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Full Glossary > Innovation And Entrepreneurship > Flashcards

Innovation And Entrepreneurship Flashcards

1
Q

Bootstrapping

A

Starting a business with very few resources, especially. Dry limited financial resources.

Hess type of business develop by maintaining close control on costs and reinvesting earning.

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2
Q

Bottom of the pyramid

A

BoP

Vast market segment made up of the poorest people

Excluded form access to modern products, services and choices.

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3
Q

Bricolage

A

An improvised approach to entrepreneurship.

No predetermined objectives or outcomes for venture, instead entr bases business on resources they have at hand or can easily acquire.

Similar to effectuation but focuses on creatively acquiring resources.

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4
Q

Business concept

A

A brief overview of a business showing how it serves market need and how resources are combined to cate value

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5
Q

Business model

A

A concise overview of a business showing
how it serves business need
How resources are combined to create value
How revenues are generated and distributed.

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6
Q

Business plan

A

A formal document

Presents qualitative and quantitive information for new or existing businesses including:

Marketing
Key anions
Finances

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7
Q

Capabilities

A

Specific things that an org is capable of doing by deploying its particular combination of tangible and tangible resources.

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8
Q

Cooperation

A

A form of behaviour which occurs when organisations act collectively for the pursuit of mutual benefit

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9
Q

Deals

A

Terms agreed for transactions or joint activities.

Can be commercial transactions or other types of negotiated outcomes.

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10
Q

Design

A

A detailed plan for a new product, process or organisational structure.

Often expressed through a set of drawings.

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11
Q

Design thinking

A

A creative approach to problem solving and innovation.

A study of what humans want, what technologies can produce and what is economically viable.

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12
Q

Discovery

A

Something that is found or revealed, having previously been unknown. (Already exists)

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13
Q

Dynamic efficiency

A

A measure of efficiency based on the capacity of a firm, or economic system, to generate innovation and adapt itself to changing external conditions.

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14
Q

Economic value

A

The capacity of an organisation to generate financial returns form its activities.
can include profits generated by commercial enterprise and other economic benefits such as increasing employment.

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15
Q

Effectuation

A

An improvised approach to entrepreneurship. No predetermined objectives or outcomes
Bases venture on resources easy to acquire or have at hand
Focuses on creatively exploiting the resources available.

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16
Q

Elevator pitch

A

Short summary of an entrepreneurial or innovative idea that can be communicated in the time it takes to ride an elevator.

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17
Q

Emergent approach

A

Term describing ways of creating a venture by starting with the resources that entrepreneurs or teams already have.

Contrasted to planned approach

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18
Q

Enterprise

A

Refers to both organisation and to the mixture of wledgeand mindset that are needed to create and develop them.

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19
Q

Enterprise development

A

An initiative or programme that aims to develop new existing enterprises through the provision of a combination of financing, training, mentor ship and other support services.

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20
Q

Entrepreneur

A

A person who seeks to generate value by:
Identifying and exploiting opportunities
Assembling resources
Creating or expanding business ventures.

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21
Q

Entrepreneurial behaviour

A

The perceptions, beliefs, motivations, judgement or actions of an entrepreneur in deciding to pursue an entrepreneurial opportunity, when and how to create a new enterprise, and what expected outcomes to target,

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22
Q

Entrepreneurial innovation

A

This can be a new enterprise, a new or upgraded product or service, or a new approach to achieving the survival or growth of an enterprise.

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23
Q

Entrepreneurial leadership

A

A type of leadership that involves creation or intimating changes in organisations which enable them to become more dynamic and capable of exploiting growth opportunities.
Skills and behaviours needed:
Vision, innovativeness, opportunity focus, effective communication, strengths as a team player and the ability to build effective relationships and acquire resources.

