First Half

Question 1

Opportunity in General

Answer 1

A circumstance where a need/problem develops that could be solved with a value-creating innovation.

Question 2

Opportunity in Social/ Public sector

Answer 2

Opportunities in the social and public sector are changes in the environment that allow for the entrance of a new idea or approach.

Question 3

Idea Assessment: Six variable to asses if an idea has high potential impact and high potential feasibiltiy

Answer 3

Customer: It is important to specify the initial customers targeted…this is your ‘beach head’…as well as the total potential market.

Value Proposition: The value that the offering delivers to customers.

Substitutes and Alternatives: Substitutes are offerings in different forms that have the same functionality, e.g. coffee, coca cola, and energy drinks are all substitutes for someone seeking a boost when tired. They include direct competition.

Alternatives: are offerings with different functions that serve the same purpose e.g. taking a nap is an alternative to the offerings mentioned above.

Core competencies: are central to the value creation process but are not distinctive from the substitutes and alternatives and common provide little advantage as everyone has them.

Offering: Your product, service, experience or other innovation.

Team: A group of people coming together to achieve a common purpose. In this case, it is critical that the direct team or team network has or can credibly build the knowledge, skills, abilities and attitudes needed for the idea to work.

Question 4

Pivot

Answer 4

A structured course correction designed to test a new fundamental hypothesis about the product, strategy and/or engine of growth.

Question 5

Innovation

Answer 5

The establishment of new processes, products, services, and ideas that solve an issue or create value.

Question 6

Innovation Process & Design thinking

Answer 6

There are three spaces to keep in mind: inspiration, ideation, and implementation.

Inspiration: is the problem or opportunity that motivates the search for solutions.

Ideation: is the process of generating, developing, and testing ideas.

Implementation: is the path that leads from the project stage into people’s lives.

Question 7

Evidence Based Management

Answer 7

In our EI context, this is approaching opportunities, innovations and venture changes/creations through multiple evidence based lenses including the context, the stakeholders, the experience of the ‘trep and scientific/research evidence. It also applies to all organizational decision making as ventures start, scale, mature and change.

Question 8

Entrepreneur

Answer 8

A person who recognizes opportunity and value creating innovations and brings people and resources together to make change happen. All in an organizational context.

Question 9

Intrapreneurship

Answer 9

Entrepreneurial/innovative activities that receive organizational sanction and resource commitments for the purpose of innovative results within an established organization.

Question 10

Multi-Purpose Entrepreneurship and Innovation

Answer 10

This is how we describe our work at Western. It includes:
Commercial E&I where the primary purpose is creating monetary wealth.

Social/Public E&I where the primary purpose is creating improving social/public wealth

This can take place in new (start-up) or existing organizations.

Question 11

13. Changemaker

Answer 11

Someone who can respond efficiently and imaginatively to social problems because they possess the confidence, skills and support needed to drive elective change.

Question 12

14. Empathy

Answer 12

The art of stepping imaginatively into the shoes of another person, understanding their feelings and perspectives and using that understanding to guide your actions.

Question 13

15. Ideation

Answer 13

Ideation is the process of generating, developing, and testing ideas

Question 14

16. Corporation

Answer 14

A corporation is an independent legal entity owned by shareholders. This means that the corporation itself, not the shareholders that own it, is held legally liable for the actions and debts the business incurs.

Question 15

17. Sole Proprietorship

Answer 15

A sole proprietorship is the simplest and most common structure chosen to start a business. It is an unincorporated business owned and run by one individual with no distinction between the business and you, the owner. You are entitled to all profits and are responsible for all your business’s debts, losses and liabilities.

Question 16

18. Limited Liability Company

Answer 16

A limited liability company is a hybrid type of legal structure that provides the limited liability features of a corporation and the tax efficiency and operational flexibility of a partnership.

Question 17

1. Nonprofit organization/ 501c3

Answer 17

A business entity that is granted tax-exempt status by the Internal Revenue Service.

Donations to a nonprofit organization are often tax deductible to the individuals and businesses making the contributions.

Nonprofit organizations are also called 501(c)(3) organizations after the section of the tax code that allows them.

Question 18

20. Cooperative

Answer 18

A co-operative is an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly owned and democratically controlled organizations.

Question 19

21. Competence-distinctive, common, core

Answer 19

A unique ability that a company acquires from its founders or develops and cannot be easily imitated.

Core competencies are what give a company one or more competitive advantages in creating and delivering value to its customers in its chosen field. Also called core capabilities or distinctive competencies.

Question 20

22. Sustainable Competitive Advantage

Answer 20

Comp Adv: A superiority gained by an organization when it can provide the same value as its competitors but at a lower price, or can charge higher prices by providing greater value through differentiation. Competitive advantage results from matching core competencies to the opportunities.

Sust Comp Adv: A long-term advantage that is not easily duplicable (imitated) or surpassable by competitors.

Question 21

23. VRIO

Answer 21

The acronym stands for: Valuable, Rare, costly to Imitate, and Organized to capture value.

This is a tool that can be used by organizations to discover whether or not the internal capabilities and resources can be utilized to create a sustainable competitive advantage. This tool is related to the 4 characteristics of a sustainable competitive advantage (valuable, rare, cannot be imitated, and non-substitutable).

Question 22

24. 4 P’s of Planning

Answer 22

Purpose, Process, People, Perimeter.

These are 4Ps that should be considered when making a plan. What is our purpose? What is the process to achieve the purpose? What people are involved and what are their roles? What issues around our Perimeter will influence our success?
Dr. S’s definition.

Question 23

25. SMART plans

Answer 23

Specific, Measureable, Accountable, Realistic w/Reach and Time bound.

These are criterial to use when evaluating a plan.

Is the plan specific? Are the outcomes and the progress measurable? Is it clear who is accountable? Is it realistically doable but yet challenging enough to provide reach for those involved? Is it time bound to a calendar/

Question 24

26. Planning Skills

Answer 24

A basic management function involving formulation of one or more detailed plans to achieve optimum balance of needs or demands with the available resources.

The planning process (1) identifies the goals or objectives to be achieved, (2) formulates strategies to achieve them, (3) arranges or creates the means required, and (4) implements, directs, and monitors all steps in their proper sequence.

Question 25

27. Idea vs. Bus Model vs. Bus Plan

Answer 25

An idea is a thought that someone has but has not yet come to fruition. It allows for free thinking and creativity before possibly giving rise to a business model.

A business model is a strategic outline for a business to use to understand what its purpose is and how it will be profitable.

A business plan outlines a clear strategic path that will lead to the accomplishment of its objectives. It will be detailed and it will address business operations, finances, and marketing. The plan is going to be a well-rounded document that touches on such areas as competitor analysis, market analysis, operations, and management.
(Thanks to Keisha Bagley for the summary

Question 26

28. Income Statement

Answer 26

A financial statement indicating sales, expenses and profits/losses over a period of time.

Question 27

29. Balance Sheet

Answer 27

A financial statement indicating an organization’s level of assets, equity and liabilities at a particular point in time.

Question 28

30. Cash Flow Statement

Answer 28

A financial statement indicating the amount of cash inflows and out flows for a period of time.