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Small Business Ch 1
Small Business Management Ch 1
| Question | Answer |
|---|---|
| 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
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