ENTR: Chapter 1 key terms

better widget strategies

Innovation that encompasses new or existing markets.

corridor principle

States that with every venture launched, new and unintended opportunities arise.

displacement school of thought

A school of entrepreneurial thought that focuses on group phenomena such as the political, cultural, and economic environments.

dynamic states model

A network of relationships and systems that convert opportunity tension into value for a venture's customers, generating new resources that maintain the dynamic state.

entrepreneur

An individual who takes calculated risks and applies energy and passion toward the creation and implementation of new ideas and creative solutions, with the vision to recognize opportunity where others see chaos, contradiction, and confusion.

entrepreneurial discipline

The principle that entrepreneurship is based upon the same fundamentals whether the entrepreneur is an existing large institution or an individual starting a new venture singlehanded.

entrepreneurial leadership

An entrepreneur's ability to anticipate, envision, maintain flexibility, think strategically, and work with others to initiate changes that will create a viable future for the organization.

Entrepreneurial Revolution

The tremendous increase in entrepreneurial business and entrepreneurial thinking that has developed during the last 20 years, expected to be as powerful to the twenty-first century as the Industrial Revolution was to the twentieth century.

entrepreneurial trait school of thought

A school of entrepreneurial thought that focuses on identifying traits that appear common to successful entrepreneurs.

entrepreneurship

A dynamic process of vision, change, and creation requiring an application of energy and passion toward the creation and implementation of new ideas and creative solutions, including the willingness to take calculated risks and the vision to recognize opportunity where others see chaos.

environmental school of thought

A school of entrepreneurial thought that focuses on the external factors and forces—values, mores, and institutions—that surround a potential entrepreneur's lifestyle.

external locus of control

A point of view in which external processes are sometimes beyond the control of the individual entrepreneur.

financial/capital school of thought

A school of entrepreneurial thought that focuses on the ways entrepreneurs seek seed capital and growth funds.

framework of frameworks

Allows for entrepreneurship theory to move forward by identifying the static and dynamic elements of new theories, typologies, or frameworks.

gazelle

A business establishment with at least 20 percent sales growth every year, starting with a base of at least $100,000.

great chef strategies

The skills or special talents of one or more individuals around whom a venture is built.

internal locus of control

The viewpoint in which the potential entrepreneur has the ability or control to direct or adjust the outcome of each major influence.

macro view of entrepreneurship

A broad array of factors that relate to success or failure in contemporary entrepreneurial ventures.

micro view of entrepreneurship

Examines the factors specific to entrepreneurship and part of the internal locus of control.

mountain gap strategies

Identifying major market segments as well as interstice (in-between) markets that arise from larger markets.

strategic formulation school of thought

A school of entrepreneurial thought that focuses on the planning process used in successful venture formulation.

venture opportunity school of thought

A school of entrepreneurial thought that focuses on the search for idea sources, on concept development, and on implementation of venture opportunities.

water well strategies

The ability to gather or harness special resources (land, labor, capital, raw materials) over the long term.