team members might be putting different amounts of money or time into the business, but might be expecting identical returns, which creates an equity problem. A team can also face conflict over idea ownership, shared goals and how to make decisions, especially when the team is evenly split on choices. What are these? |
|
|
Term
| Minorities in small business |
|
Definition
| Several reasons account for the phenomenal growth in the number of minority entrepreneurs The establishment of both public and private funding and networking initiatives has helped to level the business playing field for minority entrepreneurs by offering information, advice, and funding access. Another explanation lies in the growth of racial and ethnic groups within the U.S. population, a trend that is expected to continue. These are in regard to? |
|
|
Term
|
Definition
| A legal agreement granting you rights to use a particular piece of intellectual property. |
|
|
Term
|
Definition
| the person or firm which is obtaining the rights to use a particular piece of intellectual property. |
|
|
Term
|
Definition
| the person or organization which is offering the rights to use a particular piece of intellectual property. |
|
|
Term
|
Definition
| A payment to a licensor based on the number or value of licensed items sold. |
|
|
Term
|
Definition
| According to Graham Wallas' description of the creative process, ideas begin to flow in the ___________ stage of the creative process |
|
|
Term
|
Definition
| is an overall strategic approach in which the entrepreneur does more or less what others are already doing. |
|
|
Term
|
Definition
| At times of great change, people become more willing to try extreme new ideas, so it becomes a great time to introduce extremely innovative ideas. TRUE or False |
|
|
Term
|
Definition
| The first good idea is rarely the best. Stopping with the first good idea is one of the ___________that business owners become victim to when trying to become more innovative. |
|
|
Term
| 1. Reading magazines or trade journals outside their area 2. Inviting someone they never included before to a meeting at which they are solving a problem or searching for a new opportunity. Try a supplier or a friend who works in a different field 3. Having a "scan the environment" day in which they discuss trends and happenings that could impact their business 4. Trying a mini-internship. Asking a colleague or friend if they can spend a week at the colleague's or friend's business to see what they can learn that may be applicable to the business owners 5. Instead of trying to simply sell their product or service to customers, they must put themselves in customers' shoes and ask them what frustrates them most or what problems they cannot seem to solve that relate to the business owners' business 6. Redesigning their work environment. Getting a room with a view does not have to cost a bundle in remodeling or even redecorating costs. They can try to bring in some items from nature and add color and inspirational objects or quotations. These are? |
|
Definition
| techniques business owner use to practice the business of innovation are as follows |
|
|
Term
| Examples include patents trademarks etc |
|
Definition
| Protecting their idea from competitors with the help if IP (Idea Protection) protection include. |
|
|
Term
| Universities and government agencies |
|
Definition
| One powerful but rarely used source of ideas are ______________________. Both develop a tremendous range of new technologies or refinements of existing technologies, but never do anything with them. |
|
|
Term
|
Definition
| One of the ways to practice the business of innovation is to invite someone who was never included before in a meeting for solving a problem or searching for a new opportunity. True or False |
|
|
Term
|
Definition
| Even if people don't have years of work experience in an industry or market, they might see a business in an area that intrigues them because they like certain products, or they learn that there is a growing market for this business and they think of a way to expand on the opportunity. What leads people to this business idea? |
|
|
Term
|
Definition
| Researchers in the field of entrepreneurship and small business believe that ___________ behavior is the most basic and important entrepreneurial behavior. |
|
|
Term
|
Definition
| Where there are competing products in a particular market, entrepreneurs can get an________________. |
|
|
Term
|
Definition
| Is the measure of how many visitors to a Web site (or people who click on an online advertisement) actually make a purchase. |
|
|
Term
| What are the factors that lead small business owners to their business idea are? |
|
Definition
| Opportunity Recognition Entrepreneurial Alertness Work experience A similar business Hobby or personal interest Chance happening or serendipity Family and friends Education and expertise Idea sites Technology transfer and licensing |
|
|
Term
| Identifying the wrong problem Judging ideas too quickly Stopping with the first good idea Failing to ask for support Obeying rules that do not exist |
|
Definition
| What are the major pitfalls business owners can become victim to when trying to become more innovative? |
|
|
Term
|
Definition
| a private individual or household that is the end-user of (the entity that "consumes") a product or service. |
|
|
Term
| Conflict of interest Cannibalizing sales and poisoning the well |
|
Definition
| The major concerns of moonlighting include |
|
|
Term
|
Definition
| An Internet site designed to introduce and explain a business to others is known as a(n): |
