Chapter 6 Flashcards
are project teams designated to produce a new product. A team is formed with a specific goal within a specified time frame.
Skunkworks
an entrepreneurial alliance between a franchisor and franchisee
Franchising
May not like it Survival Growth Delegation Misuse of funds Poor controls Mortality Going public
Eight common management challenges for entrepreneurs
sale to the public, for the first time, of federally registered and underwritten shares of stock in the company.
Initial Public Offering (IPO)
a formal planning step that focuses on the entire venture and describes all the elements involved in starting it. Describes the venture and its market, strategies, and future directions. Business plan serves several purposes: helps determine the viability of you enterprise guides you as you plan and organize. helps obtain financing
Business plan
charging fees for good and services Ex: Amazon and online travel agents
Transaction fee model
people’s judgement of a company’s acceptance, appropriateness, and desirability, generally stemming from company goals and methods that are consistent with societal values.
Legitimacy
charging fees to advertise on a site. Advertisers pay the site operator to gain access to the demographic group that visits the operator’s site.
Advertising support model
a description of the good or service, an assessment of the opportunity, an assessment of the entrepreneur, and specification of activities and resources needed to translate your idea into a viable business and your source(s) of capital. Includes the following questions: What market need does my idea fill? What personal observations have I experienced or recorded with regard to that market need? What social condition underlies this market need? What market research data can be marshaled to describe this market need?
Opportunity analysis
a partner who manages a new store of the same type in a new location
Franchisee
the tendency of an organization to identify and capitalize successfully on opportunities to launch new ventures by entering new or established markets with new or existing goods or services.
Entrepreneurial orientation
The website charges a monthly or annual fee for site visits or access to site content. Newspapers and magazines are good examples.
Subscription model
A business having fewer than 100 employees, independently owned and operated, not dominant in its field, and not characterized by many innovative practices.
Small business
a new buisness having growth and high profitability as primary objectives
Entrepreneurial Venture
an individual who establishes a new organization without the benefit of corporate sponsorship
Entrepreneur
