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Winter 2019 > Entrepreneurship Exam #1 > Flashcards

Entrepreneurship Exam #1 Flashcards

1
Q

Two views of the entrepreneur

A

Popular and innovator

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2
Q

People who come up with ideas and embody those ideas in high-growth companies

A

Innovators/Schumpeterians

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3
Q

7 traits of an entrepreneur

A
  1. Curious
  2. Creative
  3. Clear vision
  4. Communicative
  5. Leader
  6. Risk Taker
  7. Tenacious
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4
Q

3 types of entrerpeneurs

A
  1. Novice
  2. Serial
  3. Portfolio
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5
Q

Type of entrepreneur that buys and sells businesses frequently

A

serial

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6
Q

The theory that explains why the economy is populated bu business firms instead of being independent, solo-preneurs

A

Theory of the Firm: Transaction Cost Approach

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7
Q

Who spoke about the nature of the firm

A

Ronald Coase

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8
Q

Firms arise because

A

they avoid (or minimize) transaction costs

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9
Q

The difference between an idea and an opportunity is that an opportunity has a possible….

A

solution

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10
Q

Type of recognition pattern that includes having idealized representations of a category and comparing new events or trends with such idealized representation

A

Prototype

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11
Q

Type of recognition pattern that emphasizes the importance of specific knowledge and compares new stimuli with relevant, real concepts

A

exemplar

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12
Q

Term for having a predetermined goal, seeking optimal strategy

A

Causal thinking

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13
Q

Term for allowing goals to emerge over time via interactions

A

Effectual thinking

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14
Q

Effectual thinking is dependent on

A

people

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15
Q

Causal thinking is dependent on

A

effect

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16
Q

3 principles of effectual reasoning process

A
  1. Affordable loss
  2. Strategic partnerships
  3. Turn unexpected into profit
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17
Q

To have a business position, a firm must decide whether to:

A

a. Perform activities differently, or

b. Perform different activities compared to it’s rivals

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18
Q

2 strategic groups

A
  1. Competitive dynamics

2. Competitive rivalry

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19
Q

Ongoing actions and responses taking place between all firms competing within a market for advantage positions

A

Competitive dynamics

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20
Q

Ongoing actions and responses taking place between an individual firm and its competitors for advantageous market positions

A

Competitive rivalry

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21
Q

To determine competitive scope, you determine between what types of targets?

A

Broad and narrow

22
Q

The five generic business level strategies

A
  1. Cost advantage
  2. Differential advantage
  3. Focus cost leadership
  4. Focus differentiation
  5. Integrated cost
23
Q

Intangible value

A

image, status, identity, experience

24
Q

3 things strategy is not

A
  1. Action
  2. Aspiration
  3. Vision
25
Q

3 aspects of forming a game plan

A
  1. Objective
  2. Scope
  3. Advantage
26
Q

3 decisions for strategy formulation

A

Who, How, Evaluation

27
Q

2 aspects of external environment analyses

A
  1. Industry level attractiveness

2. Competitor level dynamics

28
Q

Term for when a firm is skilled at continually updating its array of capabilities to keep pace with changes in the environment

A

Dynamic capability

29
Q

4 components of external environmental analyses

A
  1. Scanning
  2. Monitoring
  3. Forecasting
  4. Assessing
30
Q

identifying early signs of environmental changes and trends is called

A

scanning

31
Q

Detecting meaning through ongoing observations of environmental changes and trends is called

A

monitoring

32
Q

Developing projections of anticipated outcomes based on monitored changes and trends is called

A

Forecasting

33
Q

Determining the timing and importance of environmental changes and trends for firms strategies and their management is called

A

assessing

34
Q

PESTEL Framework

A
  1. Political
  2. Economic
  3. Sociocultural
  4. Technological
  5. Ecological
  6. Legal
35
Q

Focus of Porter’s 5 Forces

A

Factors and conditions influencing a firm’s profitability within an industry

36
Q

Porters 5 forces

A
  1. Buyers
  2. Substitutes
  3. Suppliers
  4. Potential entrants
  5. Industry competitors
37
Q

Internal environment analysis determines what a business can do by examining:

A
  1. unique resources
  2. capabilities
  3. competitors
38
Q

The aim for internal environment analysis at the business level

A

building and sustaining competitive advantage

39
Q

The aim for internal environment analysis at the corporate level is

A

vertical integration and diversification

40
Q

4 components of Jay Barney’s VRIN framework for sustainable competitive advantage

A
  1. Valuable
  2. Rare
  3. Inimitable
  4. Non substitutable
41
Q

3 components of being inimitable

A
  1. Historical
  2. Ambiguous Cause
  3. Social complexity
42
Q

4 types of tangible resources

A
  1. Financial
  2. Physical
  3. Technological
  4. Organizational
43
Q

3 types of intangible resources

A
  1. Human
  2. Innovation and creativity
  3. Reputation
44
Q

Marketing is based on

A

needs and wants

45
Q

Scope in marketing refers to ….

A

what to market (goods, services, events, etc.)

46
Q

3 tips for a start up marketing program, from the in class video

A
  1. Understand customers
  2. Understand how customers view your solution
  3. Understand your customer’s buying process
47
Q

4 Ps of Marketing Mix

A
  1. Product
  2. Price
  3. Promotion
  4. Place
48
Q

5th P of Marketing mix

A

People

49
Q

4 aspects of market segmentation

A
  1. Geometric
  2. Demographic
  3. Psychological
  4. Behavioral
50
Q

Market research steps (6)

A
  1. Define question
  2. Determine data
  3. Collect data
  4. Analyze data
  5. Take action
  6. Evaluate results
51
Q

4 core areas of digital marketing

A
  1. Content
  2. Adwords
  3. Social media
  4. Analytics

Winter 2019 (6 decks)

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