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Key Terms
Small Business Management Ch 1
| Term | Definition |
|---|---|
| attractive small firm | Small firm that provides substantial profits to its owner |
| bootstrap | Doing more with less in terms of resources invested in a business and where possible controlling the resources without owning them |
| corporate refugee | A person who becomes an entrepreneur because of some severe hardship |
| entrepreneur | A person willing to create value in either a new or an existing business while assuming both the risks and reward for his or her efforts |
| entrepreneur personality | A personality that focuses on the business and provides results for the customer |
| entrepreneurial legacy | Material assets and intangible qualities passed on to both heirs and society |
| entrepreneurial teams | Two or more people who work together as entrepreneurs on one endeavor |
| entrepreneurship | A four stage process that involves the relentless pursuit of an opportunity without regard to owning all the resources needed to capture the opportunity |
| franchisees | An entrepreneur whose power is limited by a contractual relationship with a |
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