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68 Cards in this Set
- Front
- Back
Entrepreneurial Spirit
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The most significant economic development in recent history
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Orphan Customers
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People who have lost their business
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35-44
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Most common age to start a business
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Entrepreneur
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One who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalize on them.
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High Credit Score
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People are more likely to do business with you
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Opportunity Entrepreneurs
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Entrepreneurs who start their business because they spot an opportunity in the market place
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Necessity Entrepreneurs
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Entrepreneurs who start a business because they cannot find work any other way
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Serial Entrepreneurs
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Entrepreneurs who repeatedly start business and grow them to a sustainable size before striking out again
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Social Entrepreneurs
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Business builders that seek innovative solutions to some of society's most vexing problems
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Cloud Computing
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Intent-based subscription or pay-per-use software series that allow business owners to use a variety of business applications
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Micromultinationalsism
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Small companies that operate globally upon their inception
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Copreneurs
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Entrepreneurial couple that works together as co-owners of their business
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Corporate Castoffs
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People who have been laid off and become necessity entrepreneurs
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Corporate Dropouts
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People who have quit their job for something fresh
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Retiring Baby Booms
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Less risk and more experience
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Core Competencies
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A unique set of capabilities that a small company is key operational areas such as quality, service, innovation, teambuilding, flexibility, and responsiveness
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Differentiation
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seeds to build customer loyalty by presenting a unique producer
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Low-cost
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Company strives to be the lowest costing firm among its competition
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Focus
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Not all markets are homogeneous
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Creativity
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The ability to discover unique ways to solve problems and crate opportunity
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Innovation
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The ability to apply creative solutions to those problems to enhance people's lives
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Paradigms
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Preconceived ideas of what the world should look and operate like
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Preparation
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Get the mind ready for creative thinking
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Investigation
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Requires the individual to develop a solid understanding of the problem or decision
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Transformation
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Involves viewing the similarities and differences among information collected
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Incubation
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Allows the subconscious mind to reflect on the information collected
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Illumination
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Occurs during the incubation stage, "when the lightbulb goes on"
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Verification
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Validating the idea as accurate and useful
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Implementation
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Transforms the idea into a business reality
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Brainstorming
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Process in which small group of people interact with little structure with a goal of produce a large quantity of ideas
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Mind mapping
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Activity that encourages thinking on both sides of the brain. Allows problems to be viewed from different perspectives
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Force field analysis
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Allows entrepreneurs to weigh both advantages and disadvantages of a decision and work to maximize variables that support it and minimize variables that work against it
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TRIZ
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Systematic approach designed to solve any technical problem, it's a left brain, scientific step by step process based on studies of hundreds of the most innovative patents in the world
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Rapid prototyping
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Idea that transforming an idea into an actual model will point out flaws in the original idea and will lead to improvements on its design
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Patent
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Grant from federal government that gives an inventor exclusive rights to an invention for 20 years
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Trademark
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Any distinctive word, symbol, or trade dress that a company uses to identify its product and distinguish it from other goods
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Copyright
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Protects original work of authorship, covers form in which an idea is expressed, lasts for 70 years after the creator's death.
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Failure
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Just part of the creative process
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Observational Research
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use it to help you improve your product/service
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Classical conditioning
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Allow your mind to store information
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Servicemark
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Same as a trademark except it identifies the source of a service rather than a product
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Feasibility Analysis
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Helps predict business success or failure
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Five Forces Model
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Helps determine if the market is right for a particular business plan
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Five Forces Matrix
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Rating based on five forces model
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Primary research
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Collect data firsthand and analyze it
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Return on investment
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Combining the previous two estimates to determine how much investors can expect their investments to return
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Business Plan
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Written summary of an entrepreneur's proposed business venture
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Reality Test
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Proving that a market really does exist for your product or service
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Competitive Test
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Evaluates differentiation
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Capital
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Lenders expect small business owners to have an equity base of investment by the owner(s) that will help support the venture during times of financial strain
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Capacity
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The bank must be convinced of the firm's ability to meet its regular standards and to repay the bank as security for repayment
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Collateral
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Includes any assets the owner pledges to the bank as security for repayment of the loan
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Character
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Before approving to a loan to a small business the banker must be satisfied with the owner's personality
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Conditions
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The state of the nation's economy effect the chances of receiving funds
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Sole proprietorship
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A business owned and managed by one individual and is the most popular from the ownership
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Partnership
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Association of two or more people who co-own a business for the purpose of making a profit
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S Corporation
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Offers its owners limited liability protection but avoids double taxation of C corporations
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LLC
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Cross between a partnership and corporation yet operates without the restrictions imposed on an S corporation
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Professional Corporation
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Offers professionals the benefits of the corporate form of ownership
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Joint Venture
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Like a partnership, except that it is formed for a specific purpose
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General Partners
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Take an active role in managing a business
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Limited Partners
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Cannot participate in the day-to-day management of a company
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Corporation
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A separate legal entity from its owners
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Domestic
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Corporation doing business in the state in which it is incorporated
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Foreign
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Corporation formed in another state doing business in a different state than which it was incorporated
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Alien
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Corporation formed in another country but doing business in the United States
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Publicly Held
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Corporation that has many shareholders and whose stock usually is traded on one of the large stock exchanges
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Closely Held
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Corporation in which shares are controlled by a relatively small number of people, often family members, relatives, or friends
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