Business/Entrepreneur Flashcards | Quizlet A tangible item that exists in nature or is made by people. Intangible work that provides time, skills, or expertise in exchange for money. They do not own businesses, they work for others who do. A person who assumes the risks of organizing and managing […]
Business/Entrepreneur Flashcards | Quizlet
A tangible item that exists in nature or is made by people.
Intangible work that provides time, skills, or expertise in exchange for money.
They do not own businesses, they work for others who do.
A person who assumes the risks of organizing and managing a business for the sake of potential rewards.
Ability of a thing to maintain itself or recover its potentialities
The system created by making business decisions.
The study of how different groups answer the business questions.
Free Enterprise System (a.k.a. capitalism)
Economic system in which businesses are privately owned and operate relatively free of government interference.
Money or property owned or used in business.
Voluntary Exchange (trade)
A transaction between two parties who agree to trade.
Involuntary Exchange (robbery)
Opposite of volunary exchange such as robbery.
Small Business (gov’t definition)
Defined by the U.S. Small Business Administration’s Office of Advocacy as one having fewer than 500 employees and selling less than $5 million worth of products or services in a year.
Name for entrepreneurship.
Fixed amount of money paid to an employee at regular intervals.
Fixed payment per hour for work performed.
Each stockholder’s portion of the profit-per-share paid out by a corporation.
A percentage of a sale paid to a salesperson or employee.
Measured by the ability to have an impact on the population rhey serve. Working to provide a lifestyle that permits a shortened work week or telecommuting. Recognition from peers. Measures of achievememt.
A decision-making process in which the costs of taking an action are compared to the benefits.
The value of what must be given up in order to obtain something else.
Industry-specific knowledge and enterprise, broad general business experience, or both.
Crucial counsel and connections. Meet once or twice a year to listen to plans, share experiences and help avoid mistakes.
A for-profit enterprise that has the dual goals goals of achieving profitability and attaining social returns.
A subset or segment of social entrepreneurship wherein financial and human capital are invested in not-for-profits by individuals and for-profit entreprises with the intention of generating social rather than financial returns on their investments.
Enterprise activities that avoid harm to the environment or help to protect it in some way.
How to Evaluate an Idea – SWOT analysis
Strengths, weaknesses, opoortunities, and threats.
Opportunity is Situational
It is dependent on variable circumstances.
Internal vs. External Opportunity
Internal is one that comes from inside you – personal hobby, interest, or passion. External is generated by a noticeable outside circumstance.
A plan for how an organization or individual plans to perform and outdo competitors.
Bases its competitive advantage on its ability to differntiate the firm’s products and/or services from others in its competitive market space.
Find ways to reduce the costs of operations and management sufficiently to be able to undercut the prices of your competition and sustain a price advantage.
A business that markets a product or service developed by a franchisor, typically in the manner specified by that franchisor.
The exercise of reasonable care in the evaluation of a business opportunity.
The unauthorized use or reproduction of another’s work.
A company that achieves an annual growth rate of 20 percent or greater, typically measured by the increase of sales revenue.
A firm with five or fewer employees, initial capitalization requirements of under $35,000, and the consistent operational involvement of the owner.
A microenterprise that permits its owners to follow a desired pattern of living, such as supporting college costs or taking vacations.
Amount of money remaining from the revenue of a business after all costs are deducted.
The act of giving up one thing for another.
5 advantages of entrepreneurship
Control over time. Fulfillment. Creation/ownership. Control over compensation. Control over working coditions.
5 risks of entrepreneurship
Costs. Business failure. Obstacles. Long hours/hard work. Strain on personal relationships.
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