FME Chapters 1.1-1.3 Reading Quizlet

Startup

A temporary creation of a business in search of a business model

Serial Entrepreneurs

These people start businesses consecutively

Effectuation

The future is unpredictable though it can be controlled through human action

Effectuation Theory

The thinking processes of Entrepreneurs that focus on creating new ventures because of effectuation

Evidence-Based Entrepreneurship

These people collect and test data to validate a potential business opportunity

Corporate Entrepreneurship

This type of entrepreneurship focuses on creating products, ventures, and processes for consumers.

Corporate Venturing

This allows big companies to support startup through investing money

Intrapreneurs

This subset allows employees to think and act inside of different organizations

Franchising

This type of work distributes products/services to the franchisor and the franchisee

Franchisor

The Owner of the Company

Franchisee

Operator Using the Company’s Name

Royalties

A term that shares a portion of revenues that is paid from the franchisee to the franchisor

Social Entrepreneurship

The identification of social/environmental conflicts to achieve sustainable solutions

Sustainable Development Goals (SDG’s)

Goals made by the United Nations to aid the world

Benefit Corporation (B Corp)

This type of corporation focuses on the standards of social/environmental performance of the company

Family Enterprise

A business that is owned by either one or more family members.

Managerial Thinking

• - Used on a Process Approach (Linear view)

• - Goals are pre-determined

Entrepreneurship Thinking

• - Used in a Method View (Unpredictability)

• - Goals are Unpredictable