BA Flashcards
What are the characteristics of a successful entrepreneur?
Passion and motivation, risk-taker, persistence and determination, persuasiveness and resourcefulness, ambition, creativity, optimism, willingness to learn
What are the skills of a successful entrepreneur?
Communication skills, marketing skills, ability to plan, interpersonal skills, basic management skills, personal effectiveness, team building skills, leadership skills
What are the attractions of being an entrepreneur?
Flexibility, wealth creation, remote working, be your own boss, changing the world
What are the barriers to being an entrepreneur?
Capital, knowledge, time, ideas, income, risk
What is an intrapreneur?
Someone employed within a company but given freedom to explore company ideas from within
What is the difference between convergent and divergent thinking?
Convergent looks to find the ‘correct’ solution and divergent explores multiple solutions in a creative way
What do you need for a creative environment?
Creativity process, training room, creative leader, recognition scheme, bright colours and natural light, familiar surroundings, creative culture, ability to play
What are some sources of new ideas?
Consumers, existing companies, distribution channels
What are some methods of generating new ideas?
Brainstorming, focus groups, problem inventory analysis, desk research
What are the approaches to innovation?
Identify/create opportunities, new ways to serve existing markets, growing new markets, rethinking services, meeting social needs, improving operations
What are the strategic advantages of innovation?
Novelty factor (product and process), complexity, timing, legal protection of IP, changing the rules, offering an existing product/service to a new market
What are the 4 P’s of Innovation?
Product, Process, Position, Paradigm
What are the types of innovation?
Knowledge push, need pull, regulation, recombinant, copycat, crisis-driven, mass customisation, user-led
The stakeholder focus of social enterprises is not good for innovation, why?
Slow moving, risk-averse, bureaucratic, blame-oriented
What are the 4 search-spaces used when searching for innovation?
Organisational transformation, operational optimisation, reframe, Co-evolve
Why are spin-offs good?
Lower risk, allow companies to explore different ideas, more focused leadership
What are the advantages in investing in R&D?
USP, income, funding, tax benefit, reputation
What is marketing?
The management process responsible for identifying, anticipating and satisfying customer requirements profitably
What are the 7 P’s of the Marketing Mix?
People, Product, Price, Place, Promotion, Physical evidence, Process
What are the stages of the market life cycle?
Start-up, growth, shakeout, maturity, decline
What are some of the characteristics of the start up stage?
High costs, high overheads, low profits, little competition, low price sensitivity among customers, high prices
What are some of the characteristics of the growth stage?
Falling prices, falling costs, some competition, increase in sales, higher profits
What happens to market leaders vs non market leaders during shakeout?
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
What happens in Maturity?
High profits, low cost, low price due to customers wanting to pay less, continuing consolidation through mergers and acquisitions
What happens in decline?
Low prices, falling profits, falling sales, market saturation, intense pressure on prices
What are some barriers for smaller businesses to enter a market?
Capital, differentiation, advertising, switching costs, distribution channels, supply channels, IP, taxes, laws and regulations, retaliation
What are the bases of market segmentation?
Demographic, socio-economic, geographic, personality and lifestyle, circumstances of purchase, customer priorities
What are the ethical issues with marketing practices?
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
What are the launch costs for a start up?
Equipment, Property, raw materials, company formation, employment, promotion
What are the forms of monetisation for apps?
Free with no ads, free with ads, freemium, upfront purchases, microtransactions
What is screening vs go/no-go?
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
