| Question |
Answer |
| Entrepreneurship |
The pursuit of lucrative opportunities by enterprising individuals. |
| Small Business |
A business having fewer than 100 employees, independently owned and operated, not dominant in its field, and not characterized by many innovative practices. |
| Entrepreneurial Venture |
A new business having growth and high profitability as primary objectives. |
| Entrepreneur |
An individual who establishes a new organization without the benefit of corporate sponsorship. |
| Intrapreneurs |
New- venture creators working inside big companies. |
| Franchising |
An entrepreneurial alliance between a franchisor (an innovator who has created at least one successful store and wants to grow) and a franchise (a partner who manages a new store of the same type in a new location). |
| Business Incubators |
Protected environments for new, small businesses. |
| Business Plan |
A formal planning step that focuses on the entire venture and describes all the elements involved in starting it. |
| Legitimacy |
Peoples judgment of a company’s acceptance, appropriateness, and desirability, generally stemming from company goals and methods that are consistent with societal values. |
| Social Capital |
A competitive advantage from relationships with other people and the image other people have of you. |
| Entrepreneurial Orientation |
The tendency of an organization to identify and capitalize successfully on opportunities to launch new ventures by entering new or established markets with new or existing goods or services. |
| What is risk? |
A calculated probability of failure. |
| What is chance? |
Undetermined probability. |
| Creativity |
Production of new and useful ideas |
| Oportunity |
Good timing to introduce and idea. It has to do with technological discoveries, demographic changes, economic dislocations, natural disasters, and government regulations. |
Science Vocab 147928
