Entrepreneurial Mind, Journey and Pathway Flashcards by CaleHenituse Oreiro

Entrepreneur word came from?

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

How well did you know this?

Not at all

Perfectly

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

ENTREPRENEUR

How well did you know this?

Not at all

Perfectly

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.

ENTREPRENURIAL VENTURE

How well did you know this?

Not at all

Perfectly

Types of Entrepreneur

Innovators
Creators
Market Makers
Expanders and Scalers

How well did you know this?

Not at all

Perfectly

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

INNOVATORS

How well did you know this?

Not at all

Perfectly

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

CREATORS

How well did you know this?

Not at all

Perfectly

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

MARKET MAKERS

How well did you know this?

Not at all

Perfectly

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

EXPANDERS and SCALERS

How well did you know this?

Not at all

Perfectly

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

ENTRPRENEURIAL OPPORTUNITY

How well did you know this?

Not at all

Perfectly

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.

ENTREPRENEURIAL VISION

How well did you know this?

Not at all

Perfectly

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

VALUE PROPOSITION

How well did you know this?

Not at all

Perfectly

the reason why you exist.

MISSION

How well did you know this?

Not at all

Perfectly

is how do you see yourself in the future.

VISION

How well did you know this?

Not at all

Perfectly

What should a Vision Statement be?

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

How well did you know this?

Not at all

Perfectly

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

GOALS

How well did you know this?

Not at all

Perfectly

Goals should be:

● Specific
● Measurable
● Achievable
● Relevant
● Timely

How well did you know this?

Not at all

Perfectly

Different Types of Entrepreneur

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

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

CORPORATE INTRAPRENEUR / INTRAPRENEUR

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

IMMIGRANT ENTREPRENEUR

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.

ENTREPRENEURIAL VENTURE

Your exploration to discover if entrepreneurship is right for you.

ENTREPRENEURIAL JOURNEY

Steps in One’s Entrepreneurial Journey

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

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.

BENCHMARKING

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

STEP 1: INSPIRATION

Do you have what it takes to be an entrepreneur?

STEP 2: PREPARATION

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

CASH MANAGEMENT

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

BOOTSTRAPPING

- 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

STEP 3: ASSESSMENT

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

STEP 6: NAVIGATION

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

STEP 7: LAUNCH

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

ENTREPRENEURIAL PROCESS

9 Steps in Entrepreneurial Process

● 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

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

STEP 1: STARTUP

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

BUSINESS MODEL

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.

RESOURCES

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.

MARKET ENTRY

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

CASH FLOW

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

GROWTH STAGE

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.

MATURITY STAGE

● 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.

STAGE 7: HARVESTING

_________ 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.

EXIT STAGE