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Definitions
From Entrepreneurship 3rd Ed. Barringer & Ireland
38
Business
Undergraduate 3
03/08/2012
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Term
ÿþBootstrapping
 Definition
"Using creativity, ingenuity, or any means possible to obtain resources other than borrowing money or raising capital from traditional sources"
Term
Brand
 Definition
The set of attributes - positive or negative - that people associate with a company
Term
Brand equity
 Definition
The set of assets and liabilities that is linked to a brand and enables it to raise a firm's valuation
Term
Burn rate
 Definition
The rate at which a company is spending tis capital unit it reaches profitability
Term
Business angels
 Definition
Individuals who invest their personal capital directly in new ventures
Term
Business model
 Definition
"A company's plan for how it competes, uses its resources, structures its relationships, interfaces with customers, and create value to sustain itself on the basis of the profits it generates "
Term
Business model innovation
 Definition
Initiative that revolutionizes how products are sold in an industry
Term
Business plan
 Definition
"A written document describing all the aspects of a business venture, which is usually necessary to raise money and attract high-quality business partners"
Term
Core competency
 Definition
"A unique skills or capability that transcends products or markets, makes a significant contribution to the customer's perceived benefit, is difficult to imitate, and serves as a source of a firm's competitive advantage over its rivals"
Term
Core strategy
 Definition
the overall manner in which a firm competes relative to its rivals
Term
Corporate entrepreneurship
 Definition
"Behaviour orientation exhibited by established firms with an entrepreneurial emphasis that is proactive, innovative, and risk taking"
Term
Corporate venture capital
 Definition
"A type of capital similar to traditional venture capital, except that the money comes from corporations that invest in new ventures related to their areas of interest"
Term
Due diligence
 Definition
The process of investigating the merits of a potential venture and verifying the key claims made in the business plan
Term
Economies of scale
 Definition
A phenomenon that occurs when mass-producing a product results in lower average costs
Term
Elevator pitch
 Definition
"A brief, carefully constructed statement that outlines the merits of a business opportunity"
Term
First-mover advantage
 Definition
"A sometimes significant advantage, created by the opportunity to establish brand recognition and/or market power, gained by the first company to produce a product or service or the first company to move into a market"
Term
Focus group
 Definition
A gathering of five to ten people who have been selected based on their common characteristics relative to the issue being discussed; conducted to generate ideas that might represent product or business opportunities
Term
Franchise agreement
 Definition
"The document that consummates the sale of a franchise, which typically contains two sections: 1) the purchase agreement and 2) the franchise or license agreement"
Term
Franchisee
 Definition
An individual or firm that enters into a franchise agreement and pays an initial fee and an ongoing royalty to a franchisor in exchange for using the franchisor's trademark and method of doing business.
Term
Franchising
 Definition
A form of business organization in which a firm that already has a successful product or service (franchisor) licenses its trademark and method of doing businesses to other businesses (franchisees) in exchange for an initial franchise fee and an ongoing royalty
Term
Franchisor
 Definition
A firm with a successful product or service that enters into a franchising agreement to license its trademark and method of doing business to other businesses in exchange for fee and royalty payments
Term
Idea
 Definition
"A thought, impression, or notion"
Term
Initial public offering (IPO)
 Definition
The first sale of a company's stock to the public and an important milestone for a firm for four reasons: it is a way to raise equity capital; it raises a firm's public profile; it is a liquidity event; and it creates another form of currency (company stock) that can be used to grow the company
Term
Innovation
 Definition
"The process of creating something new, which is central to the entrepreneurial process"
Term
Intellectual property
 Definition
"Any product of human intellect, imagination, creativity, or inventiveness, that is intangible but has value in the marketplace and can be protected through tools such as patents, trademarks, copyrights, and trade secrets"
Term
Licensee
 Definition
A company that purchases the right to use another company's intellectual property
Term
Licensing
 Definition
The granting of permission by one company to another company to use a specific form of its intellectual property under clearly defined conditions
Term
Licensor
 Definition
the company that owns the intellectual property in a licensing agreement
Term
Non-compete agreement
 Definition
An agreement that prevents an individual from competing against a former employer for a specific period of time
Term
Nondisclosure agreement
 Definition
A promise made by an employee or another party (such as a supplier) to not disclose a company's trade secrets
Term
Opportunity
 Definition
"A favourable set of new circumstances that creates a need for a new product, service, or business"
Term
Opportunity recognition
 Definition
The process of perceiving the possibility of a profitable new business or a new product or service
Term
Organic growth
 Definition
Internally generated growth within a firm that does not rely on outside intervention
Term
Organizational feasibility analysis
 Definition
"A study conducted to determine whether a proposed business has sufficient management expertise, organizational competence, and resources to be successful"
Term
Sustainable competitive advantage
 Definition
A competitive advantage that is sustainable normally as the result of the unique combination of core competencies and strategic assets that a form possesses
Term
Venture Capital
 Definition
The money that is invested by venture capital firms in start-ups and small businesses with exceptional growth potential
Term
Value chain
 Definition
"the string of activities that moves a product from the raw material stage, through manufacturing and distribution, and ultimately to the end user"
Term
Window of opportunity
 Definition
The time period in which a form or an entrepreneur can realistically enter a new market
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