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26 Cards in this Set
- Front
- Back
entrepeneurship occurs when |
an enterprising individual pursues a lucrative opportunity |
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a small business is often defined as |
having fewer than 100 employees, as well as being independently owned and operated |
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primary objectives of an entrepreneurial venture |
new business having growth and high profitability |
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franchisor |
an innovator who created as least one successful store and seeks partners to operate the same concept in other local markets |
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small business |
business having fewer than 100 employees, independently owned and operated, not dominant in its field and not characterized by many innovative practices |
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intrapreneurs |
corporate entrepreneurs; new venture creators working within a large organization |
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advertising support model |
practice of charging fees to advertise on an internet site |
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affiliate model |
charging fees to direct internet site visitors to other companies' sites |
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subscription model |
charging periodic fees for internet site visits or access to site content |
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intermediary model |
web site bring buyers and sellers together and charges a commission for each sale |
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premier example of the intermediary model |
eBay |
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upper left quadrant of entrepreneurial strategy matrix |
idea requiring little financial investment, innovation is high, and little risk |
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bottom right quadrant of entrepreneurial strategy matrix |
big investment, innovation is low and risk is high |
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most small business ventures are in the blank entrepreneurial strategy matrix |
low right quadrant |
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upper left quadrant of entrepreneurial strategy matrix |
highest risks and returns |
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business incubators |
protected environments for new, small businesses offering low rents and shared costs |
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IPO is an acronym that stands for |
initial public stock offering |
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IPOs are a way for |
a business to raise capital through federally registered and underwritten sales of shares in the company |
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the first formal step in planning is |
to do an opportunity analysis |
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opportunity analysis |
description of the good or service, an assessment of the opportunity, an assessment of the entrepreneur, specification of activities and resources needed to translate the idea into a viable business and the sources of capital together |
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fundamental reason for creating an opportunity analysis |
to analyze whether or not to proceed |
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business plan |
formal planing step that focuses on the entire venture and describes all the elements involved in stating it |
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horse trading |
amelie decides to offer one of her subordinates, Jason, his pick of tasks on a new project in exchange for his vocal support of it at an upcoming meeting |
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steps in building support for an intrapreneurial idea |
horse trading, making cheerleaders, getting the blessing, and clearing the investment |
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skunkworks |
orlando staples works as a technician for a large manufacturer of biomedical equipment. orlando has discovered a way to produce disposable products in large quantities which would be useful for use in research facilities. orlando's employer has given orlando and a selected team of researchers the resources to develop this idea |
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bootlegging |
informal efforts, as opposed to official job assignments, in which employees work to create new products and processes of their own choosing and initiative |