|
|
Term
|
Definition
| An approach to selling in which the salesperson recruits customers to become distributors of the product or service to others also called multi-level marketing is known as _____. |
|
|
Term
|
Definition
| Cannibalizing is one of the major concerns when _____. |
|
|
Term
| One of these is when someone is new to business and needs to gain basic experience A second type of situation is one in which a person lacks resources to pursue a full-scale business or create a business plan The third type of situation is a narrow window of opportunity |
|
Definition
| Explain situations in which it would it be better to first undertake a part-time business. |
|
|
Term
|
Definition
| This one of the most ancient forms of small business. It is mentioned in the Bible, and marketplaces full of stands have been found in virtually all archeological digs. Examples the roadside, flea market, farmers' market, or craft fair business |
|
|
Term
|
Definition
| This is a form of paid advertising that gets a company's website at the top of a search list. |
|
|
Term
|
Definition
| This is the use of the Internet to conduct business transactions. |
|
|
Term
|
Definition
| According to home-based entrepreneurs, the greatest problems they face come when there are ___________ or family challenges to the business. |
|
|
Term
|
Definition
| In multilevel marketing, extra caution is necessary because ___________ are often made to look like legal MLMs. |
|
|
Term
|
Definition
| _____ refers to information provided to the government concerning the existence of, name of, nature of, and contact information for one's business. |
|
|
Term
|
Definition
| For most people, the _______ market is invisible. B2C e-commerce is large, B2B e-commerce is larger. |
|
|
Term
| Part-time self-employment |
|
Definition
| refers to working for self for 35 or fewer hours a week. |
|
|
Term
|
Definition
| The ________ method of auctioning means one pays a fee for posting his or her product and a sales fee based on the final bid price when the item sells. |
|
|
Term
| The need to have a company website |
|
Definition
| Most small businesses—even part-time ones—the ____________ regardless of whether or not they use it for actual sales. First of all, potential customers will use it for finding the business. Second, if they've heard about the business from something other than the Internet, they will use the site to find out more information about the business and to decide if they want to actually contact. |
|
|
Term
| Business format franchising |
|
Definition
| ____________________ is exemplified by the McDonald's Corporation. A Franchisees, McDonald's franchise includes the right to use McDonald's many trade names specifications of the product to be sold operating methods marketing plan and national advertising. __________ pay to the franchisor both an up-front fee to obtain the franchise rights and a percentage of gross sales. |
|
|
Term
|
Definition
| ____________________ is an organization that provides financial, technical, and managerial help to start-up businesses. Most incubators are associated with economic development agencies and are integrated into the community. |
|
|
Term
|
Definition
| A business that is created by separating part of an operating business into a separate entity is called a ___________________ |
|
|
Term
|
Definition
| In purchasing an existing business,Conduct extensive interviews with the sellers of the business, Study the financial reports and other records of the business, Make a personal examination of the site (or sites) of the business, Interview customers and suppliers of the business, Develop a detailed business plan for the acquisition This is an example of ____________ |
|
|
Term
|
Definition
| In ______________ executive volunteers contribute their time and energy in assisting start-up and struggling small businesses as a public service. |
|
|
Term
|
Definition
| Purchases of existing businesses may occur in any number of ways, from cash purchases to ______________ in which the business is bought over a period of time with money earned from the business. |
|
|
Term
|
Definition
| The ____________ phase is usually the most difficult time you will have in business. |
|
|
Term
|
Definition
| ________________ is an excellent way to find businesses for sale. |
|
|
Term
|
Definition
| Which of the following is a way to start business with established customers? |
|
|
Term
| Product distribution franchising |
|
Definition
| ___________________________ provides the franchisee with specific brand named products, which are resold by the franchisee in a specified territory. |
|
|
Term
| (1) the rights granted and (2) the cash flow potential to the franchisee |
|
Definition
| The value of a franchise is determined by ____________________ |
|
|
Term
| The single greatest advantage of a franchise is that it comes with a complete business system Many franchises are actually "turnkey" where the franchiser oversees (or even manages) the selection of location the construction of facilities the acquisition and installation of necessary equipment and the initial inventory with which to open business Many franchises come complete with computer software for budgeting inventory control ordering point-of-sale computerized cash register and complete accounting application The question arises as to what the franchisee should do First the franchisee must in one manner or another pay for all these services Second, the franchisee will be required to complete training to become intimate with the details of the franchise business system Third the franchisee will be required to take an active part in opening and operating the franchise business |
