Entrepreneurship and Small Business Management

Vocabulary terms and definitions covering competitive analysis, legal structures, intellectual property, regulatory compliance, compensation, and human resources from the lecture notes.

Competitive Map

An analytical tool used to organize information about direct competitors, providing insights into positioning, pricing, and facility layout.

Fragmented Markets

Markets characterized by having no clear dominant competitors.

Benchmarking

The practice of researching industry pioneers and leaders to learn about their operational processes and adopt new policies to improve performance.

Substitute

A product or service that performs a similar function, which can assist in forming a ceiling on the price that can be charged.

Inelastic Demand

A market condition where demand does not significantly change in response to price variations, such as the demand for cancer medicine.

Unusual or Unique Competitive Factor

Areas of a business that are unique or unusual compared to the standard practices of the industry.

Patent

A legal claim of intellectual property that covers a specific innovation.

Board of Advisors

A group assisting small business owners that should possess both insight and experience.

Corporation

A form of business design that provides limited liability, ensuring founders lose only their investment in the business rather than their life's savings if the company suffers losses.

Small Business Assistance Center

A resource run by the Small Business Administration that provides essential information regarding the rules and regulations with which a business must comply.

Trademark

A form of intellectual property protection that can be applied to the name of a firm, a symbol representing a firm, or the names of a firm's products.

Americans with Disabilities Act

Legislation requiring that there be no discrimination in the hiring, management, or dismissal of employees with disabilities, as well as providing accessibility for people with physical disabilities.

Hybrid Compensation System

A pay structure where a small business owner provides a commission in addition to a basic salary.

OSHA

Occupational Safety and Health Administration.

Workers' Compensation

Compensation awarded to a qualifying employee regardless of owner fault for medical bills and partial wage replacement, which prevents the employee from suing the entrepreneur for unsafe working conditions.

Commission

A compensation method in which an individual is paid a percentage of sales.

Human Resources

The quantity and quality of human effort directed toward producing goods and services.

Fair Labor Standards Act

Federal legislation that established a minimum wage for workers.