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| Small Business Administration |
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Definition
part of the U.S. government which provides support and advocacy for small businesses
Run statistics and help small business owners |
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| firms with exceptionally high innovativeness and growth rates, making them candidates for possible venture capital funding |
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| High Growth Venture Attributes; |
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Start small but intend to grow rapidly
Other peoples funding
Need to know how to dominate the market and grow |
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| Dynamic capitalism typology |
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| model of an economy categorizing businesses based on their innovativeness and growth rate |
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| Myths about Small Businesses |
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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 |
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for four types of entrepreneurship
Public, Independent, Corporate, Social (vertical)Creation, Customer, Efficiency, Innovation (horizontal) |
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| 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 |
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| Innovation Driven Economics |
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| 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 |
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| Virtual Instant Global Entrepreneurship |
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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 |
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| Small Business Development Center |
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| offices co sponsored by states and the federal government that offer free or low cost help to existing and potential small businesses |
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| BRIE Model-4 elements to start a business |
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| Boundary Resources Intention Exchange |
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| 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 |
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| selling brand name merchandise or services |
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| having well-known or well-regarded owners, employees, supporters or spokespeople |
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| Dependable Organizational Citizens |
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| extent to which an individuals voluntary support and behavior contributes to the organizations success |
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| 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 |
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| an ethical model that suggests that there is a code of right and wrong that everyone can see and follow |
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| an ethical model that supports seeking the greatest good for the greatest number of people |
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| selling your product or service in a limited area for a limited time |
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| 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 |
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| Intellectual Property Protection |
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| property coming from some sort of original thought for example patents, trade secrets, trademarks and copyrights Amounts and Schedules for Returns-????? |
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| When do you create a business plan |
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| designed to tell the major characteristics of a firm |
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| a paragraph that describes the firms goals and competitive advantage |
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| a very simple 5-10 word sentence or tagline that expresses the fundamental idea or goal of the firm |
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| Factors in Elevator Speech |
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| 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 |
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| Part time self employment |
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Definition
| working for yourself for fewer then 35 hours per week |
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| Full time self employment |
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| working more then 35 hours a week for yourself |
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| largest US industry with 17% market share |
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| an internet web site designed to introduce and explain a business to others |
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| a web page in which entries are posted in reverse chronological order |
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| a 140 character or less message sent using Twitter |
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| using low cost or free techniques to minimize your cost of doing business |
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| contracting with people or companies outside your business to do work for your business |
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| documented permission from the government to run your business |
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| Disadvantages of a start up |
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| No initial name recognition Require time to become established Difficult to finance Cannot easily regain revolving credit May not have experienced managers and staff |
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| - 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 |
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| Single greatest hurdle to a successful start-up |
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| interacting with others in order to build relationships useful to a business |
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| ratio of value of a firm to its annual earnings |
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| results when someone acquires only a part of the ownership of an existing business, anything less than 100 percent |
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| - restricted to businesses that have a formal legal form of organization, accomplished through buying the entire entity |
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| How do you determine the value of a franchise |
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| franchise value refers to the popularity of a particular brand or product with consumers. ???????? |
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| what is the top goal of a small business |
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| The Small Business Administration categorizes a business in the United States as small if it has fewer than 100 employees. |
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| According to the text the three universally mentioned rewards for small business owners are income, fame, and notoriety |
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| A 2009 Business Week report stated that seven of the ten largest companies in the 2009 Fortune 500 were started in recessions. |
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| The BRIE (boundary- resources-intention-exchange) model is a proven way to think about the activities involved in starting a new business |
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| 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. |
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| A/an _________________ is a facility which offers subsidized space and business advice to companies in their early stages of operation. |
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| Throughout this text the terms small business owner, entrepreneur, and self-employed are |
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| The most numerous and widely available type of firm is in the _____________. |
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| 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 |
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| help yourself learn in your business |
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| Newly created goods, services, or firms can hurt existing goods, services or firms through ______________. |
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| 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. |
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| Virtual instant global entrepreneurship (VIGE) |
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| is a process that uses the internet to quickly create businesses with a worldwide reach |
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| is a form of entrepreneurship that involves revitalizing government agencies |
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| the degree of attention your target market pays to your idea or organization |
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| Full-time self-employment involves working for yourself more than 35 hours a week. |
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| Zoning laws and covenants are specifications and restrictions that impose limitations on the usage of your land and buildings |