|
Definition
| List 2 advantages of franchising? |
|
|
Term
| Being close to your customer |
|
Definition
| Which of the following is essential to the success of all start-ups when one uses the "lean" entrepreneurial methods? |
|
|
Term
|
Definition
| the amount by which sales prices exceed product costs, provide a buffer for lots of mistakes for start-up businesses. |
|
|
Term
| Key resource acquisitions |
|
Definition
| also called bulk asset purchases, are the only way a sole proprietorship may be purchased. This technique may also be used with any other form of business. |
|
|
Term
| A good marketing strategy |
|
Definition
| _________________ section focuses on three ideas: (1) The overall strategy your firm pursues in the market, (2) the sales plan that shows the specific ways you apply strategy to secure sales from your customers, and (3) the longer-term competitive plan that shows how you protect your firm from efforts of the competition to unseat you. |
|
|
Term
|
Definition
| also known as a slogan, is a memorable catchphrase that captures the key idea of a business, its service, product, or customer. |
|
|
Term
|
Definition
| __________ is a one-page document on business stationery (also called letterhead) that introduces the business plan and owner and indicates why the recipient is being asked to read the plan. |
|
|
Term
| The key things an influential person |
|
Definition
| This type of person looks for in you are:(1) your passion for the business, (2) your expertise about the business and the plan, (3) how professional you are in your work, and (4) how easy it would be to work with you. Passion for the business: When presenting, do not read. Help listeners understand why you are excited about the business, proud of it, and ready to stake your reputation and assets on it. Expertise about the business and the plan: Practice answering questions about the plan. Expect really tough questions. Be ready to explain where you get your assumptions, your numbers, and your ideas. Be ready with comparisons to competitors and their offerings. It is better to have less material and know it backwards and forwards than to have material in the plan you do not totally understand. How professional you are in your work: Your plan should look professionally done. It should be neat and orderly, with perfect spelling and grammar. When you present it, you should be in business suit or dress, clean and pressed. Carry copies of your presentation slides to give the listeners. Have business cards ready. Meet all those attending the presentation with a smile and a firm handshake. Make sure you know the names of all the people in the room, and their position, so if there is a part of the plan you think might be of interest to them, you can mention it. How easy it would be to work with you: Typically when you are presenting a business plan, you are doing it with the goal of establishing an ongoing relationship with the listener. Use eye contact, use peoples' names, remember what they might be interested in or in what they have shown an interest before, smile, and be honest. When they ask tough questions, try not to get nervous, upset, angry, or defensive. If you do not have the answer, tell them so honestly, make a note about their question and name, and tell the person you will get back to him or her with the answer. Recognize that tough questions are the listeners' way of making sure they and you are protected from risks. Who is he? |
|
|
Term
|
Definition
| This model is associated with mantra, mission, measures, method, and mechanics. |
|
|
Term
| Silent partners/ angel investors |
|
Definition
| Growth rate, market, business team, and amounts and schedules for returns are the business plan concerns for __________________ |
|
|
Term
| The proof-of-concept Web site |
|
Definition
| This is an Internet-based type of informational business plan providing information or demonstration of a product or service designed to solicit information on customer interest. |
|
|
Term
|
Definition
| These are business plans designed to be used internally for management purposes. |
|
|
Term
|
Definition
| ________________ talks about your customerswho they are and what they are like, who else is pursuing them, and how you plan to get or keep your customers. It comprises three subsections: Market and Target Customer, Competition and Competitive Advantage, and Marketing Strategy. Market and Target Customer: The market refers to the total population of people or firms to whom you plan to sell, usually described in terms of size and scope. The target customer section focuses attention on the individual who would buy your product or service, described in terms of demographics, their relation to the product or service, how often they buy, their past experience with your kind of product or service, and what they are looking for when buying your product or service. Competition and Competitive Advantage: It identifies the major competitors for your market by name and location with a mention of the competing product or service, its market share, price, competitive strength, and competitive weakness. Marketing Strategy: good marketing strategy section focuses on three ideas: (1) The overall strategy your firm pursues in the market, (2) the sales plan that shows the specific ways you apply strategy to secure sales from your customers, and (3) the longer-term competitive plan that shows how you protect your firm from efforts of the competition to unseat you. |
|
|