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24
Q

Entrepreneurial networks

A

The pattern of social relationships, both social and business contacts.
Used to obtain resources, or to facilitate growth

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25
Q

Entrepreneurial teams

A

Two or more people who are collaborating in the founding of an entrepreneurial venture

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26
Q

Entrepreneurship

A

Term to describe activity if entrepreneurs.
Identifying and exploiting opportunities.
Assembling resources
Creating or expanding ventures.

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27
Q

Filieres

A

Chain of complementary production activities that contribute to the realisation of the final product.

The enterprises of a filieres are not necessarily geographically close.

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28
Q

Human capital

A

The combination of knowledge, skills and understanding that is found in INDIVIDUAL PEOPLE, which can be drawn upon by organisations.

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29
Q

ICT

A

Term to describe any device or application that is used to access, communicate and store information.

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30
Q

Information asymmetry

A

Concept used by transaction cost economics.

According to this approach, where there is asymmetric individuals do not have all the same information.

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31
Q

Innovation

A

Can refer to the whole process of bringing something new to the world.

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32
Q

Innovator

A

A person who seeks to bring something new to the world.

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33
Q

Institutional investors

A

Individuals and organisations that trade securities in large quantities in the stock market. Get better treatment.
Pensions, commercial trusts, hedge funds

34
Q

Intangible resources

A

Less visible resources in orgs. Can include specialist knowledge and reputation.

35
Q

Intellectual property rights

A 
Legal protection that secures things individuals and organisations have created. (Products, brand names, inventions, designs....) 
Can take different forms:
Copyright
Patents
Trademarks
36
Q

Invention

A

Something newly designed or created, a product of the human imagination.

37
Q

Legitimacy

A

legitimacy is achieved when the activities and outcomes of a organisation match the expectations of the stakeholders.

38
Q

Levels of analysis

A

Idea that a subject can be studied at different levels.
Ranging from Micro-level process happening within the mind of an individual person through to social process in teams and organisations, and broader socioeconomic processes at the level of country or region.

39
Q

Liability of newness

A

The additional risks associated with a start up venture compared to established businesses.

Example: leader lacks skills or experience.

40
Q

Liability if smallness

A

Additional risks with small ventures compared to larger firms.
Example: sole traders having to close shop if they want a holiday.

41
Q

Marshallian industrial district

A

Territorial agglomeration of small and medium enterprises (SMEs) connected by cultural and social ties.

42
Q

Milieu innovator

A

The THEORY of the milieu innovator explains the superior innovative capacity of firms located in a territory through relational proximity (social relations and interactions)

43
Q

Nascent entrepreneur

A

Someone who has started to commit time and resources to creating a new venture.

44
Q

Negotiating

A

A process of discussing and bargaining involving two or more parties with the aim of resolving a conflict and/or reaching some form of agreement over an issue that they regard as important.

45
Q

Network effect

A

A type of economy of scale in which a network ( telephone, Facebook, linked in) becomes more valuable as further connections are added.

46
Q

Opportunistic behaviour

A

Occurs when information is given asymmetrically amongst actors.
An actor who then has information advantage uses the information to gain advantage and damage other actors.

47
Q

Opportunity costs

A

The value you would have obtained from the best compared to the option chosen.

48
Q

Organisational context

A

The org setting which entrepreneurship and innovation occur, which may have distinctive features ( financial wedge, skills, cultural norms and practices) that influence these activities.

49
Q

Organisational innovation

A

The introduction of novel initiatives, techniques or designs within a public, private or social sector org.

50
Q

Paradigm innovation

A

The introduction of a novel way of thinking about something, such as a product, service or organisation.

51
Q

Path dependance

A

Concept that suggests that technologies and organisations develop along particular trajectories, which are shaped by earlier phases in their history.

52
Q

Personal contact network

A

Type of social network that maps the connections between individual and those people they know and or interact with.

53
Q

Planned approach

A

Term to describe ways of creating ventures by starting with identified entrepreneurial opportunity, then developing a formal plan that identifies the necessary resources and capabilities and how they can be acquired.

Contrast with emergent approach.

