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| independent business with fewer than 500 employees, not dominant in its market. |
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| legal organization with assets and liabilities separate from those of its owner(s). |
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| agreement in which two or more firms combine to form one company. |
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| agreement in which one firm purchases another. |
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| merger that joins firms in the same industry for the purpose of diversification, increasing customer bases, cutting costs, or expanding product lines. |
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| Collective (Cooperative) Ownership |
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| collective ownership establishes an organization referred to as a cooperative (or CO-OP) who's owners joined forces to operate all or part of the activities in their industry. |
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| merger that combines firms operating at different levels in the production and marketing process. |
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| local programs designed to provide low-cost shared business facilities to small start-up ventures. |
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| written document that provides an orderly statement of a company’s goals, methods, and standards. |
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| shares that give owners limited voting rights, and the right to receive dividends or assets before owners of common stock. |
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| contractual business arrangement between a manufacturer or other supplier, and a dealer such as a restaurant operator or retailer. |
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| growth to a global or worldwide scale |
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| business organizations or groups of individuals that invest in early-stage, high-potential growth companies. |
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| borrowed funds that entrepreneurs must repay |
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| the study or use of systems (esp. computers and telecommunications) for storing, retrieving, and sending information. (Helps Entrepreneurs) |
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| person who recognizes societal problems and uses business principles to develop innovative solutions. |
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| person who identifies a business opportunity and allocates available resources to tap that market. |
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| a rural area or an area that has experienced an unemployment rate of at least 150 percent of the national average. |
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| project initiated by an employee who conceives an idea, convinces top management of its potential, and then recruits human and other resources from within the company to turn the idea into a commercial project. |
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| process of promoting innovation within the structure of an existing organization. |
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| Internal Locus of Control |
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| believe that they control their own destinies. |
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| organization’s system of principles, beliefs, and values. |
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| managerial process of assigning work to employees. |
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| SWOT is an acronym for strengths, weaknesses, opportunities, and threats. By systematically evaluating all four of these factors, a firm can then develop the best strategies for gaining a competitive advantage. |
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| plans that allow a firm to resume operations as quickly and as smoothly as possible after a crisis while openly communicating with the public about what happened. |
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| management approach whereby leaders make decisions on their own without consulting employees. |
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| written explanation of an organization’s business intentions and aims. |
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| Competitive Differentiation |
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| unique combination of organizational abilities, products, and approaches that sets a company apart from competitors in the minds of customers. |
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| job design that expands an employee’s responsibilities by increasing the number and variety of tasks assigned to the worker. |
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| 360-degree Performance Review |
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| employee performance review that gathers feedback from co-workers, supervisors, managers, and sometimes customers. |
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| assumption that employees enjoy work and seek social, esteem, and self-actualization fulfillment. |
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| process of reducing the number of employees within a firm by eliminating jobs. |
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| transferring jobs from inside a firm to outside the firm. |
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| employment that allows personnel to adjust their working hours and places of work to accommodate their personal needs. |
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| retirement savings plans to which employees can make pretax contributions. |
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| Human Resource Management |
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| function of attracting, developing, and retaining employees who can perform the activities necessary to accomplish organizational objectives. |
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| evaluation of and feedback on an employee’s job performance. |
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| broad term covering the loss of an employee for any reason, voluntary or involuntary. |
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| "Advantages" of Franchising |
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| Rapid Expansion, Market Dominance, and Franchising puts a "business owner" in charge. |
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| Excepts risks, reaps rewards. |
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| person who starts one business, runs it, and then starts and runs additional businesses in succession. |
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| ability to see the organization as a unified whole and to understand how each part interacts with others. |
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| Controlling, Directing, Planning |
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| function of evaluating an organization’s performance against its objectives. |
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| implementing the activities specified by strategic plans. |
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| Maslow’s Hierarchy of Needs |
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Definition
| theory of motivation proposed by Abraham Maslow. According to the theory, people have five levels of needs that they seek to satisfy: physiological, safety, social, esteem, and self-actualization. |
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| “Maori War Dance” by New Zealand All Blacks Rugby Team |
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