ENT ch. 1,2,3

steps of ent. identify opportunity->aquire initial resources->executing plan->harvest the value

types of ents. 2nd stage, franchisee, social (give back ie toms, bombas), intrapreneurs (work w/in the corp to create value by enhancing profitability), entrepreneurial teams

motivations for owning a business personal fulfillment, personal satisfaction, independence, financial rewards

Primary/ "big 3" stakeholders owners, customers, employees

ethical imperialism The belief that the ethical standards of one's own country can be applied universally

Ethical Relativism the belief that ethical standards are subject to local interpretation

ethical decision-making process 1.define the problem 2.identify alternative solutions to the problem 3.evaluate the identified alternatives 4.make the decision 5.implement the decision 6.evaluate the decision

pivot to refocus/recreate a startup if the initial concept turns out to be flawed

general environment The broad environment, encompassing factors that influence most businesses in a society [political/legal, sociocultural, demographic, economic, global, tech]

Industry Environment the environment that includes factors that directly impact a given firm and all of its competitors [new competitors, substitute products/services, rivalry, suppliers, buyers]

differentiation-based strategy a plan of action designed to provide a product or service with unique attributes that are valued by consumers

focus strategies a plan of action that isolates an enterprise from competitors and other market forces by targeting a restricted market segment (niche market)

paradox of attraction The self-contradictory idea that an attractive market opportunity is likely to draw multiple competitors, thereby diminishing its attractiveness

common sources of startup ideas

  • Prior work experience
  • Personal interest/hobby
  • chance happening
  • suggestion   -edu/family business   -friends/relatives   -other

inside-out analysis Catalogs the startup's sources of potential strengths and the unique competencies that can be formed from them (resources {tangible})