Chapter 1 Vocab Flashcards
A small firm that has great prospects for growth
High potential ventures (gazelle)
A small firm that provides substantial profits to its owners
Attractive small firm
A small firm that provides minimal profits to its owner
Microbusiness
A microbusiness that permits the owner to follow a desired pattern of living
Lifestyle Business
Very Small loans, often provided to entrepreneurs in developing countries
Microloans
A business with growth potential that is small compared to large companies in an industry (less than 100 employees), had geographically localized operations, is financed by only a few individuals, and has a small management team
Small Business
An economically attractive and timely opportunity that creates value for interested buyers or end users
Entrepreneurial Opportunity
A person who relentlessly pursues an opportunity, in either a new or existing business, to create value while assuming both the risk and reward for his or her efforts
Entrepreneur
Doing more with less in terms of resources invested in a business, and, where possible, controlling the resources without owning them
Bootsrapping
An entrepreneur who brings a new firm into existence
Founder
An entrepreneur whose power is limited by a contractual relationship with a franchising organization
Franchisee
Two or more people who work together as entrepreneurs on one endeavor
Entrepreneurial team
Entrepreneurial activity whose goal is to find innovative solutions to social needs, problems, and opportunities
Social Entrepreneurship
A person who becomes an entrepreneur as a result of some severe hardship
Reluctant entrepreneur
A person who becomes an entrepreneur to escape an undesirable job situation
Corporate Refugee
A change in how we fundamentally see a situation
Paradigm Shift
A personality that focuses on an already developed technical skill, wants to be left alone to get the job done, and is primarily concerned about the present
Technician Personality
A personality that is pragmatic and likes order and planning operations
Manager Personality
A personality that focuses on the business as a whole and providing results for the customer
Entrepreneur Personality
A specific group of customers with an identifiable but narrow range of product or service interests
Niche Market
Material assets and intangible qualities passed on to both heirs and society
Entrepreneurial Legacy
A knowledgeable person who can offer guidance based on experience in a given field
Mentor
