Entrepreneurial Small Business: entrepreneur Flashcards


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created 9 years ago by ghellon05
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Entrepreneurial Small Business
Chapters 1-4, 7-9, 18
Study guide, ch 1-4, 7-9, & 18
Grade levels:
College: Third year, College: Fourth year
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1

What are two generally accepted
characteristics of entrepreneurs?

Desire for immediate feedback and willingness to take the initiative

2

What the three sources of
sustained competitive advantage?

Experience, uniqueness, and industry standard.

3

What are two ‘fatal flaws’ with
regards to strategy and small
businesses?

Pursuing an unattainable competitive position and
failure to communicate strategy to employees

4

What is growth

the second stage in the product/market lifecycle

5

What is the economic core?

Organizations low on innovation and growth

6

What are three sources of innovation?

Social goals, life goals, and problems.

7

What is innovation?

A major difference between small business owners and entrepreneurs.

8

What is a business plan?

A game plan for managing a business successfully and
an important tool for attracting capital.

9

What are three sources of innovation?

Social goals, life goals, and problems.

10

What are two of the generic strategies?

Focus and low cost

11

What is creative destruction?

This occurs when a new technology makes an old technology obsolete.

12

What is external legitimacy

Term for determining if the general public accepts a business as viable based on various characteristics.

13

What are two of the Five Forces?

Threat of new entrants and threat of substites

14

What is family business?

A form of small business associated with role conflict and succession challenges.

15

What is a SWOT analysis

Strengths, weaknesses,
opportunities, and threats

16

What is a core competency?

An activity that an organization is exceptionally good at

17

What are the elements of a feasibility analysis

Industry, product, and financial

18

What are the two basic views on why we have entrepreneurs

Macro and micro

19

What are natural advantages

areas that small businesses excel in due to their small size.

20

What is value

relative price and relative quality impact this.

21

What are the three tests a business plan must pass

reality, competitive, and value

22

What are the three tests a business plan must pass?

Reality, competitive, and value

23

what is imitative

approach to business model strategy in which the business does what others already do.

24

What is indirect?

The type of competitor that serves very few ( if any) of the same markets.

25

What are features and benefits

Characteristics of a product and the advantage consumers receive.

26

What are thw myths of entrepreneruship

Entrepreneurs are born, not made and all they need is more capital

27

Small business

involves 1-50 people and has its owner managing the business on a day-to-day basis.
SDA defines a small business as on with fewer that 500 employess

28

Small businesses owner manage their businesses by expecting what?

Stable sales, profits, growth

29

Entrepreneurs focus their efforts on :

Innovation, Profitability, sustainable growth.

30

What is a novelty

Being different or new

31

What is a heir?

A person who becomes an owner through inheriting or being given a stake in a family business

32

Innovativeness

refers to how important a role new ideas, products, services, processes, or markets play in an organization.

33

Dynamic Capitalism

A model of an economy categorizing businesses based on their innovativeness and growth rate.

34

Creativity

the ability to develop new ideas and to discover new ways of looking at problems and opportunities

35

Innovation

– the ability to apply creative solutions to problems and opportunities to enhance or to enrich people’s lives

36

What is the BRIE model?

You need elements to come together in order to start a business.
Boundary: Creating a place for your business in locations and in peoples mines.
Resources: The money, product, knowledge, etc, that makes up a business
Intention: The desire to start a business.
Exchange: Moving resources/products/services in exchange for money.

37

Myths about small businesses

Not enough financing.
You can't start a business during a recession.
To make profits, you need to make something.
If you fail you can never try again.
Students don't have the skills to start a business

38

Macro view ( external )

Environment, financial, displacement ( political, cultural, economic)

39

Micro views ( internal )

Trait, venture opportunity, strategic formulation ( markets, people, products, resources)

40

Small business and the economy

Small business is the engine of job creation, generating 75% of the 3.4 million new jobs.
Small businesses employ more than half of all Americans.