1. The Entrepreneurial Life

attractive small firm

A small firm that provides substantial profits to its owner.

bootstrap

Doing more with less in terms of resources invested in a business, and, where possible, controlling the resources without owning them.

corporate refugee

A person who becomes an entrepreneur to escape an undesirable job situation.

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 their efforts.

entrepreneur personality

A personality that focuses on the opportunity and providing results for the customer.

entrepreneurial legacy

Material assets and intangible qualities passed on to both heirs and society

entrepreneurial team

Two or more people who work together as entrepreneurs on one endeavor

entrepreneurship

The relentless pursuit of an opportunity without regard to owning all the resources needed to capture the opportunity.

franchisee

An entrepreneur whose power is limited by a contractual relationship with a franchising organization

high-potential venture (gazelle)

A small firm that has great prospects for growth.

intrapreneurship

An employee within an existing corporation who assumes responsibility for taking a new idea and converting it into a profitable product, service, or process.

lifestyle business

A microbusiness that permits the owner to follow a desired pattern of living.

manager personality

A personality that is pragmatic and likes order and planning operations.

microbusiness

A small firm that provides minimal profits to its owner.

niche market

A specific group of customers with an identifiable but narrow range of product or service interests.

paradigm shift

A change in how we fundamentally see a situation.

reluctant entrepreneur

A person who becomes an entrepreneur because of some severe hardship.

small business

A business with growth potential that is small compared to large companies in an industry, has geographically localized operations, is financed by only a few individuals, and has a small management team.

social entrepreneurship

Entrepreneurial activity with the explicit purpose of addressing a social challenge or human need

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.