unit 3

Necessity-based entrepreneurs

Entrepreneurs who start businesses because other employment options do not exist.

Corporate entrepreneurship

The process of creating new products, ventures, or processes within large organizations.

Franchising

A type of license purchased by a franchisee from an existing business to allow them to trade under the name of that business.

Mompreneurs

Mothers who run their own businesses, often balancing family and entrepreneurial activities.

Entrepreneurial Personality

A set of personality traits that distinguish entrepreneurs from non-entrepreneurs, including self-confidence and high energy.

Social entrepreneurship

A unique form of ethical entrepreneurship seeking novel ways to solve pressing social problems.

Family entrepreneurship

Business owned and managed by multiple family members, often across generations.

Venture capital

Investment funds provided by groups of small investors in exchange for equity in startups with high growth potential.

Person-Job fit

The extent to which an individual's knowledge, skills, and personal characteristics align with the requirements of their work.

Debt financing

Borrowing money that must be repaid over time, typically with interest.

Equity financing

Exchanging ownership shares of a business for outside investment funds.

Angel investor

A wealthy individual who invests in startups in exchange for equity.

The Big Five Model of Personality

A framework for understanding personality traits: openness, conscientiousness, extraversion, agreeableness, and neuroticism.

Initial public offering (IPO)

The first sale of shares of a company to the public.

Crowdfunding

Financing a new venture by obtaining small amounts of money from a large number of people, typically via the internet.

LLC (Limited Liability Company)

A hybrid business structure that combines the benefits of a sole proprietorship, partnership, and corporation.

Sole Proprietorship

A business owned and operated by a single individual.

C Corporation

The most common type of corporation that offers limited liability to its owners, or stockholders.

B Corporation

A type of corporation that balances purpose and profit, focusing on social and environmental performance.

HRM (Human Resource Management)

The set of organizational activities focused on attracting, developing, and maintaining an effective workforce.

Recruitment

The process of attracting qualified job candidates to fill vacant positions.

Selection

The process of gathering and assessing candidate information to make hiring decisions.

Performance appraisals

Evaluations of employee performance, often conducted annually, to assess effectiveness and guide development.

360 Degree Feedback

A performance appraisal method where feedback is gathered from multiple sources, including peers, managers, and subordinates.