Entrepreneurial Process Flashcards
1
Q
What is the entrepreneurial process
A
Entrepreneur is someone who perceives an opportunity and creates an organization to pursue it
2
Q
What is the triggering event
A
Monet that triggers idea, pushes someone to the tipping point of entrepreneurship
3
Q
What is a serial entrepreneur
A
Someone who has a lot of different businesses
4
Q
What are some critical factors to starting a new business
A
- higher internal locus of control
- desire to gain independence
- joy of innovation
- risk tolerance
5
Q
What are the 10 Ds of entrepreneurship
A
- Devrait
- Decisiveness
- Doers
- Determination
- Dedication
- Devotion
- Details
- Destiny
- Dollars
- Distribute
6
Q
What are 3 essential things to do before committing to starting a business
A
- Assess your own financial reality
- Identify key contacts in your network
- Reach out to sources of free advice and feedback
7
Q
What are some ingredients for successful new businesses
A
- niche markets
- rate change constantly increasing, big corpo cannot keep up
- great innovators
- more productive that big corpo
- happy customers, happy employees, happy suppliers
8
Q
What are the 9 Fs for a successful company
A
- Founder
- Focused
- Fast
- Flexible
- Frugal
- Forever innovating
- Flat
- Friendly
- Fun
9
Q
What is growth orientation
A
Has a strong desire to expand the firm
10
Q
What are characteristics of an entrepreneurial environment
A
- organization operates on frontiers of technology
- new ideas are encouraged
- trail and errors encouraged
- failures are allowed
- resources are available and accessible
- multi discipline teamwork approach
- long time horizon
- volounteer program
- appropriate reward system
- sponsors and champions available
- Support of top management
11
Q
How can you establish corporate entrepreneurship
A
- Secure top management commmitment
- Identify areas of interest and money available
- Use tech to make the company more flexible
- Interest managers will train employees
- Develop ways to get closer to customers
- Learn to be more productive with fewer resources
- Establish a strong support culture
- Tie rewards to performance of the entrepreneurial unit
- Allow successful units to expand and unsuccessful ones to be eliminated
