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MGMT 5300 - Entrepreneurship Mgmt > Spring 14 Vocab - Chp 1 - 6 > Flashcards

Spring 14 Vocab - Chp 1 - 6 Flashcards

1
Q

entrepreneurship

A

the process of planning, organizing, operating, and assuming the risk fo a business venture

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2
Q

serial entrepreneurs

A

entrepreneurs that start, grow, and sell several businesses over the course of their careers

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3
Q

aspiring entrepreneurs

A

those that dream of starting a business; they hope for the chance to be their own bosses, but they have not yet made the leap from their current employment into the uncertainty of a start-up

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4
Q

lifestyle entrepreneurs

A

entrepreneurs that have developed an enterprise that fits their individual circumstances and style of life. Their basic intention is to earn an income for themselves and their families

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5
Q

growth entrepreneurs

A

entrepreneurs that have both the desire and the ability to grow as fast and as large as possible

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6
Q

social entrepreneurs

A

entrepreneurs with innovative solutions to society’s most social problems

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7
Q

technology entrepreneurs

A

entrepreneurs with ideas triggered by developments in science and engineering

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8
Q

scale-free network

A

network characterized by a few nodes with very high interactivity and many that are not often visited

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9
Q

five-stage entrepreneurial process

A

(1) conducting opportunity analysis (2) developing the plan and setting up the company (3) acquiring financial partners/soruces of funding (4) determining the resources required and implementing the plan (5) scaling and harvesting the venture

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10
Q

legal forms of business

A

(1) C-corporation (2) S-corporation (3) partnership (4) limited liability company (LLC)

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11
Q

early-stage funding sources

A

(1) self-funding (2) family and friends (3) angels (4) banks (5) government sources

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12
Q

business model

A

the frameworks in which a sustainable, high-profit company is constructed

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13
Q

virtual knowledge networks (or virtual clusters)

A

knowledge-centered structures such as virtual companies

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14
Q

innovation

A

the use of new technological knowledge, and/or new market knowledge, employed within a business model that can deliver a new product and/or service to customers who will purchase at a price that will provide profits

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15
Q

incremental innovation

A

innovations that are continual improvements on an existing product or service or in the ways that products are manufactured and delivered

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16
Q

radical innovations

A

innovations that are the result of major changes in the ground rules of competition, culminating in either a customer satisfying her needs in an entirely new way or in a totally new need being created through innovation

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17
Q

disruptive innovation

A

innovations that disrupt the status quo

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18
Q

technology discontinuity

A

technological product that obsoletes a prior product

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19
Q

five-stage idea evaluation

A

(1) seize the opportunity (2) investigate the need through market research (3) develop the plan (4) determine the resources needed (5) manage the business

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20
Q

factors that create opportunity

A

(1) technology factors (2) economic factors (3) demographic factors

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21
Q

social network

A

network of individuals who have a common interest

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22
Q

lock-in

A

development of a two-way valuable relationship between a customer and a company so that moving to another relationship has a high barrier. The barrier is often referred to as the switching cost

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23
Q

business model

A

the way that a company combines all of its functions and relationships to create a way of doing business

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24
Q

supply chain

A

the logistics network in which a company is embedded. It may include suppliers, customers, partners, distributors etc

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25
Q

venture capital

A

money from investment pools or firms that specialize in financing young companies’ growth, usually in return for stock

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26
Q

spiderweb model

A

a visual representation of an early-stage company indicating its fragility and that it can be severely damanged suddenly by events coming unexpectedly from many directions

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27
Q

initial public offering (IPO)

A

a privately held company that elects to sell a portion of its common shares of stock to the public, often used when a small company seeks outside equity financing for expansion

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28
Q

leveraged buyout

A

a method by which a firm is purchased by a private investment company and a significant part of the financing is accomplished using debt. These transactions require that the company have a dependable and sufficient cash flow to service the debt. The LBO firm may install its own management team or retain the existing management structure

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29
Q

long-tail

A

the part of a product range that consists of a multitude of different products, each of which has a small demand, but taken as a while may have a significant market value

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30
Q

first-mover advantage

A

the competitive lead that a company can build by being first into a new market and capturing market share before competitors emerge

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31
Q

marketing plan

A

a written formulation for achieving the marketing goals and strategies of the venture, usually on an annual basis. Business plans always contain a marketing plan section

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32
Q

web 2.0

A

a broad term to describe applications of the internet that are interactive rather than just one-way

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33
Q

collaborative filtering

A

a method by which data fro a number of sources are analyzed to find ways of creating additional value to customers, suppliers, etc. beyond what can be found by just looking at data from an individual

34
Q

board of directors

A

individuals elected by stockholders of a corporation and who are responsible to that group for overseeing the overall direction and policy of the firm

35
Q

joint venture

A

usually refers to a short-lived partnership with each partner sharing in costs and rewards of the project; common in research, investment banking, and the health care industry

36
Q

viral marketing

A

a means by which customers are acquired through recommendations from existing customers and users. The internet often supports such marketing methods

37
Q

balance sheet

A

this is also called the statement of financial position and provides a picture of the business’s financial position at a particular point in time. It encompasses all company assets and liabilities, as well as investments into the company by its owners and the accumulated earnings or losses of the company (equity)

38
Q

start-up capital

A

money needed to launch a new venture before and during the initial period of operation

39
Q

financial statement

A

periodic accounting reports of a company’s activities, which usually include a balance sheet, an income statement, and a cash flow statement

40
Q

S-corporation (subchapter S-corporation)

