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19 Cards in this Set
- Front
- Back
Competencies
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forms of business-related expertise
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Key business functions
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activities common to all businesses such as sales, operations, accounting, finance, and human resources
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Industry-specific knowledge
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activities, knowledge, and skills specific to businesses in a particular industry
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Resource Competencies
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the ability or skill of the entrepreneur at finding expendable components necessary to the operation of the business such as time, information, location, financing, raw materials, and expertise
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Determination Competencies
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skills identified with the energy and focus needed to bring a business into existence
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Opportunity Competencies
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skills necessary to identify and exploit elements of the business environment that can lead to a profitable and sustainable business
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Professionalization
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the extent to which a firm meets or exceeds the standard business practices for its industry
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Standard business practice
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a business action that has been widely adopted within an industry or occupation
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Expert business professionalization
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a situation that occurs when all the major functions of a firm are conducted according to the standard business practices of its industry
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Specialized business professionalization
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a situation that occurs when businesses have founders or owners who are passionate about one or two of the key business functions, such as sales, operations, accounting, finance, or human resources
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Minimalized business professionalization
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a situation that occurs when the entrepreneur does nearly everything in the simplest way possible
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Career
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a lifelong series of jobs or occupations
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Family business
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a firm in which one family owns a majority stake and is involved in the daily management of the business
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Role Conflict
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the kind of problem that arises when people have multiple responsibilities, such as parent and boss, and the different responsibilities make different demands of them
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Time management
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the organizing process to help make the most efficient use of the day
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Succession
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the process of intergenerational transfer of a business
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Set-asides
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government contracting funds which are earmarked for particular kinds of firms, such as small businesses, minority-owned firms, women-owned firms, and the like
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Certification
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an examination based acknowledgment that the firm is owned and operated as specified
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Late career entrepreneurs (second career entrepreneurs)
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people who begin their businesses after having retired or resigned from work in corporations at age 50 or later
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