Small Business Management Chapter 1-4 Vocabulary Flashcards

Flashcards covering key terms, motivations, influences, perceptions, and personalities from Small Business Management Chapter 1-4.

Personal Fulfillment

An entrepreneurial motivation where a business provides the owner with a sense of meaning and purpose, often through creating a product or service that improves other people's lives.

Gallup study

A study that found business owners ranked highly in overall satisfaction compared with other occupational groups.

Personal Satisfaction

The enjoyment and pride that comes from the work, creating a good product, helping employees, building relationships, and earning community respect.

Independence

An entrepreneurial motivation centered on having control over decisions, work methods, schedules, and flexibility, while retaining responsibility and discipline.

Financial Rewards

An entrepreneurial motivation based on earning money through direct compensation for management time and a return on invested money through dividends or growth in business value.

Reluctant entrepreneurs

People who start or acquire a business because of financial hardship or another negative situation.

Corporate refugees

People who leave corporate jobs because they feel the environment is restrictive or oppressive.

Paradigm shift

A fundamental change in the way you see or understand a situation.

Michael Gerber

The individual who describes three personalities (Technician, Manager, Entrepreneur) that influence how people start and run businesses.

Technician Personality

A personality that focuses on doing the actual technical work of the business, thinks short-term, and often struggles with long-term planning and delegation.

Manager Personality

A personality that focuses on planning, organization, order, predictability, budgeting, accounting, and preparing the business for growth.

Entrepreneur Personality

The visionary personality who focuses on the future of the company, sees the business as a system that produces results, and turns ideas into opportunities.

Mentors

Personal and business advisors who share experience, provide practical advice, offer encouragement, and help new entrepreneurs avoid mistakes.