Chapter 1 Flashcards

1
Q

Entrepreneurial opportunities

A

New goods/services/raw materials can be introduced and sold at greater cost than to produce

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Small business characteristics

A

Employs fewer than 50/100 people, CRA limit $300k operating profit for small business deduction qualification, degree to which owner is also the day-to-day manager

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Structural thinking

A

Creative mental leap that come from existing knowledge, superficial similarities: basic technology elements match basic market elements

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Bricolage

A

Combination of resources at hand to new problems and opportunities, use in a way for which they weren’t originally designed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Effectuation

A

See what’s available and select among possible outcomes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Causation

A

Starts with desired outcome and focuses on means to generate that outcome

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Differences between effectuation + causation

A

Experimentation, affordable loss, flexibility, pre-commitments

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Bootstrapping

A

Addresses resource scarcity, 4 categories: customer related, joint resource utilization, self-financing, temporary resources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Cognitive adaptability

A

Controlling one’s thinking (ex. emotions in a crisis), 4 steps: comprehension, connection, strategy, reflection

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Characteristics of entrepreneurship

A

Need for achievement, need for power, need for affiliation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Entrepreneur desirable attitudes

A

Opportunity obsession, risk tolerance, creativity/ adaptability, motivation to excel, commitment, courage, leadership

How well did you know this?
1
Not at all
2
3
4
5
Perfectly