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Entrepreneurship > Chapter 1-3 > Flashcards

Chapter 1-3 Flashcards

1
Q

what is EP?

A

EP is the process of innovation and creation of new ventures through 4 key elements
1. the individual,
2. the opportunity,
3. the organization,
4. and the environment
which are further supported by collaborative networks of the government, education and other institutions.

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2
Q

Key ingredients of EP?

A

1) Risk-taking
2) Solid planning
3) Making an Effective Venture team
4) a Vision that identifies opportunity

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3
Q

How many schools of thought?

A
  1. Environmental school of thought
  2. Financial school of thought
  3. Displacement school of thought (creative destruction)
  4. Entrepreneurial trait(personal qualities, work ethics etc)
  5. Venture opportunity ( market trends, demand)
  6. Strategic formulation (planning and analysis)
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4
Q

Integrative model of EP?

A

IM is the recognition that EP involves a complex interplay between the individual entrepreneur & the broader environmental context. The model identifies 4 key elements critical to understanding EP:
1. the individual,
2. the opportunity,
3. the organization,
4. and the environment

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5
Q

EP assessment approach?

A

The EP assessment approach is a framework for evaluating the potential success of an entrepreneurial venture:
- Entrepreneur
- Market opportunity
- Business model
- Developing an Action plan

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6
Q

Multidimensional approach in EP

A

Purpose of this approach: To have a In-depth understanding of EP, which is complex & multifaceted.

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7
Q

Entrepreneurial Management?

A

Entrepreneurial mindset & approach to managing a business, with aim of driving innovation, growth and success.

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8
Q

Qualities for EP management?

A

a. Opportunity-driven
b. Resource-efficient
c. Customer-focused
d. Agile and adaptable

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9
Q

How do Entrepreneurs grow?

A

A. By expanding existing markets
B. By creating new markets using innovative products
C. By promoting diversity & minority participation in the economy

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10
Q

What is GEM?

A

GEM = (Global Entrepreneurship Monitor)
GEM is the only global organization that carries out survey-based research on EP and its ecosystems around the world, by collecting data directly from individual entrepreneurs.

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11
Q

What is a gazelle?

A

In EP, enterprises upto 5 yrs old with average growth greater than 20% per year, in a three-year span are known as gazelles.

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12
Q

What are some of the 21st century trends in EP research?

A

1) Family Businesses
2) Social EP
3) Corporate EP
4) Women and minorities EP
5) Venture Financing

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13
Q

What does an Entrepreneurial journey consist of?

A

A) Opportunity
B) Venture
C) Entrepreneur

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14
Q

On what basis are different Entrepreneurial styles categorized?

A

Different types of EP styles are divided based on
a) Level of risk and
b) level of profit

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15
Q

What is Entrepreneurial Stress?

A

The mental and emotional pressure faced by entrepreneurs due to business challenges and uncertainties, is called Entrepreneurial stress.

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16
Q

what is the most common type of personality among entrepreneurs (type A, B or C) and why?

A

The most common type of personality among entrepreneurs is Type A, as their ambition, competitiveness, and desire for achievement align with the demands of entrepreneurship.

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17
Q

What are the negative traits of type A personalities?

A

Negative traits of type A personalities include:
1) Impatience/ Time urgency
2) explosive speech
3) Being workaholic
4) Taking excessive responsibility
5) constantly involved in too many projects at a time

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18
Q

How can type A personalities cope with the downsides of their approach to entrepreneurship?

A

Few of the coping strategies that type A personalities can benefit from include:
1) Networking and connecting
2) Seeking fulfillment beyond work
3) Delegate
4) Communicating with your team
5) Exercise and physical activity

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19
Q

What are the five things required for deciding to be an entrepreneur. According to the
“ Enterpreneurial motivation model”?

A

According to the
“ Enterpreneurial motivation model”, the five things required for deciding to be an entrepreneur include:
1) Personality traits
2) Personal Environment
3) Personal goals
4) Business environment
5) an idea

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20
Q

What is the sequence of steps in the entrepreneurial motivation model?