A

a firm that has elected to be taxed as a partnership under the subchapters provision of the internal revenue code

41
Q

total available market (TAM)

A

the total annual sales that a company would derive if it were able to capture 100 percent of its targeted market

42
Q

C-corporation

A

the most common form of business ownership and the one preferred by investors. As a separate legal entity apart from its owners, it may engage in business, issue contracts, sue and be sued, and pay taxes directly

43
Q

income statement

A

a financial statement that shows the amount of income earned by a business over a specific accounting period. All costs (expenses) are subtracted from the gross revenues (sales) to determine net income, which outlines the profit-and-loss financial statement (P&L)

44
Q

sole proprietorship

A

a business firm owned by only one person and operated for his profit

45
Q

limited partnership

A

a form of partnership composed of both general partner(s) and limited partner(s). The limited partners have no control in the management of the company and are usually financially liable only to the extent o ftheir investment in the partnership. The majority of VC firms are formed as a limited partnership

46
Q

nondisclosure agreement

A

confidentiality agreement

47
Q

partnership

A

business association of two or more people. There are two types: general and limited

48
Q

key-man insurance

A

an insurance policy that protects investors or lenders from the death or disability of key employees on which an early-stage company may depend

49
Q

limited liability corporation (LLC)

A

company type that is a separate legal entity that allows a corporation to have “members” rather than stockholders. It is not subject to corporate tax, and therefore, tax liabilities or credits “flow through” to the members as in an S-corporation

50
Q

stock certificate

A

a document issued to a stockholder by a corporation indicating the number of shares of stock owned by the stockholder

51
Q

business model

A

description of how your company intends to create value in the marketplace

52
Q

the five component model

A

(1) value proposition (2) market segment (3) value networks (4) cost structure and profit potential (5) competitive strategy

53
Q

the business model canvas

A

technique by Alexander Osterwalder. 9 key topics to consider when exploring different business models: (1) key partners (2) key activities (3) key resources (4) value propositions (5) customer relationships (6) channels (7) customer segments (8) cost structure (9) revenue streams

54
Q

running royalties

A

royalties paid as a percentage of net sales of products or services

55
Q

conversion rate

A

the percentage of website visitors that actually complete a purchase

56
Q

niche market

A

small segement of a large market ignored by other companies

57
Q

value proposition

A

the value created for the user of a product/service

58
Q

market segment

A

users whome the product or service is useful and for what purpose

59
Q

franchise

A

a legal and commercial relationsihp between the owner (franchisor) of a trademark, service mark, trade name, or advertising symbol and an individual or group (franchisee) wishing to use that identification in a business

60
Q

one-to-one marketing steps

A

(1) identify customers or get them to identify themselves (2) link customers’ identities to their transactions (3) calculate individual customer lifetime value (4) practice just-in-time marketing (5) srenthen a customer-satisfaction program (6) treat complaints as opportunities for additional business (7) survey customers to find their points of pain (8) enhance product information

61
Q

demographic segmentation

A

segmentation that divides the market into groups based on age, income level, and gender

62
Q

business demographics

A

segmentation that divides businesses by size in sales, size in employees, and type of industry

63
Q

geographic segmentation

A

segmentation that divides people or businesses into regional groups according to location

64
Q

pychographic segmentation

A

segmentation that divides customers into cultural groups, value groups, social sets, or other interesting categories that might be useful for classifying customers

65
Q

ethnic segmentation

A

segmentation that divides customers into ethnic groups

66
Q

combination segments

A

segmentation that divides customers into more than one traditional segment such as demographic and geographic

67
Q

3 pricing objectives

A

pricing focus by (1) revenue oriented (2) operations oriented (3) patronage oriented

68
Q

revenue oriented

A

pricing objective is to maximize the surplus of income over expenditures

69
Q

operations oriented

A

pricing objective, used in capacity-constrained organizations, is to match supply and demand to ensure optimal use of their productive capacity at any given time

70
Q

patronage oriented

A

pricing objective is to attract customers, even at a loss. Typical of grand-opening sales or giving away empy seats to create the image of excitement and popularity

71
Q

price elasticity

A

measure of how sensitive demand is to changes in price. If a small change in price has a big impact on sales, demand for the product is price elastic. Inelastic otherwise

72
Q

cost-plus pricing

A

pricing where all costs, both fixed and variable, are included, and a profit percentage is added on

73
Q

demand pricing

A

the business sets the product prices based on demand or whatever the market will bear

74
Q

value pricing

A

pricing strategy where the business sells its products/services to capture a major part of the overall value that is created for the customer

75
Q

competitive pricing

A

pricing strategy where the company enters a market with an established price and difficult to differentiate one product from another. Limited flexibility to make price adjustments

76
Q

markup pricing

A

pricing strategy where the prices is calculated by adding the estimated profit to the cost of the product

77
Q

direct sales

A

distribution channel where products are sold directly to the end user. This is the most effective distribution channel

78
Q

original equipment manufacturer (OEM) sales

A

distribution channel where an OEM will often bundle or promote its products with yours or pay a royalty on each product sold

79
Q

manufacturer’s representatives

A

distribution channel where individuals handle an assortment of products and divide their time based on the products that sell the best

80
Q

brokers

A

distribution channel where individuls buy products, often overseas, directly from the distributor and sell them to retailers or end users

81
Q

web e-commerce

A

distribution channel where products and services are sold through a web site or through internet partner alliances

82
Q

issued shares

A

the stock that a company sells to investors to generate capital

MGMT 5300 - Entrepreneurship Mgmt (1 decks)

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