Chapter 6
Management 420 with Turnley at Kansas State University
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entrepreneurship
risk-taking behavior that results in new opportunities
classic entrepreneur
a risk-taking individual who takes action to pursue opportunities others fail to recognize, or may even wiew as problems or threats
serial entrepreneur
starts and runs businesses and noporfits over and over again, moving from one interest and opportunity to another.
first-mover advantage
comes from being first to exploit a niche or enter a market
intrapreneurs
display entrepreneurial behavior as employees of larger firms
typical personality traits of entrepreneurs
- internal locus of control
- high energy level
- high need for achievement
- tolerance for ambiguity
- self-confidence
- passion and action oriented
- self reliance and desire for independence
- flexibility
necessity based entrepreneurship
takes place because other employment options dont exist
social entrepreneurship
a unique form of ethical entrepreneurship that seeks new ways to solve pressing social problems
social entrepreneurs
take risks to find new ways to solve social problems
small business
has fewer than 500 employees, is independently owned and operated, and does not dominate its industry
Franchise
when one buisness owner sells to another the right to operate the same business in a new location
startup
a new and temporary venture that is trying to discover a profitable business model for future success
lean startups
use things like open-source software, while staying small and striving to keep operations as simple as possible
internet entrepreneurship
the use of the internet to pursue an entrepreneurial venture
advertising model
creates a website attractive to visitors, and then advertisers pay to be displayed on it
subscription model
creates a website offering value that visitors are willing to pay to view
intermediary model
creates a website that collects a fee fro bringing buyers and sellers together
transaction model
creates a website to sell something that customers are willing to buy
family business
owned and controlled by members of a family
family business feud
occurs when family members have major disagreements over how the business should be run
succession problem
the issue of who will run the business when the current head leaves
succession plan
describes how the leadership transition and related financial matters will be handle
Why small business fail
- insufficient funding
- lack of of expertise
- lack of experience
- lack of strategy
- poor financial control
- growing too fast
- lack of commitment
- ethical failure
business incubator
offer space, shared services, and advice to help get small businesses started
small business development centers
founded with support from the US small business administartion provide advice to new and existing small businesses
business plan
describes the direction for a new business and the financing needed to operate it
limited liability corporation
a hybrid business form combining the advantages of the sole proprietorship, partnership, and corporation
venture capitalists
make large investments in new ventures in return for an equity stake in the business
angel investor
a wealthy individual willing to invest in a new venture in return for equity
About this deck
About StudyBlue
STUDYBLUE makes things that make you better at school.
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Things like personalized quizzes and friendly reminders about when (and what) to study next.
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“Simply amazing. The flash cards are smooth, there are many different types of studying tools, and there is a great search engine. I praise you on the awesomeness.”
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