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Technoprenuership > Entrepreneurial Mind, Journey and Pathway > Flashcards

Entrepreneurial Mind, Journey and Pathway Flashcards

1
Q

Entrepreneur word came from?

A

Came from the French word
“entreprendre” which means “to
undertake”

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2
Q

someone who identifies and acts on an idea or problem that no one else has
identified or acted on.

A

ENTREPRENEUR

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3
Q

The creation of any business,
organization, project, or operation
of interest that includes a level of
risk in acting on an opportunity
that has not previously been
established.

A

ENTREPRENURIAL VENTURE

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4
Q

Types of Entrepreneur

A
  1. Innovators
  2. Creators
  3. Market Makers
  4. Expanders and Scalers
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5
Q

Find new approaches, methods, or products that add value through solving a problem in a unique manner

A

INNOVATORS

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6
Q

Make something new or see a problem that other people have not noticed

A

CREATORS

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7
Q

Innovate or reinvent their market from a future perspective by asking what the market could evolve into

A

MARKET MAKERS

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8
Q

Seek out opportunities to expand upon previously created methods, processes, or products

A

EXPANDERS and SCALERS

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9
Q

It is the point at which identifiable consumer demand meets the feasibility of satisfying the requested product or service.

A

ENTRPRENEURIAL OPPORTUNITY

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10
Q
  • provides a sense of purpose and direction for the business
  • is the start of a roadmap that will determine where he or she wants to go with their entrepreneurial efforts.
A

ENTREPRENEURIAL VISION

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11
Q

______________ is a summary statement that conveys the benefits your product, service, or unique business process/model provides to customers.

A

VALUE PROPOSITION

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12
Q

the reason why you exist.

A

MISSION

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13
Q

is how do you see yourself in the future.

A

VISION

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14
Q

What should a Vision Statement be?

A

● Insightful
● Bold
● Inspirational
● Believable
● Clear
● Shared

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15
Q

the different steps that one must take
to achieve his vision.

A

GOALS

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16
Q

Goals should be:

A

● Specific
● Measurable
● Achievable
● Relevant
● Timely

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17
Q

Different Types of Entrepreneur

A

●COLLEGE ENTREPRENEUR
●CORPORATE INTRAPRENEUR
● FRANCHISE ENTREPRENEUR
● IMMIGRANT ENTREPRENEUR
● INTERNET ENTREPRENEUR
● WOMEN/MINORITY ENTREPRENEUR
● PART-TIME ENTREPRENEUR
● SOCIAL ENTREPRENEURSHIP

18
Q

is an employee who is tasked with developing an innovative idea or project
within a company.

A

CORPORATE INTRAPRENEUR / INTRAPRENEUR

19
Q

Defined as that process by which
an immigrant, who has come to
re-settle in a new/host country
apart from his native country or
country of origin

A

IMMIGRANT ENTREPRENEUR

20
Q

any type of new business, organization, project, or operation of interest that
includes a level of risk in acting on an opportunity that has not previously been
established.

A

ENTREPRENEURIAL VENTURE

21
Q

Your exploration to discover if entrepreneurship is right for you.

A

ENTREPRENEURIAL JOURNEY

22
Q

Steps in One’s Entrepreneurial Journey

A

● Step 1: INSPIRATION
● Step 2: PREPARATION
● Step 3: ASSESMENT
● Step 4: EXPLORING RESOURCES
● Step 5: BUSINESS PLAN
● Step 6: NAVIGATION
● Step 7: LAUNCH

23
Q

is a method of tracking target expectations with actionable results by comparing one’s own company’s performance with an industry average, a leader within the industry, or a market segment. It can help design the trip to meet incremental goals and timelines.

A

BENCHMARKING

24
Q

In this stage, one needs a creative, open, and innovative state of mind. Dream big about your potential future and opportunities

A

STEP 1: INSPIRATION

25
Q

Do you have what it takes to be an entrepreneur?

A

STEP 2: PREPARATION

26
Q

_____________ is the management of cash inflows and outflows to support cash needs of the venture.

A

CASH MANAGEMENT

27
Q

a funding strategy that seeks to optimize use of personal funds and other creative strategies (such as bartering) to minimize cash outflows. In a trial run, you would offer your product or service for sale within a limited market on a test basis to evaluate what additional resources are needed to support the success of the venture

A

BOOTSTRAPPING

28
Q
  • This is the step wherein one must create and his schedule.
  • This action is simple but critical, because it involves connecting and coordinating information and resources
A

STEP 3: ASSESSMENT

29
Q

After completing your business plan, you will probably need to adjust your plan

A

STEP 6: NAVIGATION

30
Q

The actual launch is the exciting event when you open your business. By this point, you have made improvements to your product through feedback received in your trial run; you’ve identified the value or benefits provided by your product; you’ve
identified your target market; and you’ve identified the location of your launch, whether it is a geographical location or an Internet location

A

STEP 7: LAUNCH

31
Q

___________ is the set of decisions and actions that you might follow as a
guide to developing or adjusting your venture, is fluid, not static.

A

ENTREPRENEURIAL PROCESS

32
Q

9 Steps in Entrepreneurial Process

A

● Step 1: STARTUP
● Step 2: DEVELOPMENT
● Step 3: RESOURCING
● Step 4: MARKET ENTRY
● Step 5: GROWTH
● Step 6: MATURITY
● Step 7: HARVESTING
● Step 8: EXIT
● Step 9: REBIRTH

33
Q

activities are related to your perceptions about a potential idea, how you develop your idea, and how you might recognize appropriate opportunities.

A

STEP 1: STARTUP

34
Q

____________ identifies how a business will build revenue, deliver value, and receive compensation for that value

A

BUSINESS MODEL

35
Q

include financial support; support and selection of a manufacturing location or facility (if you are producing a physical
product); personnel talents, knowledge, and skills; possible political and community support; and family support, because the new venture will require time commitments that will cut into time with your family.

A

RESOURCES

36
Q

the launch of your venture—is often undertaken in a soft launch, or soft open, within a limited market to minimize exposure to unforeseen challenges.

A

MARKET ENTRY

37
Q

is the money coming into and going out of a business, as cash is essential for the success of the venture.

A

CASH FLOW

38
Q

includes making decisions that support the future growth of your venture. In the growth stage, your decisions reflect the scalability of your venture.

A

GROWTH STAGE

39
Q

your venture has moved into the
maintenance phase of the business life cycle. Entrepreneurs monitor how a venture is growing and developing according to the business plan, and its projections and expectations.

A

MATURITY STAGE

40
Q

● Is the stage when all your hard work and ingenuity are rewarded through a sizable return on the invested money, time, and
talents of the startup team, including any investors.

● During this stage, the entrepreneurial team looks for the best buyer for the venture to achieve both a return on investment and a match for the continued success of the venture.

A

STAGE 7: HARVESTING

41
Q

_________ is the point at which your venture either has fulfilled its purpose as a harvested success that is passed along to the next generation of business owners
or has not met your needs and goals.

A

EXIT STAGE

Technoprenuership (5 decks)

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