Chapter 7, Entrepreneurial

Question 1

Entreprenurial life cycle

Answer 1

Start up - Many challenges and loans from the bank

Growth - Challenge is management, maybe bring in professional

Maturity - Challange is retaining entusiasm and generate new growth

Exit - Departure, release capital as reward for their input

Question 2

Innovation

Push

Pull

Answer 2

Push - New knowledge created, listen to the engineers

Pull - Innovation and see importance of actual use, customers demand

Question 3

Open innovation and closed innovation

Answer 3

Open - Import and export knowledge by an organisation in order to accelerate and enhance its innovation

Closed - Relies on the organizations internal resources

Question 4

Diffusion

Answer 4

Process when the innovation spread among users

Question 5

S curve, 4 likely decisions

Answer 5

Timing of tipping point - Demand for product low until tipping pointy

Timing of platesu - Alert manager to slow down demand

Extent of diffusion - Most innovations fail to displace previous generation products

Timing of tipping out - Demand suddenly collapses

Question 6

First move advantage

Answer 6

When organisation is better then competitors as a result of being first to market with a new product

Question 7

Stage of diffusion

Answer 7

1. Innovators – Ready to grab whats new in the market
2. Early adopter – They are quich to embrace new innovations before the majority of the market
3. The chasm – between this where innovations struggle to gain widespread acceptance
4. Early majority – Ready to buy when it is proven accepted
5. Late majority – Wait for the price to drop
6. Laggards – Last group to adopt an innovation

Question 8

Pivoting

Answer 8

Making major changes