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Entrepreneurship

Key Terms

EntrepreneurshipKey Terms

Key Terms

anchoring strategies
in the ethical context, the process of making ethics a foundation (anchor) of your business so that decision makers act keeping in mind key ethical considerations
antitrust laws
prevent companies from abusing position or power in the market through exclusion or limitation of competitor access to the market
business ethics
conduct by which companies and their agents abide by the law and respect the rights of their stakeholders, particularly their customers, clients, employees, and the surrounding community and environment
conflict of interest
when an individual or organization has interests in multiple areas that come into conflict with each other
copyright
grants the creator of a work the exclusive right to reproduce the work, typically for a specified period of time
corporate social responsibility (CSR)
practice in which a business views itself within a broader context, as a member of society with certain implicit social obligations and responsibility for its own effects on environmental and social well-being
design patent
protects product design
disclosure
sharing the needed facts and details about a subject in a transparent and truthful way
diversity
inclusion of many types of employees, regardless of differences (race, religion, gender, disability, LGTBQ, socioeconomic, cultural)
environmental entrepreneurship
entrepreneurial ventures focused on identifying an environmental problem and creating a product or process to solve that problem
ethics
standards of behavior to which we hold ourselves in our personal and professional lives
fairness
impartial, unbiased compliance with rules and standards of what is right, just, and equitable
integrity
adherence to a code of moral values implying trustworthiness and incorruptibility because there is unity between what we say and what we do
intellectual property
legally protected result of creative work to turn a unique idea into a product or service
prejudice
way of thinking about or treating employees in a manner that favors or hinders one person or group over another, usually in a way considered to be unfair
social entrepreneurship
entrepreneurial ventures focused on identifying a societal problem and creating a product or process to solve that problem
sustainability
practice of preserving resources and operating in a way that is ecologically responsible in the long term
trade secret
proprietary information, processes, or other internal knowledge that contribute to an organization’s competitive edge in a market
trademark
registration that provides the owner the ability to use a name, symbol, jingle, or character in conjunction with a specific product or service, and prevents others from using those same symbols to sell their products
truthfulness
underlying facts, reality, and evidence on a matter
utility patent
protects product ideas
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