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1st Semester College > ENTREPRENEURSHIP > Flashcards

ENTREPRENEURSHIP Flashcards

1
Q

creates a new business idea

A

Entrepreneur

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2
Q

Entrepreneur comes from the french word _______ which means _________

A

Entreprendre, to undertake

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3
Q

starts a company from an existing business idea

A

Businessman

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4
Q

Businessman or Entrepreneur:
is traditional

A

Businessman

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5
Q

Businessman or Entrepreneur:
is revolutionary

A

Entrepreneur

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6
Q

Businessman or Entrepreneur:
avoids taking risks

A

Businessman

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7
Q

Businessman or Entrepreneur:
risk taker

A

Entrepreneur

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8
Q

Businessman or Entrepreneur:
profit-oriented

A

Businessman

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9
Q

Businessman or Entrepreneur:
customer-oriented

A

Entrepreneur

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10
Q

Businessman or Entrepreneur:
market player

A

Businessman

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11
Q

Businessman or Entrepreneur:
market leader

A

Entrepreneur

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12
Q

the process of starting a company with the aim of delivering something new to the market

A

Entrepreneurship

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13
Q

about identifying problems and opportunities and creating innovative solutions

A

Entrepreneurship

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14
Q

the richest man in the country and said, “I look for solutions to problems, I want to make things happen”

A

Henry Sy Sr.

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15
Q

This involves conducting thorough market research,
surveys, and interviews to understand the challenges
people face.

A

Identifying pain points in the market

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16
Q

By empathizing with customers, entrepreneurs can identify unmet needs and areas for improvement

A

Analyzing customer needs and wants

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17
Q

This provides insights into areas where innovation is
needed and where new opportunities lie.

A

Assessing existing solutions

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18
Q

Entrepreneurs who keep abreast of emerging trends and technologies are better positioned to identify new opportunities.

A

Exploring emerging trends and technologies

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19
Q

Entrepreneurs should capitalize on their passions and skills to identify niche markets and opportunities for innovation.

A

Leveraging personal interests and expertise

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20
Q

Identifying gaps in the market involves analyzing areas where demand exceeds supply or
where existing solutions are inadequate.

A

Evaluating gaps in the market

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21
Q

is a useful tool for identifying a business idea’s viability

A

SWOT Analysis

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22
Q

is essential for identifying problems and opportunities.

A

Market Research

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23
Q

encourage creative problem-solving by focusing on the needs of end-users

A

Design Thinking

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24
Q

can generate innovative ideas and uncover new opportunities

A

Brainstorming Sessions

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25
Q

Educational institutions and entrepreneurial organizations offer training programs and workshops focused on problem and opportunity recognition.

A

Training Programs and Workshops

26
Q

Networking with peers and mentors exposes students to
diverse perspectives and expands their professional connections

A

Mentorship and networking opportunities

27
Q

Entrepreneurs should remain curious, stay informed about industry trends, and be willing to evolve their strategies based on changing market dynamics.

A

Continuous learning and adaptation

28
Q

A E I O U:
What are people doing?

A

Activities

29
Q

A E I O U:
How are people using the environment? What is the
role of the environment?

A

Environment

30
Q

A E I O U:
Do you see any routines? Do you observe people special interactions between people? Between people and objects?

A

Interaction

31
Q

A E I O U:
What’s there and being used or not used?

A

Objects

32
Q

A E I O U:
Who are the users you are observing? What are their roles?
Are there any extreme users?

A

Users

33
Q

the action of closely monitoring the behaviors and activities of users/potential customers

A

Observation

34
Q

Observing people is where we hone our _______ skills

A

Empathy

35
Q

is an interpretation of an event or observation that,
importantly, provides new information or meaning.

A

Insight

36
Q

Observation is _____ while Insight is _____

A

What, Why

37
Q

A thinking process most commonly used to solve complex problems, navigate uncertain environments, and create something that is new to the world.

A

Design Thinking

38
Q

What are the Three Processes?

A

Idea Generation - Creativity - Opportunity Recognition

39
Q

the problem or
opportunity that stimulates the quest for a solution.

A

Inspiration

40
Q

Two primary tasks in inspiration

A

(1) Defining the design challenge
(2) Learning about the users you are designing for

41
Q

a creative process that involves generating and developing new
ideas based on observations

A

Ideation

42
Q

needs we do not know we have

A

Latent Needs

43
Q

used to generate as many ideas as possible

A

Brainstorming

44
Q

a process involving the testing of
assumptions of new ideas to continuously shape them into viable opportunities.

A

Implementation

45
Q

creating an actual model of the product or service

A

Prototyping

46
Q

involves acting in order to learn, try something new, learning from the attempt, and building that learning

A

Experimentation

47
Q

The capacity not only to focus on new ideas but also to sustain them

A

Securing

48
Q

The broadening or the acquisition of new skills that
enable people to generate ideas and share knowledge

A

Expanding

49
Q

Involves the skills required to open ourselves to
diverse and fluctuating circumstances and events

A

Exposing

50
Q

The process of building on past failures by braving new encounters

A

Challenging

51
Q

An apparent way of generating profit through unique, novel
or desirable products or services that have not been previously
exploited

A

Opportunity

52
Q

Three Main Characteristics of Opportunity

A
  1. Potential economic value
  2. Novelty or newness
  3. Perceived desirability
53
Q

The first step in creating and identifying opportunities is?

A

Idea Generation

54
Q

Method used by entrepreneurs in attempting to discover
existing opportunities

A

Active Search

55
Q

The ability to identify opportunities in their environment

A

Alertness

56
Q

Pre-existing information gained from a combination of life
and work experience

A

Prior Knowledge

57
Q

The process of identifying links or connections between
apparently unrelated things or events

A

Pattern Recognition

58
Q

A concept that assumes that opportunities exist
independent of entrepreneurs and are waiting to be
found

A

Finding Approach

59
Q

A concept that assumes that opportunities do not exist
independent of entrepreneurs, but are instead a
product of the mind.

A

Building Approach

60
Q

Ways to create new ideas?

A

Modify
Add
Repurpose
Combine
Separate

61
Q

Making decisions in the Finding Approach is ____ while in the Building Approach, it is _____

A

Risky, Uncertain

1st Semester College (5 decks)

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