Creative destruction: the way that newly created goods, services or firms can hurt existing goods, services or firms.
Crowdfunding: funding a business online through the collective involvement of others to provide donations, loans or investments.
Crowdsourcing: techniques often based on Internet-based services to get opinions or ideas through the collective involvement of others.
CSI entrepreneurship: acronym to the three focuses of entrepreneurship - corporate, social and independent.
Drop-shipping: a business in which you sell items in person or online, but hold no inventory. You refer sales to a third-party who handles the shipping, and very often the financial transaction, in your name.
E-Commerce: the general term for business conducted on the Internet.
Effectuation: an approach used to create alternatives in uncertain environments.
Efficiency-driven economy: A nation where industrialization is becoming the major force providing jobs, revenues, and taxes, and where minimizing costs while maximizing productivity (i.e., efficiency) is a major goal.
Entrepreneur: a person who owns or starts an organization, such as a business.
Exporting: taking products or services made in your home country and selling them in other countries.
Factor-driven economy: nations with little manufacturing and largely farming and raw material extracting industries.
Firm: an organization that sells or trades with others.
Forms of entrepreneurship: the settings in which the entrepreneurial effort takes place.
Founders: people who create or start new businesses.
Franchise: a prepackaged business bought, rented, or leased from a company called a franchisor.
Good or services: the tangible things (goods) or intangible commodities (services) created for sale.
Heir: a person who becomes an owner through inheriting or being given a stake in the family business.
High-growth venture: a firm started with the intent of eventually going public, following the pattern of growth and operations of a big business.
High-performing small business: a firm intended to provide the owner with a high income through sales or profits superior to those of the traditional small business.
Imitative: characterized by being like or copying something that already exists.
Importing: buying products or services from a place not your home country, and selling them in your home country.
Independent entrepreneurship: the form of entrepreneurship in which a person or group own a for-profit business.
Independent small business: a business owned by an individual or small group.
Innovation-driven economies: a nation where the major forces for jobs, revenues, and taxes come from high-value added production based on new ideas and technologies and from professional services based on higher education.
Innovativeness: refers to how important a role new ideas products, services, processes or markets play in an organization.
Lifestyle or part time business: a small business primarily intended to provide partial or subsistence financial support for the existing lifestyle of the owner, most often through operations that fit the owner’s schedule and way of working.
Main street businesses: a popular term for small businesses reflecting the idea that these are the kinds of firms you would expect to find on the main street of a typical American city, and are the opposite of big businesses or “Wall street” businesses.
Necessity-driven entrepreneurship: creating a firm as an alternative to unemployment.
Novelty: characterized by being different or new.
Occupation: the type of activity a person does regularly for pay.
Opportunity-driven entrepreneurship: creating a firm to improve one’s income or provide a product or service.
Owner-managed firms: a business run by the individual who owns it.
Overall growth strategy: one of four general ways to position a business based on the rate and level of growth entrepreneurs anticipate for their firm.
P2P lending: loans made from one or more individuals to the entrepreneur, rather than through a conventional bank. This can be as simple as a loan to a friend, or formally handled through a dedicated P2P website.
Perseverance: the behavior of continued effort to achieve a goal.
Self-efficacy: a person’s belief in his or her ability to achieve a goal.
Self-employed: working for yourself.
Serial entrepreneur: a person who opens multiple businesses throughout their career.
Small and medium enterprise (SME): the international term for small businesses.
Small business: involves 1-50 people and has its owner managing the business on a day-to-day basis.