Group 1: Introduction Flashcards
Plays a key role in any economy, using the skills and initiative necessary to anticipate needs and bringing good new ideas to market.
Entrepreneur
A set of skills that enable people to identify and make the most of opportunities, overcome and learn from setbacks, and succeed in a variety of settings.
Entrepreneurial Mindset
8 Skills of Entrepreneurial Mindset
1.Critical Thinking
2.Creativity & Innovation
3.Communication & Collaboration
4.Comfort with Risk
5.Initiative & Self-Reliance
6.Future Orientation
7.Opportunity Recognition
8.Flexibility & Adaptability
The capacity to apply higher-level, process-oriented thinking, consider an issue from a range of possible perspectives, and use that reasoning to make decisions.
Critical Thinking
The ability and willingness to change actions and plans to overcome present and future challenges.
Flexibility & Adaptability
The ability to clearly express ideas to an intended audience, including persuading others to work towards a common goal
Communication and Collaboration
The capacity to move forward with a decision despite inevitable uncertainty and challenges.
Comfort with Risk
Strategies used when taking risks:
o Research
o Marketing
o Planning
o Testing and reporting
The power to take ownership of a project without input or guidance and work through obstacles independently.
Initiative & Self-Reliance
An optimistic disposition with a focus on obtaining the skills and knowledge required to transition into a career.
Future Orientation
The practice of seeing and experiencing problems as opportunities to create solutions.
Opportunity Recognition
The ability to think of ideas and create solutions to problems without clearly defined structures.
Creativity and Innovation
novel/ new/ original product, device, process, or concept.
Invention
Derived from the Latin verb innovare, which means “to renew”
Innovation
Involves applying new processes, introducing new techniques, or establishing successful ideas to create new value.
Innovation
the indispensable start-up ingredient all inventions and innovations need.
Ideas
Starting point for any current or future entrepreneur.
Ideas
What is Next after the Idea?
- Define Your Target Market
- Define Your Products and Services
- Define the Market for Your Business Idea
- Define Your Main Competitors
- Competitive Benchmarking
- Define Resources Required by Your Business Idea
- Calculate Your Startup Costs
- Calculate Costs of Goods Sold (COGS) and Operations Costs
- Develop Your Business Model
A group of individuals working together to achieve their goal.
Team
Creates a system to ensure that deadlines are met and that there’s high quality work
Team
Tuckman’s Stages of Team Formation
- Forming
- Storming
- Norming
- Performing
- Adjourning
Stage where a group of people comes together to accomplish a shared purpose
Forming
The leader plays a dominant role at this stage because team members’ roles and responsibilities aren’t yet clear.
Forming
Disagreement are constant at this stage of development since team members are still getting to know each other
Storming
The leader’srole is to help the team get to know each other
Storming
Members start to resolve their differences, appreciate colleagues’ strengths, and respect the authority of the leader
Norming
The leader shall ask for periodic updates from the team and regularly check the team’s progress
Norming
The stage at which the real work of the team is progressing
Performing
The leader shall help solve problems and provide input as needed
Performing
The ______ stage is becoming even more frequent with the advent of flexible organizations, which feature temporary groups.
Adjourning
Forming a team takes time, and members often go through recognizable stages as they change from being a collection of strangers to a united group with common goals. One psychologist first came up withthe memorable phrase “forming, storming, norming, and performing” in his 1965 article, “Developmental Sequence in Small Groups.” Who is this psychologist?
Bruce Tuckman
What is the other term for adjourning?
Mourning
All of the following are the skills you need to work on when you are applying entrepreneurial mindset except…
A. Critical Thinking Skills
B. Communication and Collaboration
C. Recognizing Opportunities
D. Indecisiveness
D
Which of the following is an example of service product?
A. Clothes
B. Foods
C. Consulting Firms
D. School Supplies
C
Which of the following statements tells the importance of innovation?
A. Innovation hinders companies to grow.
B. Innovation keeps organizations relevant.
C. Innovation do not allow you to standout from other businesses.
D. Innovation make companies stagnant.
B
It is defined as a coherent coalition of individuals who work cooperatively to accomplish common goals.
Team
All of the statements are true about a team except:
A. A diverse team of people who can contribute ideas helps a company thrive
B. Collaboration within a group depreciates the quality of work.
C. A team creates a system to ensure that deadlines are met and that there’s high quality work
D. Members of a team feel a strong sense of belonging and deep commitment to each other and the common goal
B
All of the following statements are true under Norming except:
A: Members start to resolve their differences, appreciate colleagues’ strengths, and respect the leader’s authority.
B: The leader shall ask for periodic updates from the team and regularly check the team’s progress
C: People develop a stronger commitment to the team goal.
D: There is a conflict between team members natural working styles.
D
