Social entrepreneurship:  the form of entrepreneurship involving the creation of self-sustaining charitable and civic organizations, for-profit organizations that invest significant profits in charitable activities, or the creators of non-profit charitable or service organizations.
Social ventures:  businesses that are organized as for-profit entities but are also solving or supporting solutions to social problems.
Sustainable entrepreneurship:   an approach to operating a firm or a line of business that identifies, creates, and exploits opportunities to make a profit in a way that can minimize the depletion of natural resources, maximize the use of a recycled material, or improve the environment.
Traditional small business: a firm intended to provide a living income to the owner, and operating in a manner and on a schedule consistent with other firms in the industry and market.
Unicorn:  the most successful high growth ventures, those with a valuation of $1 billion of more.
Virtual instant global entrepreneurship (VIGE):  a process that uses the Internet to quickly create businesses with a worldwide reach.

Discussion Questions
NOTE:  some questions allow for a number of different answers.  Below are some suggestions

< >Describe the population of small businesses in America. How many firms are there and how many new firms are started each year?
Almost every year, while more than 400,000 new firms with employees are created, there can be 10 to 15 times that many new owner-only firms, so it is safe to say that there are 6 million new firms a years.Why do you think that 56% of the 15-25 years olds say they would like to start a small business, but only about 15% who expresses an interest actually do anything
The major reasons given in the text include: there is not enough financing to start a business, you need to make something (or something high-tech) in order to make money, or any of the other myths.  However, students might also give any of the following popular reasons: fear of losing everything, not sure what kind of business to start, fear there is not enough money to start or sustain a business, lack of family support, lack of time to get started, not sure they know everything they need to run the business, lack of knowledge about the product or the market, lack of locations to get started, fear of retribution if caught moonlighting, fear of giving up a consistent income to start their own business, fear of going solo, local or federal regulations.What are the differences between small businesses and high-growth ventures?
Table 1-2 in the chapter comparing small businesses and high-growth ventures gives the possible answers.  Table 1-2
Differences between Small Businesses & High-Growth Ventures
 
Small Businesses
High Growth Ventures
Preferred funding source
Owner’s own money
Other people’s money
When the firm’s in trouble
Cut costs
Sell more
What’s more important
Sales
Marketing
Personal Control Preference
Retain autonomy
Involve key others
Focus
Efficiency
Effectiveness
Meta-strategy
Imitation
Novelty
External Control Preference
Control firm
Control market
Grow
When necessary
When possible
Human Resources
Personalize
Professionalize
Acceptance
Personal Validation
External Legitimacy
What Limits Growth
Loss of Control
Market Response
Delegation Orientation
Delegation is difficult
Delegation is essential
 
< >Describe the BRIE model and how it applies to creating a firm.
BRIE stands for Boundary/Resources/Intention/Exchange. Boundary is something that makes the business something separate from the rest of the world – it sets it off as a business. Resources can be time, money, knowledge or other assets that are committed to the business. Intention is the belief or expectation that they are going to start/own/run a business. Exchange is trading your goods or services for something of value (money, other goods or services via barter) and reflects the business doing business.
BRIE describes the 4 elements you need to have in order to start a business. To get a business going and to keep it going, you need to have all four BRIE elements in the business.Why are small businesses better at innovation than large businesses?
Small businesses have less at stake than large businesses.  If a big business creates something that will cannibalize sales of existing products, it can be a bad thing overall for the organization, and might not increase the company’s profits. Small businesses can go off and work in areas without approval of others, letting them get into areas that seem less promising or “too far out.” Small businesses lack levels of approval, so new ideas can go into production or sales without having a variety of higher-ups approve of it. Often small businesses create ideas from former big business employees who offered it to their former employer, but were rejected (like Steve Wozniak, the personal computer, and his employer, HP). Small businesses are also more efficient in the R&D expenditures, getting more bang for the buck.