BA

Question 1

What are the characteristics of a successful entrepreneur?

Answer 1

Passion and motivation, risk-taker, persistence and determination, persuasiveness and resourcefulness, ambition, creativity, optimism, willingness to learn

Question 2

What are the skills of a successful entrepreneur?

Answer 2

Communication skills, marketing skills, ability to plan, interpersonal skills, basic management skills, personal effectiveness, team building skills, leadership skills

Question 3

What are the attractions of being an entrepreneur?

Answer 3

Flexibility, wealth creation, remote working, be your own boss, changing the world

Question 4

What are the barriers to being an entrepreneur?

Answer 4

Capital, knowledge, time, ideas, income, risk

Question 5

What is an intrapreneur?

Answer 5

Someone employed within a company but given freedom to explore company ideas from within

Question 6

What is the difference between convergent and divergent thinking?

Answer 6

Convergent looks to find the ‘correct’ solution and divergent explores multiple solutions in a creative way

Question 7

What do you need for a creative environment?

Answer 7

Creativity process, training room, creative leader, recognition scheme, bright colours and natural light, familiar surroundings, creative culture, ability to play

Question 8

What are some sources of new ideas?

Answer 8

Consumers, existing companies, distribution channels

Question 9

What are some methods of generating new ideas?

Answer 9

Brainstorming, focus groups, problem inventory analysis, desk research

Question 10

What are the approaches to innovation?

Answer 10

Identify/create opportunities, new ways to serve existing markets, growing new markets, rethinking services, meeting social needs, improving operations

Question 11

What are the strategic advantages of innovation?

Answer 11

Novelty factor (product and process), complexity, timing, legal protection of IP, changing the rules, offering an existing product/service to a new market

Question 12

What are the 4 P’s of Innovation?

Answer 12

Product, Process, Position, Paradigm

Question 13

What are the types of innovation?

Answer 13

Knowledge push, need pull, regulation, recombinant, copycat, crisis-driven, mass customisation, user-led

Question 14

The stakeholder focus of social enterprises is not good for innovation, why?

Answer 14

Slow moving, risk-averse, bureaucratic, blame-oriented

Question 15

What are the 4 search-spaces used when searching for innovation?

Answer 15

Organisational transformation, operational optimisation, reframe, Co-evolve

Question 16

Why are spin-offs good?

Answer 16

Lower risk, allow companies to explore different ideas, more focused leadership

Question 17

What are the advantages in investing in R&D?

Answer 17

USP, income, funding, tax benefit, reputation

Question 18

What is marketing?

Answer 18

The management process responsible for identifying, anticipating and satisfying customer requirements profitably

Question 19

What are the 7 P’s of the Marketing Mix?

Answer 19

People, Product, Price, Place, Promotion, Physical evidence, Process

Question 20

What are the stages of the market life cycle?

Answer 20

Start-up, growth, shakeout, maturity, decline

Question 21

What are some of the characteristics of the start up stage?

Answer 21

High costs, high overheads, low profits, little competition, low price sensitivity among customers, high prices

Question 22

What are some of the characteristics of the growth stage?

Answer 22

Falling prices, falling costs, some competition, increase in sales, higher profits

Question 23

What happens to market leaders vs non market leaders during shakeout?

Answer 23

Market leaders continue to earn money, dominating the market with lower costs and lower prices. This results in higher profit. Smaller businesses fail due to high costs but low prices and so falling profits

Question 24

What happens in Maturity?

Answer 24

High profits, low cost, low price due to customers wanting to pay less, continuing consolidation through mergers and acquisitions

Question 25

What happens in decline?

Answer 25

Low prices, falling profits, falling sales, market saturation, intense pressure on prices

Question 26

What are some barriers for smaller businesses to enter a market?

Answer 26

Capital, differentiation, advertising, switching costs, distribution channels, supply channels, IP, taxes, laws and regulations, retaliation

Question 27

What are the bases of market segmentation?

Answer 27

Demographic, socio-economic, geographic, personality and lifestyle, circumstances of purchase, customer priorities

Question 28

What are the ethical issues with marketing practices?

Answer 28

Market research can intrude on privacy, selective marketing can be discriminative, product that is known to be a risk to health, deliberately selling a product that doesn’t meet customer needs, dishonest advertising, unethical promotion

Question 29

What are the launch costs for a start up?

Answer 29

Equipment, Property, raw materials, company formation, employment, promotion

Question 30

What are the forms of monetisation for apps?

Answer 30

Free with no ads, free with ads, freemium, upfront purchases, microtransactions

Question 31

What is screening vs go/no-go?

Answer 31

Screening you are gather info to decide which idea is better than the others. Go/no-go you are deciding if it is worth launching the idea