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Principles Of Management
MAN-3025
32
Management
Undergraduate 3
03/02/2013

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Cards

Term
Entrepreneurship
Definition
the identification, evaluation, & exploitation of opportunities
Term
Entrepreneurial Opportunity
Definition
an occasion to bring into existence new products & services that allow outputs to be sold at a price greater than their cost of production
Term
Entrepreneur
Definition
is an individual who identifies, evaluates & exploits opportunities
Term
Entrepreneurial Alertness
Definition
an individuals ability to notice & be sensitive to new information about objects, incidents & patterns of behavior in the environment
Term
Information Asymmetry
Definition
the vary in terms of the information to which they have access
Term
Social Networks
Definition
represent individuals patterns of social relationships
Term
Opportunity Evaluation
Definition
when an entrepreneur decides whether he or she has just a good idea or a viable opportunity that will provide the desired outcomes
Term
Feasibility Analysis
Definition
is the analysis that helps entrepreneurs understand whether an idea is practical
Term
Entrepreneurial Risk
Definition
likelihood & magnitude of the opportunity's downside loss
Term
Downside Loss
Definition
the entrepreneur could lose if the opportunity does not succeed
Term
Illusion Of Control
Definition
over estimate the extent to which they can control the outcome of an opportunity
Term
Opportunity Exploitation
Definition
the activities & investments committed to gain returns from the new product or service arising from the opportunity
Term
Angel Investors
Definition
wealthy individuals who provide capital (money) to new companies
Term
Venture Capitalists
Definition
firms that raise money from investors & then use this money to make investments in new firms
Term
Bank Financing
Definition
occurs when an entrepreneurs obtains financial institution in the form of a loan
Term
Corporate Entrepreneurship
Definition
is the process in which an individual or group of individuals in an existing corporation create a new organization or instigate renewal or innovation within that corporation
Term
Commercial Entrepreneurship
Definition
individuals or corporations that pursue entrepreneurial opportunities for the purposes of generating sales & profits
Term
Social Value
Definition
the basic "long-standing needs" of society & has little to do with profits
Term
Social Entrepreneurship
Definition
involves the recognition, evaluation & exploitation of opportunities that create social value as opposed to personal or shareholder wealth
Term
Planning
Definition
the process of determining how to get an organization where it wants to go
Term
Organizational Objective
Definition
a target toward which the open management system is directed
Term
Organizational Purpose
Definition
what the organization exists to do, given a particular group of customers & customer needs
Term
Sub-optimization
Definition
is a condition where in sub-objectives are conflicting or not directly aimed at accomplishing the overall organizational objective
Term
Decision
Definition
a choice made between two or more available alternatives
Term
Programmed Decision
Definition
routine & repetitive & the organization typically develops specific ways to handle such decision
Term
Nonprogrammed Decision
Definition
a one-shot decision that is usually less structured than programmed decisions
Term
Scope Of The Decision
Definition
the proportion of the people affected in the management system
Term
Paradox Of Choice
Definition
having too many alternatives may actually demotivate decision markers
Term
Bounded Rationality
Definition
the fact that managers are bounded in terms of time, computational power,& knowledge when making decisions
Term
Satisfice
Definition
a chosen decision that is not optimal but is "good enough"
Term
Probability Theory
Definition
a decision-making tool used in risk situations
Term
Decision Tree
Definition
graphic decision making tool used on decision involving a series of steps
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