Small business management chapter 3 – Flashcards
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Opportunity recognition
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Identification of potential new products or services that may lead to promising businesses
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Entrepreneurial alertness
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Readiness to act on existing but unnoticed business opportunities
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Start ups
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New business ventures created from scratch
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Newmarket ideas
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Start of ideas centered around providing customers with an existing product or service not available in their market
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New technology ideas
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Start up ideas involving you are relatively new technology centered around providing customers with a new product or service
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Pivot
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To refocus or re-create a start up if the initial concept turns out to be flawed
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New benefit ideas
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Start up ideas centered around providing customers with new or improved products or services or better ways of performing old functions
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Serendipity
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A facility for making desirable discoveries by accident
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General environment
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The broad environment encompassing factors that influence most businesses in a society
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Industry environment
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The environment that includes factors that directly impact a given firm and all its competitors
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Competitive environment
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The environment that focuses on the strength position in likely moves and countermoves of competitors in an industry
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Resources
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The basic inputs that an entrepreneur can use to start and or operate a business
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Tangible resources
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Those organizational resources that are visible and easy to measure
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Intangible resources
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Those organizational resources that are invisible and difficult to assess
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Capabilities
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A company routines and processes that coordinate the use of it's productive assets in order to achieve desired outcomes
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Core compentecies
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Those capabilities that distinguish a firm competitively and reflect its focus and personality
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Competitive advantage
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A benefit that exists when a firm has a product or service that is seen by its target market as better than that of the competitors
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SWOT Analysis
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And assessment that provides a concise overview of a firms to Strategic situation
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Strategy
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A plan of action that coordinates the resources and commitments of an Organization to achieve superior performance
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Cost-based strategy
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A plan of action that requires a firm to hold down its cost so that it can compete by charging lower prices and still make a profit
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Differentiation-based strategy
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A plan of action designed to provide a product or service with unique attributes that are valued by consumers
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Focus strategy
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A plan of action that isolates in enterprise from competitors and other market forces by targeting a restricted market segment i
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Paradox of attraction
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The self-contradictory idea that an attractive market opportunity is likely to drop multiple competitors there by diminishing it's attractiveness
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Feasibility analysis
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A preliminary assessment of a business idea that gauges whether the venture inVision is likely to succeed
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Fatal flaw
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A circumstance or development that alone could render a new business unsuccessful
