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ENT 460
ENT 460 first test
119
Business
Undergraduate 4
03/07/2013

Additional Business Flashcards

 


 

Cards

Term
Small Business Administration
Definition
part of the U.S. government which provides support and advocacy for small businesses
Run statistics and help small business owners
Term
High Growth Venture
Definition
firms with exceptionally high innovativeness and growth rates, making them candidates for possible venture capital funding
Term
High Growth Venture Attributes;
Definition
Start small but intend to grow rapidly
Other peoples funding
Need to know how to dominate the market and grow
Term
Dynamic capitalism typology
Definition
model of an economy categorizing businesses based on their innovativeness and growth rate
Term
Myths about Small Businesses
Definition
Not enough financing
You cant start a business during a recession To make profits you need to make somethingIf you fail, you can never try againStudents don’t have the skills to start a business
Term
PICS Model-acronym
Definition
for four types of entrepreneurship
Public, Independent, Corporate, Social (vertical)Creation, Customer, Efficiency, Innovation (horizontal)
Term
Social Capital Informal
Definition
funding invested for a share of a firm or given as loans or credits from family and friends to help start to grow a firm
Term
Innovation Driven Economics
Definition
nation there the major forces for jobs, revenues and taxes come from high value added production based on new ideas and technologies and from professional services based on higher education
Term
Virtual Instant Global Entrepreneurship
Definition
a process that uses the Internet to quickly create businesses with a worldwide reach VIGE depends on web sites like eBay to establish social presence
Site provides assurance of honesty on the part of buyers and sellers
Term
Small Business Development Center
Definition
offices co sponsored by states and the federal government that offer free or low cost help to existing and potential small businesses
Term
BRIE Model-4 elements to start a business
Definition
Boundary Resources Intention Exchange
Term
Task environment
Definition
part of the external environment made up of those components that the firm deals with directly such as customers, suppliers, consultants, media, interest groups, and the like
Term
Service name recognition
Definition
selling brand name merchandise or services
Term
Goodwill
Definition
having well-known or well-regarded owners, employees, supporters or spokespeople
Term
Dependable Organizational Citizens
Definition
extent to which an individuals voluntary support and behavior contributes to the organizations success
Term
Billboard Principal
Definition
an ethical model that asks whether someone would be comfortable having his or her decision and name advertised on a billboard for the public to see
Term
Universalism
Definition
an ethical model that suggests that there is a code of right and wrong that everyone can see and follow
Term
Utilitarianism
Definition
an ethical model that supports seeking the greatest good for the greatest number of people
Term
Test Marketing
Definition
selling your product or service in a limited area for a limited time
Term
External Legitimacy
Definition
the extent to which a small business is taken for granted, accepted, or treated as viable by organizations or people outside the small business or the owners family
Term
Intellectual Property Protection
Definition
property coming from some sort of original thought for example patents, trade secrets, trademarks and copyrights Amounts and Schedules for Returns-?????
Term
When do you create a business plan
Definition
designed to tell the major characteristics of a firm
Term
Mission Statement
Definition
a paragraph that describes the firms goals and competitive advantage
Term
Vision Statement
Definition
a very simple 5-10 word sentence or tagline that expresses the fundamental idea or goal of the firm
Term
Factors in Elevator Speech
Definition
a 30 second (100 words or less) action orientated description of a business designed to sell the idea of the business to another The hook, the purpose, the what and the where Understand which part of a business plan provides info to potential licensees- the organizational part
Term
Part time self employment
Definition
working for yourself for fewer then 35 hours per week
Term
Full time self employment
Definition
working more then 35 hours a week for yourself
Term
Professional Services
Definition
largest US industry with 17% market share
Term
Informational Website
Definition
an internet web site designed to introduce and explain a business to others
Term
Blog
Definition
a web page in which entries are posted in reverse chronological order
Term
Tweet
Definition
a 140 character or less message sent using Twitter
Term
Bootstrapping
Definition
using low cost or free techniques to minimize your cost of doing business
Term
Outsourcing
Definition
contracting with people or companies outside your business to do work for your business
Term
Licensing
Definition
documented permission from the government to run your business
Term
Disadvantages of a start up
Definition
No initial name recognition Require time to become established Difficult to finance Cannot easily regain revolving credit May not have experienced managers and staff
Term
Revolving credit line
Definition
- a credit agreement that allows the borrower to pay all or part of the balance at any time, as the loan balance is paid off it becomes available to be borrowed again
