MGMT 4380 Chapter 1 Notes & Quiz - Glossary Chapter...

MGMT 4380 Chapter 1 Notes & Quiz
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Glossary Chapter 1 Better widget strategy (p.11) Innovation that encompasses new or existing markets. Notes: unique products Corridor principle (p. 7) States that with every venture launched, new and unintended opportunities arise. Notes: 3M Corporation-Post it notes – New pathways or opportunity different direction. A school of entrepreneurial thought that focuses on group phenomena such as the political, cultural, and economic environments. Notes: Macro (negative side) holds group back (P. 10) Political, cultural, economic Dynamic states (p. 15) A network of relationships and systems that convert opportunity tension into value for a venture’s customers, generating new resources that maintain the dynamic state. An innovator or developer who recognizes and seizes opportunities; converts these opportunities into workable/marketable ideas; adds value through time, effort, money, or skills; assumes the risks of the competitive marketplace to implement these ideas; and realizes the rewards from these efforts. Notes: “to undertake” French – Richard Cantillon 18 th Century France Free Enterprise & Capitalism Pioneership (p.11) Achievement Entrepreneurial management (p. 23) The themeor discipline that suggests entrepreneurship is based on the same principles, whether the entrepreneur is an existing large institution or an individual starting his or her new venture single- handedly. Entrepreneurial Revolution (p. 16) The tremendous increase in entrepreneurial business and entrepreneurial thinking that has developed during the last 20years. This revolution will be as powerful to the twenty-first century as the Industrial Revolution was to the twentieth century (if not more!). Entrepreneurial trait school of thought (p. 10)
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