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Flashcards in midterm Deck (39)
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1
Q

gazelle

A

small firm with great prospects for growth

2
Q

entrepreneurial opportunity

A

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

3
Q

bootstrapping

A

doing more with less in terms of resources, and controlling other resources without ownership, i.e. bartering

4
Q

social entrepreneurship

A

entrepreneurial activity whose goal is to find solutions to social needs, problems, and opportunities.

5
Q

reluctant entrepreneur

A

someone who becomes an entrepreneur as a result of some sever hardship

6
Q

corporate refugee

A

someone who becomes an entrepreneur to escape an undesirable job situation

7
Q

four types of entrepreneurial motivation

A

personal fulfillment, personal satisfaction, independence, financial rewards

8
Q

six descriptors of entrepreneurs

A

1communication and determnination

  1. Leadership
  2. Opportunity obsession
  3. tolerance of risk, ambiguity, and uncertainty
  4. creativity, self-reliance, and adaptability
  5. motivation to excel
9
Q

opportunity recognition

A

identification of potential new products or services that may lead to promising businesses

10
Q

entrepreneurial alertness

A

readiness to act on existing but unnoticed business opportunity

11
Q

new market ideas

A

startup centered around providing customers with an existing product or service not available in their market

12
Q

new technology ideas

A

startup involving new, or relatively new, technology, centered with providing a new product

13
Q

new benefit ideas

A

startup centered around providing customers with new or improved products or services

14
Q

serendipity

A

a facility for making desirable discoveries by accident

15
Q

general environment

A

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

16
Q

industry environment

A

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

17
Q

competitive environment

A

environment that focuses on strength, position, and likely moves/countermoves of competitors

18
Q

capabilities

A

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

19
Q

core competencies

A

capabilities that provide a firm with a competitive edge and reflect its personality

20
Q

feasibility analysis

A

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

21
Q

porters five forces

A

Threat of entry, threat of substitutes, bargaining power of suppliers, bargaining power of buyers, competitors

22
Q

product oriented philosophy

A

belief that the product is the single most important thing, i.e. Build a better mousetrap

23
Q

sales oriented philosophy

A

belief of pushing the product

24
Q

customer oriented philosophy

A

belief that everything, from beginning to end, revolves around the customer

25
Q

core product/ service

A

fundamental benefits sought out by customers

26
Q

actual product/service

A

basic physical product or service that delivers those benefits

27
Q

augmented product/service

A

basic product/service plus any extra benefits to the consumer that they prompt a purchase

28
Q

customer profile

A

description of potential customers in a target market

29
Q

direct forecasting

A

method in which sales is the estimated variable

30
Q

indirect forecasting

A

method in which variables related to sales are used to project future sales

31
Q

total assets =

A

debt + owner’s equity

32
Q

debt-

A

money borrowed to invest into a company

33
Q

owners equity

A

owners own money being used to invest into a company

34
Q

income statement

A

aka profit and loss statement, sales-expenses=profit

35
Q

gross profits

A

=sales sales-cost of goods sold

36
Q

net income

A

=earnings that my distributed to owners or reinvested into the company

37
Q

five factors that drive profits

A
  1. amount of sales
  2. cost of goods sold
  3. operating expense
  4. interest expense
  5. taxes
38
Q

percentage of sales technique

A

method for forecasting asset requirements

39
Q

retained earnnings

A

refer to the percentage of net earnings not paid out as dividends, but retained by the company to be reinvested in its core business, or to pay debt. It is recorded under shareholders’ equity on the balance sheet