Key Terms
Cash flow
Money coming in versus money going out. Cash management: actively managing those inflows and outflows to keep the ventur
Key activities
Strengthen market position, reap ROI, remain willing to change
Two paths
(1) sale of the venture for cash/equity or (2) liquidation of assets to pay creditors. Emotional withdrawal from the ven
Historical roots of the debate
Plato (nature), Aristotle (nurture), Kant (obedience/structure), Locke (freedom and creativity).
First North American patent
1641, Samuel Winslow, Massachusetts, for a new process for making salt. Adam Smith's "Wealth of Nations" (1776) establis
Bootstrapping
Use your own savings, barter, pre-orders, lease instead of buy, part-time launch while maintaining employment. External
Purpose
Pull together the ideas, thoughts, and actions needed to set the stage for success. Practical and step-by-step.
College Entrepreneur
Launches a venture during or after school; may use entrepreneurship coursework as a launch vehicle.
Corporate Intrapreneur
Innovates within a company using company resources; pursues ventures of organizational interest.
Franchise Entrepreneur
Purchases a license to operate under an established brand; head start on brand recognition and systems.
Immigrant Entrepreneur
Immigrants constitute 25 percent of U.S. entrepreneurs; 40 percent of Fortune 500 companies were founded by at least one
Internet Entrepreneur
Uses digital platforms, social media, apps, and e-commerce as the core of the venture.
Woman or Minority Entrepreneur
Growing segment facing documented funding barriers. Women own 29 percent of U.S.
Part-Time Entrepreneur
Supplements income through a side venture. Includes freelancers and direct sales participants.
Social Entrepreneur
Driven by social or environmental problems. Most are structured as nonprofits; B-corps (benefit corporations) are the fo