Entrepreneurship
Chapter 3
Vocabulary and Notes
Identify business opportunities by-
Current Entrepreneurial Trends1. Internet Business-
2. Service Businesses-
Types of service businesses-
3. Home-Based Business-
Types of home-based businesses-
4. Socially Responsible Nonprofit Business-
Types of socially responsible nonprofit businesses-
5. Focus on Technology-
6. Outsourcing-
Benefits of Outsourcing-
7. Strategic Alliances-
8. Corporate Venture-
1
Learn how to recognize opportunity
Creativity and Innovation-

Idea vs. Opportunity-

Finding opportunities by understanding industries-
Thinking creatively about opportunity
Practice brainstorming- thinking freely to generate ideas.

Look at ordinary items in new ways- find a simple item and see how many new
products or uses you can come up with.

Find creative solutions to common problems- using a screwdriver to pry
something out.

Connect unrelated items- put a number of different items on a tray, and come up
with a new product. This forces you to look at things in new ways.
Challenges to Creativity-
Creative sources of ideas1.
2.
3.
4.
5.
Demographics definedTypes of outside sources- see page 55
2
Chapter 3-2
Starting Vs. Buying a Business
Values-
Advantage of working for a family business-
Buying vs. starting a business-
Benefits vs. Drawbacks of buying an existing company-
Goodwill-
Franchise-
Franchisee-
Franchisor-
5 steps to evaluate a business opportunity1.
2.
3.
4.
5.
Where to find a business-
Business Broker-
3