Entr 200 Purdue

Question: business model

Answer: a company's plan for how it competes, uses its resources, structures its relationships, interfaces with customers, and creates value to sustain itself on the basis of the profits it generates

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Question: business plan

Answer: a written document describing all the aspects of a business venture, which is usually necessary to raise money and attract high quality business partners

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Question: corporate entrepreneurship

Answer: behavioral orientation exhibited by established firms with an entrepreneurial emphasis that is proactive, innovative, and risk taking

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Question: creative destruction

Answer: 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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Question: entrepreneurial firms

Answer: companies that bring new products and services to market by creating and seizing opportunities

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Question: entrepreneurial intensity

Answer: the position of a firm on a conceptual continuum that ranges from highly conservative to highly entrepreneurial

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Question: entrepreneurship

Answer: the process by which individuals pursue opportunities without regard to resources they currently control

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Question: execution intelligence

Answer: the ability to fashion a solid business idea into a viable business; it is a key characteristic of successful entrepreneurs

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Question: innovation

Answer: the process of creating something new, which is central to the entrepreneurial process

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Question: lifestyle firms

Answer: businesses that provide their owners the opportunity to pursue a particular lifestyle and earn a living while doing so (e.g., ski instructors, golf pros, and tour guides)

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Question: moderate risk takers

Answer: entrepreneurs who are often characterized as willing to assume a moderate amount of risk in business, being neither overly conservative nor likely to gamble

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Question: passion for their business

Answer: an entrepreneur's belief that his or her business will positively influence people's lives; one of the characteristics of successful entrepreneurs

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Question: product/customer focus

Answer: a defining characteristic of successful entrepreneurs that emphasizes producing good products with the capability to satisfy customers

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Question: salary-substitute firms

Answer: 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 (e.g., dry cleaners, convenience stores, restaurants, accounting firms, retail stores, and hairstyling salons)

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Question: triggering event

Answer: the event that prompts an individual to become an entrepreneur (e.g., losing a job, inheriting money, accommodating a certain lifestyle)

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Question: value

Answer: relative worth, importance, or utility

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