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Business Principles
Chapter 6 vocabulary
| Term | Definition |
|---|---|
| Entrepreneur | The person who seeks a profitable opportunity, and takes the necessary risks to set up and operate a business. |
| Classic Entrepreneur | The person who identifies business opportunities and allocate available resources to tap those markets. |
| Serial Entrepreneur | The person who starts one business, run it, and then start and run additional businesses in succession. |
| Social entrepreneur | The person who recognizes societal problems and use business principles to develop innovative solutions |
| Social entrepreneur | Many people choose entrepreneurship because of the desire to be self-managed and to have the opportunity to pursue their ideas in their own way |
| Financial Success | Entrepreneurs are wealth creators. Many start with the specific goal of becoming rich and believe they will not achieve their great success by working for someone else |
| Job Security | Many people who have lost their jobs or who have difficulty finding a position during an economic downturn decide to create their own job security by starting their own businesses |
| Quality of Life | More choice over when,where,&how to work. They pursue broader social object thru their own ventures&many believe flexibility will allow more time w/ family. Entrep who start a bus. to reduce work hours&create a more relaxed life are- lifestyle entrepre |
| Globalization | The rapid globalization of business has created many opportunities for entrepreneurs who market their products abroad and hire international talent. Growth of entrepreneurship is a worldwide phenomenon. |
| Education | Many schools in the U.S. offer courses, internships, and degrees in entrepreneurship. In addition many not-for-profit organizations teach and encourage entrepreneurship. |
| Information Technology | Computer& comm tech have merged&dropped dramatically in cost. As a result, entrepreneurs have gained tools that help them compete w/large companies. Info tech helps entrepreneurs work quick&efficient, provides immediate customer service, &increases sales. |
| Demographic and Economic Trends | The aging population of the U.S., increase in immigration and ethnic groups, and the predominance of two-income families create opportunities for entrepreneurs |
| Vision | The overall idea for how to make a business idea a success coupled with the passion to pursue it. |
| High Energy Level | Entrepreneurs typically work long hours, with little staff. They have to work hard to seize opportunities in a timely manner. |
| Need to Achieve | Entrepreneurs typically have a strong competitive drive and a desire to excel. |
| Self-Confidence and Optimism | Entrepreneurs believe in their ability to succeed, and they are able to instill their optimism in others |
| Tolerance for Failure | Entrepreneurs must be able to view setbacks and failures as learning experiences. |
| Creativity | Since dealing with unexpected events is the norm for most entrepreneurs, they tend to take in stride the uncertainties associated with launching a venture. They stay close to their customers and are able to react and change quickly. |
| Tolerance for Ambiguity | Entrepreneurs take personal responsibility for the success or failure of their actions, and tend to believe that they control their own destinies. |
| Internal Locus of Control | Two important considerations in choosing a business idea are finding something you love to do and are good at doing, as well as determining whether your idea can satisfy a need in the marketplace. Options include buying an existing business or franchise. |
| Creating a Business Plan | A good plan helps focus the entrepreneur, and should state company goals, outline sales and marketing strategies, and determine financial needs and sources of funds. |
| Finding Financing | New bus. needs seed capital, initial funds to launch a new venture. $ from savings or loans,family,or friends. They use equity financing when they invest their own $, take on partners, or attract other investors such as venture capitalists&angel investors |
| Government Support for New Ventures | The Small Business Administration (SBA), state and local agencies, as well as business incubators all offer information, resources, and sometimes even access to financing for entrepreneurs. |
| Intrapreneurship | Established companies try to retain the entrepreneurial spirit by promoting intrapreneurship, which is the process of promoting innovation within the structure of an existing organization |
Created by:
tiffanie1719
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