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entrepreneurship the process of getting into and operating one's own business creative destruction new products destroy older, less productive industries small business is an independent owned, operated, and financed. Innovation a creation (a new device or process) resulting from study and experimentation World-Class Organization An organization that is best in its world at what it does entrepreneur Someone who initiates and actively operates an entrepreneurial venture Nascent entrepreneur An individual who is in the process of starting a new business Novice entrepreneur An individual who has no prior business ownership experience as a business founder, in heritor of a business, or a purchaser of a business Habitual Entrepreneurship An individual who has prior ownership experience Serial Entrepreneurship An individual who has sold or closed an original business, established another new business, sold or closed that business, established a new business, sold or closed that business, and continues the cycle, or purchasing them. Portfolio An individual who retains an original business and builds a portfolio of additional business through inheriting, establishing, or purchasing them. Proactive Personality An individual who is more prone to take actions to influence his or her environment Telecommuters Individuals who work from home and are linked to the work place by computers and modems Virtual Organizations Organizations with little or no physical work space, no formal hierarchical structure, and individuals who contract to perform specific work as needed Innovation The process of taking a creative idea and turning it into a product or process that can be used or sold Patent A legal property that allows its holder to prevent others from employing this property for their own use for a specified period of time. Globalization The linkage of economies and cultures that fosters a business and competitive situations in which organizations have no national boundaries. Demographics The vital statistics of a population Change Any alteration in external context or internal organization factors Creativity The ability to combine ideas in a unique way or to make unusual associations between ideas Vision A broad comprehensive statement of what an entrepreneur wants his or her organization to become Total Equality Culture An organizational culture in which all resources and capabilities are directed at the pursuit of greater quality in all parts of the organization. Learning Organization An organization that has developed the continuous capacity to adapt by acquiring Information and knowledge and incorporating this knowledge and incorporating this knowledge and learning into decisions and actions Project A temporary set of work tasks that has a definite beginning and ending point in time Social Responsibility The obligation of organizational decision makers to act in ways that recognize the interrelatedness of business and society Stakeholders Individuals or groups of individuals who have a stake in or are significantly influenced by an organization's actions and who, in turn, can influence the organization. Ethics The rules and principals that define right and wrong decisions and behaviors Opportunites Positive external trends or changes that provide unique and distinct possibilities for innovating and creating value Competitive Advantages What sets an organization apart; its competitive edge Resources The assets an organization has for doing whatever works it's in business to do. Capabilities The organizational routines and processes that determine how efficiently the organization transforms its inputs (resources) into outputs (products and services)