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Small Business Ch 1

Small Business Management Ch 1

QuestionAnswer
Artisan Entrepreneur A person with primarily technical skills and little business knowledge who starts a business.
Attractive Small Firm A small firm that provided substantial profits to its owners.
Bootstrapping Doing more with less in terms of resources invested in a business, and where possible controlling the resources without owning them.
Entrepreneur A person who is relentlessly focused on an opportunity, either in a new or existing business, to create value both for the customer and the owner. The entrepreneur assumes both the risk and reward for his or her effort.
Entrepreneurial Legacy Material assets and intangible qualities passed on to both heirs and society.
Entrepreneurial Opportunity An economically attractive and timely opportunity that creates value for interested buyers or end users.
Entrepreneurial Team Two or more people who work together as entrepreneurs on one endeavor.
External Locus of Control A belief that one's life is controlled more by luck or fate then by one's own efforts.
Founder An entrepreneur who brings a new firm into existence.
Franchise An entrepreneur whose power is limited by a contractual relationship with a franchising organization.
High-Potential Venture A small firm that has great prospects for growth.
Internal Locus of Control A belief that one's success depends on one's own efforts.
Lifestyle Business A microbusiness that permits the owner to follow a desired pattern of living.
Mentor A knowledgeable person who can offer guidance from their experience in a given field.
Microbusiness A small firm that provides minimal profits to its owner.
Niche Market A market segment identified by an identifiable but narrow range of product or service interests.
Opportunistic Entrepreneur A person with both sophisicated managerial skills and technical knowledge who starts a business.
Refugee A person who becomes an entrepreneur to escape an undesirable situation.
Reluctant Entrepreneur A person who becomes an entrepreneur as a result of some severe hardship.
Small Buiness A business that is small compared to large companies in an industry, is geographically localized, is financed by only a few individuals, and has a small management team.
Created by: dengler