Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Management > Vocabulary for Lecture > Flashcards

Vocabulary for Lecture Flashcards

1
Q

A person who relentlessly pursues an opportunity, in either a new or existing business, to create value while assuming both the risk and the reward for his or her efforts.

A

Entreprenuer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

A business with growth potential that is small compared to large companies in an industry, has geographically localized operations, is financed by only a few individuals, and has a small management team.

A

Small Business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

An economically attractive an timely opportunity that creates value for interested buyers or end users.

A

Entrepreneurial Opportunity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Doing more with less in terms of resources invested in a business, and, where possible, controlling the resources without owning them.

A

Bootstrapping

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

A person who becomes an entrepreneur due to a hardship.

A

Reluctant Entrepreneur

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

A person who becomes an entrepreneur to escape an undesirable situation.

A

Refugee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

An entrepreneur whose power is limited by the contractual relationship with a franchising organization.

A

Franchisee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

A small firm that has great prospects for growth.

A

High-Potential Venture (Gazelle)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

A small firm that provides substantial profits to its owner.

A

Attractive Small Firm

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

A small firm that provides minimal profits to its owner.

A

Microbusiness

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

A microbusiness that permits the owner to follow a desired pattern of living.

A

Lifestyle Business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

A person with primarily technical skills and little business knowledge who starts a business.

A

Artisan Entrepreneurs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

A person with both sophisticated managerial skills and technical knowledge who starts a business.

A

Opportunistic Entrepreneurs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Two or more people who work together as entrepreneurs on one endeavor.

A

Entrepreneural Team

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

A specific group of customers with an identifiable but narrow range of product or service interests.

A

Niche Market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Self-Reliance- the degree to which people believe that they have control over the outcome of events in their lives.

A

Internal Locus of Control

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

People who believe that their decisions and life are controlled by environmental factors which they cannot influence, or that chance or fate controls their lives.

A

External Locus of Control

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

A knowledgeable person who can offer guidance based on experience in a given field.

A

Mentor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Material assets and intangible qualities passed on to both heirs and their society.

A

Entrepreneural Legacy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

An uncompromising adherence to doing what is right and proper. A general sense of honesty and reliability that is expressed in a strong commitment to doing the right thing, regardless of the circumstances.

A

Integrity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Questions of right and wrong. Legal and ethical considerations and conflicts of self-interest.

A

Ethical Issues

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Individuals or groups who either can affect or are affected by the performance of the company.

A

Stakeholders

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

A company’s ethical obligations to the community.

A

Social Responsibilities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Original intellectual creations, including inventions, literary creations, and works of art, that are protected by patents, copyrights, trademarks, design rights, and trade secrets.

A

Intellectual Property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

The belief that the ethical standards of one’s own country can be applied universally.

A

Ethical Imperialism

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

The belief that ethical standards are subject to local interpretation.

A

Ethical Relativism

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Beliefs that provide a foundation for ethical behavior in an individual or a firm.

A

Underlying Values

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Official standards of employee behavior formulated by a business owner.

A

Code of Ethics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Entrepreneurial activity that provides innovative solutions for social issues.

A

Social Entrepreneurship

30
Q

The effort to protect and preserve the environment.

A

Environmentalism

31
Q

Identification of potential new products or services that may lead to promising business.

A

Opportunity Recognition

32
Q

Readiness to act on existing, but unnoticed, business opportunities.

A

Entrepreneurial Alertness

33
Q

New business ventures created “from scratch.”

A

Startups

34
Q

Startup ideas centered around providing customers with an existing product or service not available in their market.

A

Type A Ideas (New Market Ideas)

35
Q

Startup ideas involving new or relatively new technology, centered around providing customers with a new product or service.

A

Type B Ideas (New Technology Ideas)

36
Q

Startup ideas centered around providing customers with new or improved products or services or better ways of performing old functions.

