Chapter 1 Flashcards
Bootstrapping
A strategy that involves conserving money and cutting costs during start-up so that entrepreneurs can pour every available dollar into their businesses.
Nucleus
At the centre of the model lie the entrepreneur’s complementary characteristics of an opportunistic mindset and an attitude of tolerance of risk and failure.
Inner Ring
Shows six characteristics that are integral parts of the entrepreneurial personality.
Parts of the Inner Ring:
- Drive, tenacity, and persistence
- Architect of own vision; passionate and focused
- Build an ecosystem of finance, people, and know-how
- Seek out market niches and gaps
- Live what you believe; build success, culture, and values
- Be a nonconformist and a team player
Outer Ring
the model’s outer ring includes many of the entrepreneurial traits
Parts of the Outer Ring:
resilience, teamwork, innovation, passion, leadership, integrity, quality, customer focus, flexibility, and vision.
Cloud computing
Internet-based subscription or pay-per-use software services that allow business owners to use a variety of business applications, from database management and inventory control to customer relationship management and accounting.
Micromultinationals
Small companies that operate globally from their inception. These small companies focus more on serving customers’ needs than on the countries in which their customers live. More than 305,000 small businesses export goods and services.
Copreneurs
Entrepreneurial couples who work together as co-owners of their businesses.
Gazelles
Small companies that are growing at 20 percent or more per year with at least $100,000 in annual sales; they create 70 percent of net new jobs in the economy.
Mice
Small companies that never grow much and don’t create many jobs.
Elephants
The country’s largest businesses.
