Exam 1 Flashcards
Entrepreneur
To undertake. A person who starts a business. One who organizes and manages and assumes the risk of a business.
One who creates a new business in the face of risk.
entrepreneurship
The result of a discipline systematic process of applying creativity and innovation to the needs and opportunities in the marketplace.
entrepreneurial mindset
Choice, opportunity, action, knowledge, wealth, brand, community, persistence
creativity
The ability to develop new ideas and to discover new ways of looking at problems and opportunities
innovation
The ability to apply creative solutions to problems or opportunities to enhance or to enrich people’s lives.
social entrepreneurship
The process of pursuing innovative solutions to social problems.
opportunity assessment
Determines the profitability of a product or service idea
Why is opportunity assessment important?
Because it helps the entrepreneur determine if an opportunity is worth pursuing
intellectual property
Patents, trademarks, copyrights, or trade secrets held by the entrepreneur.
patent
Contract between the government and the inventor.
trademark
Any distinctive word, symbol, design, name, logo, slogan, or trade dress that a company uses to identify the origin of a product or to distinguish it from other goods on the market.
copyright
Exclusive right that protects the creators of original works of authorship such as literary, dramatic, musical, and artistic works.
What are the key characteristics of entrepreneurs
desire for responsibility, preference for moderate levels of risk, confidence in their ability to succeed, determination, desire for immediate feedback, high levels of energy, future orientation, skilled at organizing, value achievement over money
High degree of commitment, tolerance for ambiguity, flexibility, a willingness to work hard, and tenacity
What are the benefits of entrepreneurship
create your own destiny, make a difference, reach your full potential, reap impressive profits, contribute to society and to be recognized for your efforts, do what you enjoy and have fun at it
What are the drawbacks of entrepreneurship
uncertainty of income, risk of losing your entire investment, long hours and hard work, lower quality of life until business is established, high levels of stress, complete responsibility, discouragement
Why are we hearing so much about Entrepreneurship today
[answer]
Why is there a high failure rate within entrepreneurship
management mistakes, lack of experience in the industry, poor financial control, weak marketing efforts, failure to develop a strategic plan, uncontrolled growth, poor location, improper inventory control, incorrect pricing, inability to make the entrepreneurial transition,
How can you avoid entrepreneurial failure
Know your business in depth by developing a solid business plan and managing financial resources, understand financial statements, and learn to manage people effectively, set your business apart from the competition and maintain a positive attitude.
What are the key differences between an “employee” and an “entrepreneur”?
responsible for all decisions, hold both short and long term visions, feeling uncomfortable in new comfort zone, learning is a continuous journey, numbers don’t lie, love your business but be objective, enjoy breaking rules, time isn’t linear, start now
What concept is being referred to when it is said that entrepreneurs must identify the “marshmallow in their business venture”?
The marshmallow is a metaphor for the hidden assumptions in your venture. The marshmallows seem light and fluffy but then you come to realize that it is a heavy unforeseen burden on the noodles.
What are the eight entrepreneurial “mindset lessons” from Who Owns the Lighthouse?
Choice, opportunity, action, knowledge, wealth, brand, community, persistence
What are ways to enhance individual creativity?
allow yourself to be creative, give your mind fresh input every day, observe the products and services of other companies, recognize the creative power of mistakes, notice what is missing, keep a journal to record your thoughts and ideas, listen to other people, listen to customers, talk to a child, do something ordinary in an unusual way, keep a toy box, do not throw away seeming bad ideas, take some time off, be persistent, forget the rules, and travel and observe
What are ways to enhance organizational creativity?
talk and interact with customers, reward creativity, model creative behavior, monitor emerging trends and identify ways your company can capitalize on those, hire for creativity, view problems as opportunities, incorporate fun into the work environment, design a creative work space, look for uses for your company’s products in other markets
What are the key steps in the creative process?
preparation, investigation, transformation, incubation, illumination, verification, implementation
How can entrepreneurs protect their ideas?
copyright, patent, trademark, and trade secrets.