A

The sequence of steps in the entrepreneurial motivation model is:
1) decision to be an entrepreneur
2) developing a strategy
3) Enterpreneurial management
4) Firm Outcomes
4a) Rewards (intrinsic/extrinsic)
4a1) comparison of Expectation/outcome
4b) perception of Implementation/outcome

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21
Q

What is the sequence of corporate thinking?

A

The sequence of corporate thinking is:
1) Setting clear objectives
2) Positive Reinforcement
3) Emphasis on Individual responsibility
4) Performance-based rewards
5) No punishment on failures

22
Q

What are the rules of an Innovative Environment?

A

The rules of an Innovative Environment are:
1) Encouraging ideas and actions
2) Informal meetings and Bootlegging ideas (unofficial or secretive sharing of ideas)
3) Encourage learning from mistakes
4) persistence
5) Reward innovation
6) Making project teams
7) Bypassing rigid procedures and red tape (bureaucracy)
8) promote innovative individuals

23
Q

what is an Intrapreneur?

A

An entrepreneur within a company is called an intrapreneur.

24
Q

How can an Intrapreneurial Environment be encouraged?

A

Intrapreneurial Environment can be encouraged by:
1) Identifying potential intrapreneurs
2) gaining support and sponsorship from top management for intrapreneurial projects
3) Integrating Diversity and order in strategic activities
4) Promoting intrapreneurship through experimentation
5) Collaborating

25
Q

What are the benefits of entrepreneurial philosophy?

A

The benefits of entrepreneurial philosophy include:
1) New products and services
2) Expansion and growth
3) Maintaining competition

26
Q

What is another name for intrapreneurship?

A

Another name for intrapreneurship is
“Corporate Entrepreneurship”.

27
Q

What are the three main components of Corporate Entrepreneurship?

A

the three main components of Corporate Entrepreneurship are:
1) Strategic renewal
2) Innovation
3) Corporate Venturing

28
Q

What is the need for corporate Entrepreneurship?

A

Corporate Entrepreneurship is needed when there is:
1) rapid growth in the number of local competitors
2) International competition
3) sense of distrust in traditional methods
4) Downsizing of major corporations (reducing workforce)
5) the need to improve efficiency and productivity

29
Q

What are the obstacles in corporate venturing and their solution?

A

Following are the obstacles in corporate venturing and their solution:
1) avoiding risks but missing opportunities, can be overcome by starting from small risks and building up
2) Enforcing standard procedures but blocking innovative solutions, can be solved by making ground rules specific to each situation
3) promoting compatible individuals but losing innovators, can be solved by accommodating “boat-rockers” and “doers” as well.
4) long-term planning but unrealistic goals and high failure costs, can be overcome by setting milestones and reassessing at each step
5) managing resources for efficiency but losing competitive lead, can be solved by prioritizing issues and managing on the critical ones first

30
Q

what are the traits of successful companies?

A

Successful companies are :
1)Vision Focused
2)Multiple Organizations
3)Interactive Learning
4)Market Oriented
5) Skunk works

31
Q

What is meant by Corporate Entrepreneurship Strategy?

A

Corporate Entrepreneurship Strategy is a vision-driven approach that encourages entrepreneurial behavior throughout the organization, constantly refreshing it by recognizing and seizing new opportunities to shape its operations.

32
Q

What are the elements of Corporate Entrepreneurship Strategy?

A

the elements of Corporate Entrepreneurship Strategy include:
1) vision
2) organizational architecture
3) Entrepreneurial processes and behavior

33
Q

what are the steps of a corporate Entrepreneurial Strategy?

A

The steps of a corporate Entrepreneurial Strategy are:
1) Developing a Vision
2) Innovation-Oriented Approach
3) Intrepreneurial culture and climate
4) Developing mid level managers for corporate entrepreneurship
5) Developing venture teams for innovative projects

34
Q

What should the mission and vision of Corporate Entrepreneurial strategy be based on?

A

the mission and vision of Corporate Entrepreneurial strategy should be based on:
1) a sense of belonging (having a purpose beyond daily work)
2) Relationships (mutual trust and support)
3) Structure (local initiative and central synthesis)
4) Commitment
(Active and committed participation of employees)

35
Q

What are the differences between radical innovation and incremental innovation?

