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W212-Entrepreneurship > Final Exam > Flashcards

Final Exam Flashcards

1
Q

Pitfalls in Selecting New Ventures

A 
Lack of Objective evaluation
No insight into market
Technical requirements
Financial Understanding
Uniqueness
Legal Issues
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2
Q

5 Critical Factors in new venture development

A 
Uniqueness
Investment
Growth of Sales
Product availability
Customer Availability
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3
Q

Profile Analysis

A

Identifies and investigates the financial, marketing, organizational and human resource variables that influence the business’s potential before the new idea is put into practice.

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4
Q

Feasibility Criteria Approach

A

Use of a criteria selection list entrepreneurs use to gain insights into viability of venture

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5
Q

Comprehensive Feasibility Approach

A

Incorporates external factors in addition to criteria questions

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6
Q

4 Step Process of Marketing Research

A

Define the purpose and objectives
Gather Secondary data (pre-existing)
Gather Primary Data
Analyze and Interpret Results

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7
Q

Control Vs. Contributions

A

Social medial marketing emphasizes audience contribution and relinquishes organizational control over large parts of the content

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8
Q

Two-Way communication

A

Creates ongoing conversation between firm and customer

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9
Q

4 Advantages of Internet Marketing

A

Increases presence and brand equity
Frequent new customers
Improved Customer Service
Efficient information Transfer

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10
Q

6 parts in developing a Marketing Plan

A 
Current Marketing Research
Current Sales Analysis
Marketing Information Systems
Sales Forecasting
Evaluation
Final considerations
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11
Q

Pricing Strategie Factors(Pricing strategies differ depending on the nature of the venture)

A 
Degree of competitive pressure
Availability of supply
Seasonal changes in demand
Cost of distribution
Economic Conditions
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12
Q

Operating Budget

A

A statement of estimated income and expenses of a certain period of time

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13
Q

Growth Stage

A

Leadership transitions from an entrepreneurial one person focus to a managerial team oriention to cope the growth of the venture

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14
Q

Strategic Planning Categories

A

Category 1- No written plan
Category 2- Moderately sophisticated planning
Category 3- Sophisticated planning

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15
Q

Firms that engage in strategic planning….

A

Are more effective than those that don’t

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16
Q

The planning process, rather than merely the plans…

A

Is key to successful performance

17
Q

Strategic planning

A

Long range plans for the success and growth of the venture

Moves from survival to growth

18
Q

Strategic planning includes

A

Defining the Ventures Mission
Specifying Achievable Objectives
Developing Strategies
Setting Policy Guidelines

19
Q

Where entrepreneurship and strategy meet?

A

Strategic planning

20
Q

Evaluation Method: Price Earning Ration (Multiple of earnings)

A

Useful in valuing publicly held corporations
Valuation determined:
market price of the common stock/ earnings per share

21
Q

Drawbacks of P/E Ratio

A

Tough to compare

Private company does not have one

22
Q

Discounted Earnings Method

A

Dollars earned in the future that are worth less than dollars earned today (due to loss of purchasing power)
Timing is critical

23
Q

Underlying issues when acquiring a Business

A

Goals of the buyer and seller
Emotional Bias
Reasons for the acquisition

24
Q

Valuing a firm

A 
Potential to pay for itself
Difficulties that new owners will face
Security or risk
Effect on firms value if a turnaround is required
Potential Buyers #
Current managers intentions
Taxes
25
Q

Harvest Plan

A

Defines how and when the owners and investors will realize an actual cash return on their investment

26
Q

Three harvesting Strategies

A

Management Succession
IPO
Selling

27
Q

Process of Selling a Business

A 
Prepare a financial analysis
Segregate Assets
Value the Business
Identify the appropriate timing
Publicize offer
Finalize prospective buyers
Remain involved through closing
Communicate after sale
28
Q

Key Factors in Succession

A 
Pressures and interests inside the Firm
Pressures and interest from outside the firm 
Forcing events (Death)
Sources of Succession
Legal Restrictions
29
Q

new venture development

A

Initial formation of venture

30
Q

Start-Up activities

A

Foundation for creating business plan

31
Q

Growth

A

Transition from entrepreneurial to managerial

32
Q

Business stabilization

A

Sales begin to stabilize and start to look to future

33
Q

Innovation or decline

A

Firms that fail to innovate die

W212-Entrepreneurship (2 decks)

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