Entrepreneurship Flashcards
What are entrepreneurs?
Strong driving force in our economy, who provides products and services, as well as creating employment
How are people forced into entrepreneurship?
Unemployment or other circumstances
Why do entrepreneurs need strong managerial skills?
Success of running their own business
What is good leadership?
Being able to work with and motivate teams to achieve their goals - invaluable asset
What do entrepreneurs see?
Potential success of possible ideas
Where does a large amount of entrepreneurship take place?
Informal trade - illegal
What is an intrapreneur?
Similar characteristics to an entrepreneur- innovation, persistence, goal driven
What is the difference between an entrepreneur and an intrapreneur?
Do not want to start own business and risk losing capital and assets
What do intrapreneurs prefer?
To work for a company and have a secure salary
What will a good manager recognise and reward?
An employee that is an immense asset
Name the entrepreneurial qualities
- Passionate visionaries
2 Creative Thinkers - Risk Takers
- Good leaders
- Independent Spirits
- Perseverance and Commitment
- Opportunist
What are passionate visionaries?
Believed they could do something that no one else has thought of or succeeded
What are creative thinkers?
Challenged the conventional way - innovating different aspects of traditional business
What are risk takers?
Positive attitude they took a chance at devoting their time, money, other resources - believe will work
What are good leaders?
Persuade others to buy into their dreams and help them realise it
What are independent spirits?
Like tk be in control and internally motivated
What is perseverance and commitment?
Work hard until they change part of the world
What are opportunists?
Happened to be in the right place at the right time - saw opening and took it
Who are the entrepreneurs?
Individuals with necessary knowledge and expertise to run a business successfully
POLC
Planning, organising, leading and control
Why is it important for entrepreneurs to recognise their shortcomings?
Hire others to fulfil those roles
Name the different types of entrepreneurs
- Social entrepreneur
- Technopreneur
- Ecopreneur
- Tenderpreneur
What is a social entrepreneur?
Want to solve social issues with products and services. Making a world a better placeb
What will social entrepreneurs start?
Non-profit company
What are technopreneurs?
Start with basic idea fro problem identified. Come up with nee ideas to be different or unique using technology
What are ecopreneur?
Driven to save the environment. Making profit important. Practices do not harm environment.
What is a tenderpreneur?
Obtain tenders from the government or from private business - provide specific services
What are entrepreneurial business?
Constantly innovating, taking risk and adapting their environmentz
What must entrepreneurial business constantly ensure?
They are on track with the business and goals
What is environmental scanning?
In touch with the world around them - remain successful players in specific industries
Name the benefits of environmental scanning
- Identifies threats - imminent
- Possible opportunities and gaps in market
- Finger on pulse of competitors
- Entrepreneurs create short term and long term strategies- protect business
Why is environmental scanning a 360° process?
Internal and external aspects - two types
Name the two types of environmental scanning
- Before stating business
- Continuous
What is useful to look at in environmental scanning before starting a business?
- Viability of product/service
- Strength of competitors
- Size of potential market - absorb a new player
- Stability of resources: suppliers, financiers, staff, premises, fellow investors
What is continuous environmental scanning?
Ongoing basis through analysing each environments - tools
Tools for micro
SWOT, value chain analysis
Tool for market
SWOT, Porters
Tool for macro
SWOT, PESTLE
Why should planning take place?
Opportunity, has an idea and wants to build on it
Why must one think during planning?
Strategise for short term and long term
Name the three planning tools
- Smarter goals
- Business plan
- Action plan
Specific
Hols must be definable
Measurability
Ability to quantify the goal
Achievable
Ability of that business to reach the goal
Realistic
The bigger picture.
Time related
Specify when ur needs to be reached - considered succefyl
Ethical
Ethics and morals
Recordable
Needs to be recorded. Commitment and accountability- bold statement in writing
Swot analysis
identify strengths, weakness, opportunities and threats
Where is swot included?
Business plan
What is a business plan?
Put every aspect of business
Financial budgeting to marketing strategy
What is an action plan?
Implement and get the project done
What does an action plan specify?
Individual tasks, when they have to be done, who is taking responsibility
When does resourcing take place?
After environmental scanning and planning - successful
What is it important to do in resourcing?
Mobilise all the resources
What does resourcing include?
- Fellow investors (size/ownership)
- Raw materials, stock (trading)
- Capital items - machinery, equipment
- Finances - loans, financial institutions
- Staff - Employ key staff / double up
When does preparation take place?
Not only initials days, also ongoing and sustainable trading
When is the hive of activity?
The final days/weeks before opening
Depend on size of business
What details must be taken care of?
Premises, marketing, ordering of stock, raw materials, administrative issues
What never stops in an entrepreneurial business?
The momentum
What must constantly happen to keep it from going out?
Innovation and Actuon
What happens during action?
New ideas, new markets, new processes, nee products help business grow
What happens during evaluation?
Evaluate and get feedback
What is it important to take a business plan from?
Planning stage to action stage
Define business plan
Tools with multiple uses and indispensable to the successful entrepreneur
Name the value of the business plan
- Different types and sizes of business - require different types business plans
- Allows you to market your ideas - creative and add own distinctive touches
- Intrapreneurship and refocus is required. Flexible document - adapt to the growth and development
What are timelines?
Simplest tools to use - utilise one variable by arranging past + expected future events (chronological order)
What does timelines make easier?
Visual picture of what is happening - simplifies the planning process
What is a Gantt Chart?
Sophisted form of timeline - introduce other variables
What does other variables?
Responsibilities members, sub sections of the project
When is Gantt chart used?
Project management - drawn by hand / internet site
Advantages of a Gantt Chart
- Includes information on timeline (chronological order)
- Estimate time needed - each
- See which activities run simultaneously
- Inter-relatedness or tasks
- Colour-coding and key - more information
- Adjustments made - see effects on other tasks
- Show responsibilities each member
How to construct Gantt Chart?
- Graph paper/blocks
- Mark time on horizontal axis (allow increments)
- Vertical axis - tasks and columns - person responsible
- Fill bars - expected time
- Link dependent tasks
When is it easy to put the plan into action?
After constructing Gantt Chart
Planning steps
- Set goals
- Gather information
- Analyse assumptions - planning based
- Choose plan of action
- Plan detail
- Action
- Review
Why is it important to track progress on Gantt?
Problems at any stage
How to redo Gantt Chant steps?
- Go and charge the template on wall with movable magnetic pieces
- On a computer and repainting it as changes are made
What is the word on structure?
3×2 which breaks down the elements of work I need to be done on a specific project – resource allocation in casting can be done for each specific element
What is the advantage breakdown structure?
Dividing into a hierarchical structure
What can work breakdown structure be used on?
Simple project board to break up tasks into single in
What is the between a Gantt chart and a work breakdown structure?
Go onto chart is more concerned about the time allocation and sequential scheduling of work – to meet a deadline. Work breakdown structure isolate various elements in order to assign roles and wake up budgets and resource allocation.
GC when
WBS what
