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Related Flashcards
Related Topics
Cards In This Set
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Creative distruction
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The process by which new products and technologies developed by entrepreneurs over time make current products and technologies obsolete; stimulus of economic activity
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Salary substitute firm
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Small firms that yield a level of income for their owner or owners that is similar to what they would earn when working for an employer. (vast majority fit of small businesses)
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Lifestyle Firm
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Provide their owner or owners the opportunity to pursue a particular lifestyle and earn a living while doing so. (hobbies, pastimes)
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Entrepreneurial Firms (growth)
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Bring new products and services to market. (google, apple)
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Innovation
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The process of creating something new, which is central to the entrepreneurial process
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Triggering Event
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Prompts an individual to become an entrepreneur.
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Opportunity gap
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A favorable set of circumstances that creates a need for a new product, service, or business
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Window of opportunity
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The time period in which a firm or an entrepreneur can realistically enter a new market
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Creativity
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The process of generating a novel or useful idea.
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Brainstorming
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A technique used to quickly generate a large number of ideas and solutions to problems; conducted to generate ideas that might represent product or business opportunities
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Corridor principle
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Once an entrepreneur starts a firm, and becomes immersed in the industry, "corridors" leading to new venture opportunities become more apparent to the entrepreneur than to someone looking in from the outside
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Strong tie relationships
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Relationships characterized by frequent interaction that form between like-minded individuals such as coworkers, friends, and spouses; these relationships tend to reinforce insights and ideas the individuals already have and , therefore, are not likely to introduce new ideas.
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Weak tie relationships
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Relationships characterized by infrequent interaction that form between casual acquaintances who do not have a lot in common and therefore, may be the source of completely new ideas.
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Opportunity recognition
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The process of perceiving the possibility of a profitable new business or new product or service
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Entrepreneurial alertness
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The ability to notice things without engaging in deliberate search.
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