54
Q

Portfolio entrepreneur

A

Someone who operates several different ventures at the same time.
Way of spreading risks, pursuing multiple opportunities.

55
Q

Positional bargaining

A

A negotiating strategy that involves a person deciding on one solution or position that they want and arguing for, regardless if its is the right solutio.

56
Q

Positional innovation

A

Introduction of existing products, services or approaches into novel context.

57
Q

Process innovation

A

The introduction of novel APPROACHES to producing products or services, which may involve the use of new technologies.

58
Q

Product champion

A

An individual, typically someone occupying a senior position in a large organisation, who development of a new product, process or system.

59
Q

Product innovation

A

The introduction of novel objects or artefacts or changes to an existing product by new components or materials.

60
Q

Resilience

A

Capacity individuals and orgs to respond to, recover from, various kinds of damage or misfortune.

can be developed.

61
Q

Risk

A

The likelihood that particular events will occur in the future which may affect the success of an innovation or entrepreneurial venture.
It is normally possible to calculate and insure against risk.

62
Q

Serial entrepreneur

A

Someone who sets up several ventures over a period of time, often reinvesting profits from the sale of an existing business in order to found a new one.

63
Q

Service innovation

A

Introduction of novel services or changes to existing service use of new approaches or technologies.

64
Q

Social capital

A

Resources that individuals and organisations can access through their network often based on trust and shared values in shared communities,

65
Q

Social context

A

Local setting in which an enterprise is created or where innovation takes high may have distinctive features (economic conditions, cultural norms and practices)

66
Q

Social enterprise

A

Org that engages in activities with a primarily social or enviromanetal goal.
Profits normally reinvested in the org. Various models of social enterprises that reflect a different way of balancing social aims and a requirement to operate in competitive, commercial environments.

67
Q

Social innovation

A

Introduction of novel solutions to social or environmental problems.

68
Q

Social networks

A

A stable structure made up of severa actors which include individuals and orgs connected by paired ties.

69
Q

Social value

A

Capacity of org to generate non financial returns on its activities.

70
Q

Social venture

A

Alternative phrase to social enterprise

71
Q

Spillovers

A

Where activities in one part of the economy (industrial sector or organisation) has a pecuniary or non percuniary effect on another part of the economy
Financial or non financial

72
Q

Spin offs

A

An originates from another organisation, usually through the initiative of a former worker in the original organisation, who builds on the opportunity, knowledge and expertise gained when he worked there.

73
Q

Static efficiency

A

A measure of efficiency based on the capacity of a firm, or an economic system, to allocate resources so that the maximum possible benefit is obtained at a particular point in time given the available resources.

74
Q

Storyboard

A

A sequence of panels containing rough sketches, technical notes and dialogue which is used to plan the different scenes of a film or video.

75
Q

Tacit knowledge

A

Knowledge is tacit when it is embedded in the skill and abilities of an individual and can only be transmitted by means of close cooperation. It is opposite to codified knowledge, which can be made explicit in manuals and blueprints and can be transferred asynchronous,y at a distance.

76
Q

Tangible resources

A

The more visible resources in an organisation, which includes people, finances, premises, and production equipment.

77
Q

Top of the pyramid

A

The market segment consisting of high income earners who are considered to be wealthy and capable of generating high levels of wealth or spending higher income on modern goods and services

78
Q

Transaction costs

A

Term associated with a particular approach to the study of economic institutions called transactions cost economics, or neo-institutionalism. It’s aim is to design rules that seek to miniseries the negative outcomes of selfish behaviour and to reach contract based forms of cooperation among individual.

79
Q

Uncertainty

A

The awareness of gaps in ones knowledge about present or future opportunities or situations. It differs from risk in the uncertainty makes it makes it impossible to assign a probability to events happening because the events a not known in the first place.

80
Q

Visions and values

A

Vision refers to the way that entrepreneurs longer term aims of their ventures. Vision is often closely associated personal values of the individual involved (ethical norms and priorities)

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