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INNOV MANAGEMENT > LESSON 1: INNOPRENEURSHIP > Flashcards

LESSON 1: INNOPRENEURSHIP Flashcards

1
Q

fusion of entrepreneurial spirit with innovative practices to bring new ideas and solutions to the market

A

innopreneurship

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2
Q

what is an entrepreneur

A

they make things happen

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3
Q

what is an innovator

A

they make new things happen

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4
Q

business owner who invests resources to bring an idea to life, balancing effort, purpose, and profit.

A

entrepreneur

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5
Q

components of an entrepreneur

A

owner who invests
brings idea to life
setting direction
makes things happen
adding value

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6
Q

component that involves risk-taking and calculated risks

A

owner who invests

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7
Q

component that involves maximizing revenue from an idea

A

brings idea to life

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8
Q

component that involves quality info and mindful decision-making

A

setting direction

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9
Q

component that involves ensuring elements are aligned

A

making things happen

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10
Q

component that involves financial understanding and reward higher than investment alternatives

A

adding value

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11
Q

introduces new processes, products, or models that become commercially succesful

A

innovator

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12
Q

2 essential elements of innovation

A

newness and commercial success

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13
Q

something different from what’s already available

A

newness

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14
Q

acceptance by a critical mass of paying customers

A

commercial success

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15
Q

entrepreneurs are considered “ “ of the modern economy

A

rock stars

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16
Q

personal reasons in why you should be an entrepreneur

A

freedom, financial independence, personal growth

17
Q

societal impact of becoming an entrepreneur

A

contributing to the local economy, especially as an alternative to overseas work (OFWs)

18
Q

the wealth conversion principle process

A

cash-inventories-receivables-cash

19
Q

key success factors for entrepreneurship (3Cs)

A

commitment
coordination
competency

20
Q

strong dive to achieve goals

A

commitment

21
Q

organizing people for efficiently

A

coordination

22
Q

ability to do a job well, consistently

A

competency

23
Q

4-gate model for prosperity

A

preparation gate
marketing gate
executing gate
self-leadership gate

24
Q

gate wherein planning strategizing is included

A

preparation gate

25
Q

gate for aligning with customer needs

A

marketing gate

26
Q

gate for implementing the plan effectively

A

executing gate

27
Q

gate for discipline and resilience to push through challenges

A

self-leadership gate

28
Q

profit is _______, but ____ _____ is king

A

necessary, cash flow

29
Q

a well-rounded entrepreneur drives both _______ and ___________ prosperity

A

economic and personal

INNOV MANAGEMENT (4 decks)

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