ch 1 Flashcards
a way of thinking, acting, and being that combines the ability to find or create new opportunities with the courage to act on them
entrepreneurship
what are the 6 important features of modern entrepreneurship
- Is a method that requires practice
- think differently
- act more than plan
- aren’t driven purely by profit
- collaborate more than they compete
- is a life skill
what is..
a temporary organization in search of a scalable business model
startup
what are the 4 main entreprenuer main characteristics
- need for achievement
- an innate sense of having the
ability to influence events - tendency to take risks
- tolerance to ambiguity.
what is
entrepreneurs who start several businesses
serial entreprenuership
what is
the future is predictable yet controllable thorugh human action
effectuation
what is
suggests that entrepreneurs start a small ith what they have rather than what they think they need.
effectuation thoery
3 steps to start
- act
- learn,
- build
what is
the process in creating new products, ventures, processes, ore renewl within large corporations
corporate entreprenuership
what is the entrepreneurship process
- identify opporuntiy
- write a business plan
- get resources and financing
- execute the plan and develop a strategy
- manage and grow the bsuiness and measure progress
- sell the business and retire independently wealthy
entreprenuerhsip as a METHOD (7)
- an approach of ways of doing things
- profolio of skills is rewuired
- iterative
- learning oreinted
- action focus
- requires practice
- is in control of praticing the method
entrepreneurship as a process
- known inputs and predicted outputs
- steps to complete
- linear
- pre established course
- planning focus
- requires goal completion
- process dictates the actions of the entrepreneurship
managerial methods is what (8)
- big planning
- wait until you get what you need
- linear
- optimization
- avoid failure at all costs
- competitive
- certain
- plan to act
entreprenerusial methods vs (managerial, 8)
- small actions
- start with what you have
- iterative
4 experimatentaiton - embrace and leverage failure
- collaborative
- uncertain
- act to learn
7 components of entrepreneurship method
- what is your why statement
- start with your means at hand
- describe the idea today
- identify first or next actions
- enroll stakeholders
- calculate affordable loss
- act, learn , build
components of deliberate practices
- requires high level of focus, attention, concentration
- strengthens performance by identifying weaknesses and improving on them
- must be consistent and maintained for long periods of time
- must be repeated to produce lasting results
- requires continuous feedback on outcomes
- involves setting goals beforehand
- involves self-observation and self-reflection after practice sessions are completed.
what is ..
aligns with scientific method of collecting data and testing ideas to validate or not that an opportunity is worth pursuing
evidence-based entrepreneurship
Similar to a startup entreprenuers, _____ entre. identify opportunities, build teams, and create something of value in order to enhance the company’s competitive position and organizational profitability
corporate
the 7 major types of entrepreneurship is
- Serial
- Evidence-based
- Corporate
- Small Business
- franchising
- Social
- Family Enterprise
what are royalties?
a share of the revenues of a business paid by a franchise to the franchisor
what is
be defined as the process of sourcing innovative solutions to social and environmental problems
social entrepreneurship
what is
a form of an organization ertified by the nonporfit B lab that enures that strict standards of social and environemtnal performance, accountability, and transparancy are met
Benefit Corporation or B corp
what is
a business that is owned and managed by one or more family members beyond the founding generation
famliy enterprise
what is
community and networking play important roles
provide several external sources of info. financing, emotinoal support, expertise
networking = dynamic process
collaborate w others and target customers
Enterprenuership collaboration