Term
Single greatest hurdle to a successful start-up
Definition
having a good founder
Term
Networking
Definition
interacting with others in order to build relationships useful to a business
Term
Earns Multiplier Arc
Definition
ratio of value of a firm to its annual earnings
Term
Buy-in
Definition
results when someone acquires only a part of the ownership of an existing business, anything less than 100 percent
Term
Buy- out
Definition
- restricted to businesses that have a formal legal form of organization, accomplished through buying the entire entity
Term
How do you determine the value of a franchise
Definition
franchise value refers to the popularity of a particular brand or product with consumers. ????????
Term
what is the top goal of a small business
Definition
To grow the business
Term
The Small Business Administration categorizes a business in the United States as small if it has fewer than 100 employees.
Definition
false
Term
According to the text the three universally mentioned rewards for small business owners are income, fame, and notoriety
Definition
false
Term
A 2009 Business Week report stated that seven of the ten largest companies in the 2009 Fortune 500 were started in recessions.
Definition
true
Term
The BRIE (boundary- resources-intention-exchange) model is a proven way to think about the activities involved in starting a new business
Definition
true
Term
The Census Bureau has concluded that small business start-ups in their first two years of operation accounted for virtually no new jobs in the United States.
Definition
false
Term
A/an _________________ is a facility which offers subsidized space and business advice to companies in their early stages of operation.
Definition
incubator
Term
Throughout this text the terms small business owner, entrepreneur, and self-employed are
Definition
used interchangeably
Term
The most numerous and widely available type of firm is in the _____________.
Definition
economic core sector.
Term
Entrepreneur magazine each year features new businesses started by individuals under the age of 40. One interesting piece of advice recently given by these entrepreneurs was
Definition
help yourself learn in your business
Term
Newly created goods, services, or firms can hurt existing goods, services or firms through ______________.
Definition
creative destruction
Term
A/an _______________-driven economy where the major forces for jobs, revenues and taxes come from high-value added production based on new ideas and technologies and from professional services based on higher education.
Definition
innovation
Term
Virtual instant global entrepreneurship (VIGE)
Definition
is a process that uses the internet to quickly create businesses with a worldwide reach
Term
Public entrepreneurship
Definition
is a form of entrepreneurship that involves revitalizing government agencies
Term
Mindshare refers to
Definition
the degree of attention your target market pays to your idea or organization
Term
Full-time self-employment involves working for yourself more than 35 hours a week.
Definition
true
Term
Zoning laws and covenants are specifications and restrictions that impose limitations on the usage of your land and buildings
Definition
true
Term
Products like music and cell phones that we buy as individuals is a form of e-commerce called B2B
Definition
false
Term
Network marketing is an approach to selling through a system of networked computers
Definition
flase
Term
Delegation is contracting with people or companies outside your business to do work for your business.
Definition
false
Term
Permission from a government organization to act differently than the state laws is called _____________________________.
Definition
a variance
Term
Of the twenty questions to ask yourself before planning your home office, what is number one?
Definition
Do you want clients or visitors traipsing through your home to get to your office?
Term
_______________ marketing is the use of several methods to reach your customers
Definition
multichannel
Term
Two core methods of getting started for part-time entrepreneurs are _________________________.
Definition
home-based business and the internet
Term
________________retailing is one of the most ancient forms of small business
Definition
Stand
Term
A disadvantage of the consignment approach is ______________________.
Definition
lower profitability because of agent's fees.
Term
The key device for managing time is ___________________.
Definition
a to-do list
Term
Documented permission from the government to run your business is called _____________________.
Definition
licensing.
Term
It is important to price your goods and services so a profit is likely. People working part-time are prone to ___________________ their costs.
Definition
underestimate
Term
Using low-cost or free techniques to minimize your cost of doing business is called____________________.
Definition
bootstrapping
Term
A firm whose product or service is established elsewhere, but is new to this market is______________.
Definition
new entrant business.
Term
Business plans designed to be used internally for management purposes are called _______________________ plans
Definition
operational
Term
There are ____________ slides in a classic business plan presentation
Definition
seven
Term
The parts of a business plan that expose the firm to any kind of loss-profits, sales, reputation, assets, and customers are referred to as ___________________.
Definition
risks
Term
The _____________________ is what makes your product or service unique.
Definition
competitive advantage
