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200lvl 1st sem > Ent 211 > Flashcards

Ent 211 Flashcards

1
Q

What is knowledge?

A

Knowledge is organized information that can be utilized for problem-solving

Knowledge can also be defined as information that has been organized and analyzed for decision making.

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2
Q

What is the importance of innovation for businesses?

A

Innovation allows businesses to stay ahead of competitors, enhances market position, and fosters customer loyalty

Innovative businesses can offer new and improved products and services.

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3
Q

How does innovation drive economic growth?

A

Innovation drives economic growth through the creation of new businesses and industries, increasing productivity, and fostering competition.

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4
Q

What are the impacts of innovation on quality of life?

A

Innovation can significantly improve the standard of living, such as through advancements in communication and medicine.

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5
Q

Who is Elon Musk?

A

Elon Musk is a South African-American engineer, entrepreneur, and philanthropist, known for co-founding PayPal and being CEO of Tesla Motors.

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6
Q

What does innovation often involve?

A

Innovation involves the generation of new knowledge, application of this knowledge in product and process development, and commercial exploitation of these products and services.

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7
Q

Define the formula for innovation.

A

Innovation = Theoretical Conception + Technical Invention + Commercial Exploitation.

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8
Q

What is the Latin meaning of innovation?

A

Innovation means ‘the introduction of something new to the existing world and the order of things or the improvement of resources productivity.’

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9
Q

What is the role of knowledge in innovation?

A

Knowledge allows for adaptability, facilitates collaboration, enables informed decision-making, lays the foundation for creativity, and helps in problem identification.

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10
Q

What are the dimensions of innovation?

A

The dimensions of innovation include:
* Product innovation
* Process innovation
* Position innovation
* Paradigm innovation.

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11
Q

What is product innovation?

A

Product innovation is the development of a new or improved product.

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12
Q

What is process innovation?

A

Process innovation is the development of a new manufacturing process.

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13
Q

What is position innovation?

A

Position innovation involves changes in the context in which products/services are introduced.

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14
Q

What is paradigm innovation?

A

Paradigm innovation implies changes in the underlying mental models that frame what the organization does.

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15
Q

What types of knowledge are there?

A

Types of knowledge include:
* Tacit
* Implicit
* Explicit.

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16
Q

What is tacit knowledge?

A

Tacit knowledge is knowledge that is difficult to access indirectly and usually requires knowledge elicitation and behavior observation.

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17
Q

What is explicit knowledge?

A

Explicit knowledge is documented and directly accessible knowledge, often well-organized in formal knowledge sources.

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18
Q

What does change mean in the context of an organization?

A

Change is the process of constantly updating the organization’s structure and potential.

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19
Q

How is innovation linked to change in an organization?

A

Innovation requires management to make decisions and understand expected results, facilitating the implementation of change.

20
Q

What is the relationship between invention and innovation?

A

Invention refers to the creation of a new idea or product, while innovation involves bringing that invention to market and enhancing its application.

21
Q

True or False: Innovation is only about creating new products.

A

False

Innovation also includes improving existing processes and services.

22
Q

Fill in the blank: Innovation is often described as the management of all the activities involved in the process of _______.

A

[idea generation, technology development, manufacturing, and marketing].

23
Q

What is enterprise formation?

A

The process of creating and establishing a new business or organization.

24
Q

What are the main stages in enterprise formation?

A
  • Idea Generation and Market Research
  • Business Plan Development
  • Legal Structure and Registration
  • Funding and Financing
  • Infrastructure and Resources
  • Branding and Marketing
  • Launch and Growth
25
Q

What is the purpose of a business plan?

A

To outline the business model, objectives, market analysis, marketing strategy, financial projections, and operational plan.

26
Q

What are the common legal structures for a business?

A
  • Sole Proprietorship
  • Partnership
  • Corporation
  • Limited Liability Company (LLC)
27
Q

What is a sole proprietorship?

A

A business owned and operated by a single individual.

28
Q

List two pros of a sole proprietorship.

A
  • Easy to establish
  • Owner keeps all profits
29
Q

What is a partnership?

A

A business owned by two or more individuals who share ownership, responsibilities, profits, and liabilities.

30
Q

What are the types of partnerships?

A
  • General Partnership (GP)
  • Limited Partnership (LP)
  • Limited Liability Partnership (LLP)
31
Q

What is a corporation?

A

A separate legal entity owned by shareholders.

32
Q

What is a Limited Liability Company (LLC)?

A

A business structure that combines elements of partnerships and corporations, providing limited liability protection.

33
Q

What are the benefits of forming alliances and joint ventures?

A
  • Resource sharing
  • Market access
  • Reduced risk
  • Enhanced innovation
34
Q

What is a strategic alliance?

A

A cooperative arrangement between two or more companies to achieve a common goal while remaining independent.

35
Q

What are the steps to form a strategic alliance?

A
  • Identify Goals
  • Research Potential Partners
  • Outline Terms
  • Draft a Formal Agreement
  • Maintain Communication
36
Q

What is a joint venture?

A

A formal arrangement where two or more companies create a separate legal entity to achieve specific business objectives.

37
Q

What are the benefits of joint ventures?

A
  • Enhanced capabilities
  • Shared risks and costs
  • Legal flexibility
  • Access to new markets
38
Q

What is required to register a business?

A
  • Choose a Business Structure
  • Select a Business Name
  • Register with the Government
  • Register for Taxes
  • Obtain Necessary Permits and Licenses
39
Q

Fill in the blank: A business plan is a written document that outlines your business’s _______ and strategies.

A

[goals]

40
Q

True or False: A corporation can enter contracts, sue or be sued, and pay taxes independently of its owners.

A

True

41
Q

What is the role of networking in business?

A

Creating and nurturing connections with people who can offer insights, opportunities, and support.

42
Q

List three tips for effective networking.

A
  • Build Genuine Connections
  • Give Before You Get
  • Follow-Up
43
Q

What are the common forms of business ownership?

A
  • Sole Proprietorship
  • Partnership
  • Corporation
  • Limited Liability Company (LLC)
  • Cooperative (Co-op)
44
Q

What is a cooperative?

A

A business owned and operated by a group of people who share in its profits or benefits.

45
Q

Identify two key elements of successful partnerships.

A
  • Strategic Alliances
  • Financial Partnerships
46
Q

What are the main stages in enterprise formation?

A
  • Idea Generation and Market Research
  • Business Plan Development
  • Legal Structure and Registration
  • Funding and Financing
  • Infrastructure and Resources
  • Branding and Marketing
  • Launch and Growth

200lvl 1st sem (7 decks)

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