Business and Entrepreneurship Concepts

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Entrepreneur

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A person who recognizes and seizes opportunities

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Intrapreneurs

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A person who creates something new within an existing large organization

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New Venture

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A recently formed commercial organization that provides goods and/or services for sale

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Key elements in the entrepreneurial process

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The entrepreneur, the opportunity, and the resources

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Small Business

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An independently owned and managed business that does not dominate its market

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Sole Proprietorship

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The simplest and least expensive business structure to establish

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Globalization

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The integration of markets globally

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Comparative Advantage

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A country can produce certain items more efficiently (cheaper) than it can other items

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Theory of National Competitive Advantage Four Key Factors are:

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factor conditions

demand conditions

related and supporting industries

strategies, structures, and rivalries

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Strategic Alliance examples

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BRICS, NATO, NAFTA