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Chapter 1

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Answer
Entrepreneur   A person who is relentlessly focused on an opportunity, in either a new or an existing business, to create value while assuming both the risk and the reward or her effort.  
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Bootstapping   Doing more with less in terms of resources invested in a business, and where possible, controlling the resources without owning them  
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Small Business   A business that is small compared to large companies in an industry, has geographically, had geographically localized operations, is financed by only a few individuals, and has a small management team.  
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Refugee   A person who becomes an entrepreneur to escape an undesirable situation  
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Founder   An entrepreneur who brings a new firm into existence  
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Franchisee   An entrepreneur whose power is limited by a contractual relationship with a franchising organization  
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High-Potential Venture (gazelle)   A small firm that has great prospects for growth  
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Attractive small firm   A small firm that provides substantial profits to its owner  
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Microbusiness   A small firm that provides minimal profits to its owner  
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Lifestyle business   A microbusiness that permits the owner to follow a desired pattern of living  
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Artisan Entrepreneur   A person with primarily technical skills and little business knowledge who starts a business  
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Opportunistic Entrepreneur   A person with both sophisticated managerial skills and technical knowledge who starts a business  
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Entrepreneurial Team   Two or more people who work together as entrepreneurs on one endeavor  
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Niche Market   A specific group of customers with an identifiable but narrow range of product or service interests  
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Mentor   A knowledgeable person who cab offer guidance based on experience in a given field  
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Entrepreneurial legacy   Material assets and intangible qualities passed on to both heirs and society  
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entreprenurial Opportunity   An economically attractive and timely opportunity that creates value for interested buyers or end users.  
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Reluctant Entrepreneur   A person who becomes an entrepreneur as a result of some severe hardship  
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