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Ch. 5 Bateman

Management - Ch. 5 Entrepreneurship

QuestionAnswer
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.
Created by: bpark
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