Chapter 1 and 2 - Terms Flashcards
An independently owned organization that exists to make profit for its owner(s), often measured as having fewer than 500 employees
Small Business
A very small business, usually measured as having fewer than five employees
Micro-Enterprise
Refers to a business with fewer than 500 employees
Small to medium enterprise (SME)
Agents of change – doers who see a market need and satisfy that need by translating it into a successful business. Usually someone who risks money (or their own time and effort) to make a profit.
Entrepreneurs
Agents of change who align their talents with a larger organization in place of creating his/her own.
Intrapreneurs
Agents of social change; doers with innovative solutions to society’s most pressing social challenges
Social Entrepreneurs
All of the illegally unreported business and consumer transactions conducted for cash or barter on which taxes are not paid.
Underground Economy
A blueprint or road map for operating and communicating your business start-up and measuring progress.
Business Plan
Contracting outside specialists to perform functions that are or could be performed by company employees.
Outsourcing
The selling, ordering and, at times, distribution of goods and services via the internet
E-Commerce
Those born between 1946 and 1965 (about 10 million Canadians, or about 30 percent of the total population)
Baby Boomers
Those born between 1980 and 1995 (about 6 million Canadians, or about 20 percent of the total population)
Echo-Boomers
The ability of companies to customize products and services efficiently and cost-effectively in large quantities.
Mass Customization
Four stages, from birth to death, of a product, business, service, industry, or location.
Lifecycle
The marketplace where replacement items, such as auto tires and sewing machine belts, can be purchased.
After Market
An identifiable slice of an industry that is expanding more rapidly than the industry as a whole.
Growth Segment
An industry whose annual sales increase is well above average.
Growth Industry
Breaking down potential markets into homogeneous groups with similar characteristics and qualities.
Market Segmentation
A clear, concise description of your business idea that can hook your listener into responding. “Tell me more.”
Elevator Pitch
Gathering new information by interacting with the world directly by talking to people
Primary Research
Reading about someone else’s primary research.
Secondary Research
Using your intuition and powers of observation to learn about the marketplace.
New Eyes Research