A

the differences between radical innovation and incremental innovation are:
1) nature of innovation
2) disruption of market
3) impact on industry
4) Timing and pace
5) risk and uncertainty

36
Q

How do radical and incremental innovation differ in terms of nature of innovation,

A

In terms of nature of innovation,
1a. Radical innovation involves entirely new products/services
1b. Incremental innovation involves gradual improvements to existing products/services

37
Q

How do radical and incremental innovation differ in terms of market disruption?

A

In terms of market disruption:
- Radical innovation disrupts the market and causes a paradigm shift.
- Incremental innovation is comparatively less disruptive

38
Q

How do radical and incremental innovation differ in terms of their impact on industry?

A

In terms of their impact on industry,
- radical innovation revolutionizes industries
- Incremental innovation contributes to the steady evolution of industries

39
Q

How do radical and incremental innovation differ in terms of their Timing and pace?

A

In terms of their Timing and pace,
- Radical innovation takes more time for development and implementation
- Incremental Innovation is quicker to develop and implement

40
Q

How do radical and incremental innovation differ in terms of risk and uncertainty?

A

In terms of risk and uncertainty,
- Radical Innovation has higher risk and uncertainty.
- Incremental Innovation has lower risk and uncertainty

41
Q

Describe the significance of radical innovation and incremental innovation with an example.

A

Tesla’s radical innovation introduced a new car type, disrupting the automotive industry, whereas Apple’s incremental innovation maintained its market leadership through continuous product improvements.

42
Q

What are some venture development objectives and programs?

A

Some venture development objectives and programs are:
1) Objective: reduce roadblocks
to innovation
Program: reduce unnecessary bureaucracy and encourage interdepartmental communication
2) Objective: provide incentives and tools for intrapreneurial projects.
Program: use of internal venture capital, special project budgets and allowing bootlegging time for projects.
3) Objective: Seek synergies in business
Program: encourage brainstorming, joint projects and ventures between departments and companies

43
Q

What is an example of bootlegging?

A

an example of bootlegging is that an employee develops an innovative software idea on their own time and with minimal resources (bootlegging), demonstrating its value to gain official support and funding from the company.

44
Q

What are the various factors involved in Intrapreneurial Development?

A

the various factors involved in Intrapreneurial Development are:
1) Individual roles, values, and behavior
2) Organizational structure and reward system
3) Noise such as economic conditions and stability of product
4) Behavioral Intentions such as the tendency to quit
5) Job attitudes such as commitment and satisfaction

45
Q

What is Breakthrough Training for Managers?

A

Breakthrough Training for managers is a program that helps managers improve their skills and achieve better results in the workplace.

46
Q

What are the steps of Breakthrough Training for Managers?

A

The steps of Breakthrough Training for Managers are:
1) Breakthrough experience
2) Breakthrough thinking
3) Idea Acceleration Process
4) Barriers and Facilitators to
Innovative Thinking
5) Sustaining Breakthrough Teams
6) The Breakthrough Plan

47
Q

What is the CEAI?

A

CEAI (Corporate Entrepreneurship Assessment Instrument) is a tool used by businesses organizations to assess their entrepreneurial activity and innovative practices.

48
Q

What does the CEAI assess?

A

the CEAI assesses:
1) Management’s Support
2) Work Discretion
3) Reinforcement
4) Rewards
5) Availability
6) Boundaries

49
Q

What is an Innovative Team?

A

An Innovative Team is a group of two or more people who formally create and share ownership of a new organization that is:
1) semi-autonomous
2) self-directing
3) high-performing

50
Q

What is the Sustained Corporate Entrepreneurship Model ?

A

The Sustained Corporate Entrepreneurship Model is a framework that encourages continuous entrepreneurial behavior within a company to foster innovation and long-term growth.

51
Q

Explain the Sustained Corporate Entrepreneurship Model:

A

the Sustained Corporate Entrepreneurship Model begins with:
1) an external transformation trigger
2) Corporate Entrepreneurial activity
3) organizational antecedents such as resources, structure, support, rewards, risk etc.
4) Middle managers’ entrepreneurial behavior
5a) Individual Entrepreneurial outcomes
5a1) Percieved decision-outcome relationship
5b) organizational Entrepreneurial outcomes
5b1) percieved activity-outcome relationship

Entrepreneurship (2 decks)

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