course outcome 3 Flashcards

1
Q

central to the domain of entrepreneurship and revolves around the answers to the following:
Why?
When?
How?

A

opportunity identification

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2
Q

societal trends
technology trends
economic trends
government trends

A

sources of innovative ideas

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2
Q

unexpected occurrences
incogruities
process needs
industry and market changes
demographic hanges
perceptual changes
knowledge-based concepts

A

sources of innovative ideas

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3
Q
  • Employs a disciplined, precise, methodical approach
  • Is concerned with solving, rather
    than finding, problems
  • Attempts to refine current practices
  • Tends to be means oriented
    Is capable of extended detail work
  • Is sensitive to group cohesion and cooperation
A

Adaptor

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3
Q

Creativity is the generation of ideas that results in the improved efficiency or effectiveness of a system.

Creative thinking is blended with imagination in a logical process.

Develop an ability to see, recognize, and create opportunity where others find only problems.

A

entrepreneurial imagination and creativity

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4
Q
  • Approaches tasks from unusual angles
  • Discovers problems and avenues of solutions
  • Questions basic assumptions related to current practices
  • Has little regard for means; is more interested in ends
  • Has little tolerance for routine work
  • Has little or no need for consensus; often is insensitive to others
A

Innovator

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5
Q

totally new product, service, or process

A

invention

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6
Q

new use or different application of an already existing product, service, or process

A

extension

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7
Q

creative replication of an existing concept but with own creative enhancement

A

duplication

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8
Q

combination of existing concepts and factors into a new formulation or use

A

synthesis

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9
Q

The need for approval
The need for independence
The need for personal development
Welfare (philanthropic) considerations
Perception of wealth
Tax reduction and indirect benefits
Following role models

A

components of new-venture motivation

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10
Q

entrepreneurial motivations
personal characteristics
the environment
the venture

A

reasons for starting a venture

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11
Q

Lack of objective evaluation
No real insight into the market
Inadequate understanding of technical requirements
Poor financial understanding
Lack of venture uniqueness
Ignorance of legal issues

A

pitfalls in selecting new ventures

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12
Q
  1. prestart-up phase
  2. start-up phase
  3. post start-up phase
A

phases in new-venture start-ups

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13
Q

Begins with an idea for the venture and ends when the doors are opened for business.

A

prestart-up phase

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14
Q

Commences with the initiation of sales activity and the delivery of products and services and ends when the business is firmly established and beyond short-term threats to survival.

A

start-up phase

15
Q

Lasts until the venture is terminated or the surviving organizational entity is no longer controlled by an entrepreneur.

A

post start-up phase

16
Q
  1. uniqueness
  2. investments
  3. Growth of sales (Lifestyle ventures, Small profitable ventures, High-growth ventures)
  4. product availability
  5. customer availability
A

critical factor for new-venture development

17
Q
  1. creating the new venture
  2. Acquiring an existing venture
  3. obtaining a franchise
A

pathways to new ventures

18
Q
  1. personal preference
  2. evaluation of the venture
  3. asking key questions
  4. examination of opportunities
A

acquiring an established entrepreneurial venture

18
Q

less fear about successful future operation
reduced time and effort
purchasing at a good price

A

advantages of acquiring an ongoing venture

19
Q

the business environment
profits, sales, and operating ratios
assets of the venture

A

factors affecting sale of the venture

20
Q

Any arrangement in which the owner of a trademark, trade name, or copyright has licensed others to use it in selling goods or services

A

franchising

21
Q

A purchaser of a franchise

A

franchisee

22
The seller of the franchise
franchisor
23
Training and guidance Brand-name appeal A proven track record Financial assistance
advantages of franchising
24
Franchise fees Franchisor control Unfulfilled promises of franchisor
disadvantages of franchising
25
Secured financing of a new venture that involves a payback of the funds plus a fee (interest for the use of the money) Commercial Banks Peer-to-peer Lending (P2P)
debt financing
26
Money invested in the venture with no legal obligation for entrepreneurs to repay the principal amount or pay interest on it Public Offering Private Placements
equity financing