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entreprenörbajs > Chapter 7 - Resources > Flashcards

Chapter 7 - Resources Flashcards

1
Q

Describe shortly the main focus in exploiting existing resources

A

Focus on the effective implementation of the existing resource

  • Short term
  • Stability
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2
Q

Describe potential advantages VS risks with exploiting existing resources

A

Advantage: Control over the resources

Risk: Limits potential development, and sets boundaries of “what is possible”

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3
Q

Describe shortly the main focus in exploring new resources and discuss any advantages VS risks

A

Focus on exploring and developing new resources.
(Long-term)

  • Advantage: New resources can be catalyst for creative development of the opportunity
  • Risk: Limits the control over the resources
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4
Q

Describe the outside-in argument

A

Creating sustained competitive advantage comes through better positioning in the market and differentiation from your customers

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5
Q

Describe the inside-out argument

A

Sustained competitive advantage is best established within the organisation through its unique combination of resources

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6
Q

Describe the resource theory

A

The best means by which both entrepreneurs and existing organisations gain sustained competitive advantage through control of valuable resources

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7
Q

Describe features of a valuable firm resource

A
  1. Be valuable, in the sense that it exploits opportunities and neutralizes threats
  2. It must be rare among competition
  3. Be imperfectly imitable
  4. Not be strategically equivalent substitutes that are valuable
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8
Q

Name the three categories of resources

A
  • Financial
  • Human
  • Social
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9
Q

Give examples of financial resources

A
  • Equity capital
  • Debt capital
    More
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10
Q

Give examples of human resources

A
  • Education
  • Knowledge
  • Experiences
  • Motivation
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11
Q

Give examples of social resources

A
  • Entrepreneurial role models
  • Large network
  • Diverse networks
  • Supportive friends
  • Information and ideas
  • Emotional support and trust
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12
Q

Why do firms need resources? Discuss

A
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13
Q

What is the role of networks in acquiring resources for ventures? Discuss

A
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14
Q

Discuss the advantages and disadvantages of the following financing sources to new
ventures: (1) venture capital, (2) business angels, and (3) crowdfunding

A
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15
Q

What is competetive advantage?

A

A valuable strategy a firm created and has implemented which
is not being implemented by any current or potential
competitors (Barney, 1991)

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16
Q

Describe financial bootstrapping

A

Get what you can for free:
-Example: asking family members to help out with some work at no
cost

Borrow, share & exchange resources
-Example: sharing office space with another company

17
Q

What is bricolage?

A

Resourced are recombined and used in ways for which they

were not originally designed (Baker & Nelson, 2005)

18
Q

Describe the four elements of the SWOT analysis and how they interact with each other

A
  • Strenghts
  • Weaknesses
  • Opportunities
  • Threats

Discuss

19
Q

What are the roles of resources in the process of evaluating an
opportunity? Discuss

A
20
Q

What are the roles of resources in the process of organizing an
opportunity? Discuss

A
21
Q

Can resource exploitation and exploration co-exist or mutually
exclude? Any example? Discuss

A
22
Q

Why do firms need resources?

A
  • To develop a new product or service?

* To sustain competitive advantage?

23
Q

How do you obtain competetive advantage?

A

Resources must be valuable: Help generate and implement
efficient strategy, exploit opportunities and minimize threats
•Resources must be rare: Hard to copy, duplication not possible
at price low enough to leave profits, e.g., unique historical
conditions, causal ambiguity and complex social relationships
•Resources must be difficult to imitate: there cannot be
strategically equivalent substitutes for this resource that are
valuable but neither rare not imperfectly imitable
•Resources must be difficult to substitute: there cannot be
strategically equivalent substitutes for this resource that are
valuable but neither rare or imperfectly imitable.

24
Q

Describe the VRIN framework

A
  • Valuable – Help conceive of and implement efficient strategy, exploit opportunities and minimize threats
  • Rare – Not widely available to competitors, e.g., good location
  • Imperfectly imitable – Hard to copy, duplication not possible at price low enough to leave profits, e.g. unique historical conditions, causal ambiguity and complex social relationships
  • Non-substitutable – there cannot be strategically equivalent substitutes for this resource that are valuable but neither rare not imperfectly imitable

entreprenörbajs (11 decks)

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