Small Business Management: Launching and Growing Entrepreneurial Ventures CHAPTER 1

high-potential venture (gazelle)
a small firm that has great prospects for growth
attractive small firm
a small firm that provides substantial profits to its owner
microbusiness
a small firm that provides minimal profits to its owner
lifestyle business
a microbuses that permits the owner to follow a desired pattern of living
microloans
very small loans, often provided to entrepreneurs in developing countries
small business
a business with growth potential, geographically localized operations, a small management team and a few individuals financing it
entrepreneurial opportunity
an economically attractive and timely opportunity that creates value for interested buyers or end users
entrepreneur
a person who relentlessly pursues an opportunity, in either a new or an existing business, to create value while assuming both the risk and the reward for his or her efforts
bootstrapping
doing more with less in terms of resources invested in a business, and, where possible, controlling the resources without owning them
6 entrepreneurial qualities
commitment and determination; leadership; opportunity obsession; tolerance of risk, ambiguity, and uncertainty; creativity, self-reliance, and adaptability; motivation to excel
founder
an entrepreneur who brings a new firm into existence
franchisee
an entrepreneur whose power is limited by a contractual relationship with a franchising organization
entrepreneurial team
two or more people who work together as entrepreneurs one endeavor
social entrepreneurship
entrepreneurial activity whose goal is to find innovative solutions to social needs, problems, and opportunities
mentor
a knowledgeable person who can offer guidance based on experience in a given field
reluctant entrepreneur
a person who becomes an entrepreneur as a result of some server hardship
corporate refugee
a person who becomes an entrepreneur to escape an undesirable job situation
paradigm shift
a change in how we fundamentally see a situation
technician personality
a personality that focuses on an already developed technical skill, wants to be left alone to get the job done, and is primarily concerned about the present
manager personality
a personality that is pragmatic and likes order and planning operations
entrepreneur personality
a personality that focuses on the business as a whole and providing results for the customer
4 motivations for founding a company
personal fulfillment, personal satisfaction, independence, financial rewards,
5 advantages of small businesses
customer focus, quality performance, integrity and responsibility, innovation, niche markets
niche market
a specific group of customers with an identifiable but narrow range of product or service interests
entrepreneurial legacy
material assets and intangible qualities passed on to both heirs and society