Term
Another term for research and development is___________________.
Definition
growth plan
Term
Business plans do not need to be focused to the reader; all situations are the same and one plan will fit every situation.
Definition
false
Term
A business plan presentation usually lasts 1 - 2 hours with no time at the end for questions.
Definition
false
Term
Creating a business plan is the best way to build external legitimacy for your firm
Definition
true
Term
The company description does not include which of the following?
Definition
sales plan
Term
The ____________________ is a very simple 5-10 word sentence
Definition
vision statement
Term
An executive summary is the key component of a business plan because it is the one element that nearly everyone will read first when they receive the plan.
Definition
true
Term
The mission statement is a memorable catchphrase that captures the key idea of a business, its service product or customer
Definition
false
Term
A screening plan gives the basic overview of the firm and a detailed look at what?
Definition
the financials
Term
The elevator pitch ideally should last ___________ and be a ___________word action-oriented description designed to sell the idea of the business
Definition
30 second; 100
Term
Using low-cost or free techniques to minimize your cost of doing business is called bootstrapping
Definition
true
Term
Organizational culture is a set of shared beliefs or basic assumptions that demonstrate how things get done
Definition
true
Term
Social capital refers to funds the business can obtain from the government
Definition
false
Term
An ethical dilemma is a situation that occurs when a person's values are in conflict, making it unclear whether a particular decision is the right thing to do
Definition
true
Term
The billboard principle asks "would I be comfortable having my decision and name posted on a billboard for all to see?"
Definition
true
Term
The internal environment consists of
Definition
the owners, employees, and any other owners or board members of the company.
Term
A part of the external environment made up of those components that the firm deals with directly such as customers, suppliers, consultants, media, interest groups, and the like is the ________________________.
Definition
task environment
Term
Which of the following is not one of the three classes of ethical standards found in research on existing codes of ethics
Definition
ethical actions are at the discretion of the owner
Term
What is the most common form of help that entrepreneurs seek from their social network?
Definition
information or advice
Term
What best practice should be used when utilizing online social networking sites?
Definition
make it easy for people to contact you.
Term
The first step in handling a crisis is ______________________.
Definition
admit you're in trouble quickly.
Term
Positive outcomes that result along the lines of sustainable entrepreneurship are called ____________.
Definition
green entrepreneurship
Term
Caveat emptor _____________ means
Definition
let the buyer beware
Term
Universalism is
Definition
ethical model that suggests that there is a code of right and wrong that everyone can see and follow
Term
BATNA is an acronym for _______________
Definition
Best Alternative To a Negotiated Settlement.
Term
Start-ups are always deliberate, well planned, and financed
Definition
false
Term
An asset is a legal debt or obligation.
Definition
false
Term
Starting a business in a business incubator has been shown to be one effective road to success.
Definition
true
Term
The difficulty of determining what a small is worth is an advantage of purchasing an existing business.
Definition
false
Term
The point of indifference is where the buyer is indifferent about buying or not buying the business.
Definition
true
Term
_________________ is a disadvantage of a start-up.
Definition
The ease of obtaining revolving credit
Term
Due diligence is
Definition
the process of investigating a business to determine its value.
Term
"Caveat emptor" means
Definition
let the buyer beware
Term
Intangibles include
Definition
assets such as patents, trademarks, accounts receivables, and licenses
Term
Industry heuristics are
Definition
are rules of thumb that can be used to estimate value in relation to some easily observable characteristic of the business
Term
Buyouts
Definition
are restricted to businesses that have a formal legal form of organization
Term
The basic forms of franchising are
Definition
trade name, product distribution, conversion, and business format
Term
Which type of franchise requires opening multiple stores within a specified area
Definition
Master
Term
Franchise opportunities
Definition
provide the advantage of coming with a complete business system
Term
Two key documents you always receive from a franchisor are
Definition
the uniform franchise offering circular and the franchise agreement.
Term
disadvantages of buying a franchise
Definition
little control of business marketing and operations and success determined to a large extent by the success of the franchisor
Term
top 12 indicates of start up success
Definition
start in an incubator, take part in mentoring program, detailed start up budget, have product with proven demand, secure outside investment, start with more than one founder, experience in managing small firms, have industry experience, previous experience in start ups, business that produces high margins, start business with established customers, build "trust" in your story
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