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| Products like music and cell phones that we buy as individuals is a form of e-commerce called B2B |
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| Network marketing is an approach to selling through a system of networked computers |
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| Delegation is contracting with people or companies outside your business to do work for your business. |
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| Permission from a government organization to act differently than the state laws is called _____________________________. |
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| Of the twenty questions to ask yourself before planning your home office, what is number one? |
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| Do you want clients or visitors traipsing through your home to get to your office? |
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| _______________ marketing is the use of several methods to reach your customers |
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| Two core methods of getting started for part-time entrepreneurs are _________________________. |
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| home-based business and the internet |
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| ________________retailing is one of the most ancient forms of small business |
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| A disadvantage of the consignment approach is ______________________. |
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| lower profitability because of agent's fees. |
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| The key device for managing time is ___________________. |
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| Documented permission from the government to run your business is called _____________________. |
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| It is important to price your goods and services so a profit is likely. People working part-time are prone to ___________________ their costs. |
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| Using low-cost or free techniques to minimize your cost of doing business is called____________________. |
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| A firm whose product or service is established elsewhere, but is new to this market is______________. |
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| Business plans designed to be used internally for management purposes are called _______________________ plans |
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| There are ____________ slides in a classic business plan presentation |
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| 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 ___________________. |
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| The _____________________ is what makes your product or service unique. |
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| Another term for research and development is___________________. |
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| Business plans do not need to be focused to the reader; all situations are the same and one plan will fit every situation. |
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| A business plan presentation usually lasts 1 - 2 hours with no time at the end for questions. |
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| Creating a business plan is the best way to build external legitimacy for your firm |
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| The company description does not include which of the following? |
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| The ____________________ is a very simple 5-10 word sentence |
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| 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. |
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| The mission statement is a memorable catchphrase that captures the key idea of a business, its service product or customer |
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| A screening plan gives the basic overview of the firm and a detailed look at what? |
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| The elevator pitch ideally should last ___________ and be a ___________word action-oriented description designed to sell the idea of the business |
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| Using low-cost or free techniques to minimize your cost of doing business is called bootstrapping |
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| Organizational culture is a set of shared beliefs or basic assumptions that demonstrate how things get done |
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| Social capital refers to funds the business can obtain from the government |
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| 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 |
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| The billboard principle asks "would I be comfortable having my decision and name posted on a billboard for all to see?" |
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| The internal environment consists of |
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| the owners, employees, and any other owners or board members of the company. |
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| 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 ________________________. |
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| Which of the following is not one of the three classes of ethical standards found in research on existing codes of ethics |
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| ethical actions are at the discretion of the owner |
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| What is the most common form of help that entrepreneurs seek from their social network? |
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| What best practice should be used when utilizing online social networking sites? |
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| make it easy for people to contact you. |
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| The first step in handling a crisis is ______________________. |
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| admit you're in trouble quickly. |
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| Positive outcomes that result along the lines of sustainable entrepreneurship are called ____________. |
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| Caveat emptor _____________ means |
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| ethical model that suggests that there is a code of right and wrong that everyone can see and follow |
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| BATNA is an acronym for _______________ |
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| Best Alternative To a Negotiated Settlement. |
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| Start-ups are always deliberate, well planned, and financed |
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| An asset is a legal debt or obligation. |
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| Starting a business in a business incubator has been shown to be one effective road to success. |
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| The difficulty of determining what a small is worth is an advantage of purchasing an existing business. |
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| The point of indifference is where the buyer is indifferent about buying or not buying the business. |
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| _________________ is a disadvantage of a start-up. |
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| The ease of obtaining revolving credit |
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| the process of investigating a business to determine its value. |
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| assets such as patents, trademarks, accounts receivables, and licenses |
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| are rules of thumb that can be used to estimate value in relation to some easily observable characteristic of the business |
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| are restricted to businesses that have a formal legal form of organization |
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| The basic forms of franchising are |
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| trade name, product distribution, conversion, and business format |
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| Which type of franchise requires opening multiple stores within a specified area |
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| provide the advantage of coming with a complete business system |
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| Two key documents you always receive from a franchisor are |
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| the uniform franchise offering circular and the franchise agreement. |
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| disadvantages of buying a franchise |
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| little control of business marketing and operations and success determined to a large extent by the success of the franchisor |
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| top 12 indicates of start up success |
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| 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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