A

Type C Ideas (New Benefit Ideas)

37
Q

A facility for making desirable discoveries by accident.

A

Serendipity

38
Q

The broad environment, encompassing factors that influence most businesses in a society.

A

General Environment

39
Q

The environment that includes factors that directly impact a given firm and all of its competitors.

A

Industry Environment

40
Q

The environment that focuses on the strength, position, and likely moves and countermoves of competitors in an industry.

A

Competitive Environment

41
Q

The basic inputs that an entrepreneur can use to start and/or operate a business.

A

Resources

42
Q

Those organizational resources that are visible and easy to measure.

A

Tangible Resources

43
Q

Those organizational resources that are invisible and difficult to assess.

A

Intangible Resources

44
Q

A company’s routines and processes that coordinate the use of its productive assets in order to achieve desired outcomes.

A

Capabilities

45
Q

Those capabilities that distinguish a firm competitively and reflect its focus and personality.

A

Core Competencies

46
Q

A benefit that exists when a firm has a product or service that is seen by its target market as better than that of competitors.

A

Competitive Advantage

47
Q

An assessment that provides a concise overview of a firm’s strategic situation.

A

SWOT Analysis

48
Q

A plan or action that coordinates the resources and commitments of an organization to achieve superior performance.

A

Strategy

49
Q

A plan of action that requires a firm to hold down its costs so that it can compete by charging lower prices and still make a profit.

A

Cost-based Strategy

50
Q

A plan of action designed to provide a product or service with unique attributes that are valued by customers.

A

Differentiation-based Strategy

51
Q

A plan of action that isolates an enterprise from competitors and other market forces by targeting a restricted market segment.

A

Focus Strategy

52
Q

A decision regarding the direction a firm will take in relating to its customers and competitors.

A

Strategic Decision

53
Q

A preliminary assessment of a business idea that gauges whether the venture envisioned is likely to succeed.

A

Feasibility Analysis

54
Q

A circumstance or development that alone could render a new business unsuccessful.

A

Fatal Flaw

55
Q

A business model involving a business owner who licenses trademarks and methods to an independent entrepreneur.

A

Franchise

56
Q

The party in a franchise contract that specifies the methods to be followed and the terms to be met by the other party.

A

Franchisor

57
Q

An entrepreneur whose power is limited by a contractual relationship with a franchising organization.

A

Franchisee

58
Q

The legal agreement between franchisor and franchisee.

A

Franchise Contract

59
Q

A franchise agreement granting the right to use a widely recognized product or trademark.

A

Product and Trade Name Franchising

60
Q

A franchise arrangement whereby the franchisee obtains an entire marketing and management system geared to entrepreneurs.

A

Business Format Franchising

61
Q

An independent firm or individual acting as a middleman or sales agent with the responsibility of finding new franchisees within a specified territory.

A

Master License

62
Q

Ownership by a single franchisee of more than one franchise from the same company.

A

Multiple-Unit Ownership

63
Q

Individuals or firms that obtain the legal right to open several franchised outlets in a given area.

A

Area Developers

64
Q

The operation of a retail franchise within the physical facilities of a host store.

A

Piggyback Franchising

65
Q

The operation of several franchise organizations within a single corporate structure.

A

Multibrand Franchising

66
Q

Bringing two or more franchise brands together under one roof.

A

Co-branding

67
Q

Terminating a successful franchise operation in order to resell it and gain additional franchise fees.

A

Churning

68
Q

Locating a new outlet or point of distribution too close to an existing franchisee, causing a material loss of sales.

A

Encroachment

69
Q

A detailed statement providing information about the franchisor that satisfies the franchise disclosure requirements of the FTC.

A

Franchise Disclosure Document (FDD)

70
Q

A rule that requires the franchisor to disclose certain information to prospective franchises.

A

Franchise Rule

71
Q

The exercise of reasonable care in the evaluation of a business opportunity.

A

Due Dilligence

Management (33 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions