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Techno > Lesson 2 > Flashcards

Lesson 2 Flashcards

1
Q

is the process of bringing
the best ideas into reality, which
triggers a creative idea, which
generates a series of innovative events.

A

Innovation

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2
Q

is the creation of new value.

A

Innovation

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3
Q

is the process that
transforms new ideas into new valueturning an idea into value.

A

Innovation

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4
Q

You cannot ___ without creativity.

A

Innovation

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5
Q

is marked by the ability to
create, bring into existence, to invent
into a new form, to produce through
imaginative skill, to make to bring into
existence something new.

A

Creativity

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6
Q

Some ___ ideas are astonishing
and brilliant, while others are just
simple, good practical ideas that no one
seems to have thought, of yet

A

Creative

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7
Q

Three components of Creativity

A

• Expertise
• Creative Thinking
• Motivation

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8
Q

encompasses everything that a person
knows and can do in the broad domain of his or her
work- knowledge and technical ability

A

Expertise

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9
Q

Relates to how people approach
problems and depends on personality and
thinking/working style.

A

Creative Thinking

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10
Q

is generally accepted as key to
creative production, and the most important
motivators are intrinsic passion and interest in the
work itself.

A

Motivation

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11
Q

is a leap in capability beyond
innovation.

A

invention

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12
Q

Some __ combine several
innovations into something new.

A

invention

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13
Q

certainly requires creativity, but it goes beyond
coming up with new ideas, combinations of
thought, or variations on a theme.

A

invention

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14
Q

__ build.

A

Inventors

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15
Q

Developing something users and customers
view as an ___ could be important to
some entrepreneurs, because when a new
product or service is viewed as unique, it can
create new markets.

A

invention

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16
Q

Types of innovation

A

• technological innovation
• venture model innovation

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17
Q

is a change made in
response to a new or modified technology.

A

technological innovation

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18
Q

is a change made in
response to a new or modified venture model, or
some component of a venture model (such as the
value chain, the approach to distribution, the choice
of mainstream customer and other such concepts
that we will look at later).

A

venture model innovation

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19
Q

The Elements of Innovation

A
  1. Challenge
  2. Customer focus
  3. Creativity
  4. Communication
  5. Collaboration
  6. Completion
  7. Contemplation
  8. Culture
  9. Leadership
  10. People
    11.Basic values
    12.Context
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20
Q

What we are trying to change or accomplish the “pull”

A

Challenge

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21
Q

Creating value for your customers – the “Push”

A

Customer focus

22
Q

Generating and sharing the idea(s)- the “brain”

A

Creativity

23
Q

The flow of information and ideas –the “life blood”

A

Communication

24
Q

People coming together to work together on the idea(s) – the
“heart.”

A

Collaboration

25
Q

Implementing the new idea-the “muscle”

A

Completion

26
Q

Learning and sharing lessons lead to higher competencythe “ladder”

A

Contemplation

27
Q

The playing field of innovation

A

Culture

28
Q

sees the possibilities and positions the team for action-the role
model

A

Leadership

29
Q

diverse groups of radically empowered __ innovate –the
source of innovation

A

People

30
Q

trust and respect define and distinguish an innovative
organization-the backbone

A

Basic values

31
Q

Innovation is shaped by interactions with the world.

A

Context

32
Q

in processes, including changes and
improvement to methods.

A

Innovation

33
Q

in products or services.

A

Innovation

34
Q

in management and work organization,
and the exploitation of human resources, together
with the capacity to anticipate techniques.

A

Innovation

35
Q

refers to the concept of developing
and managing a business venture in order to gain
profit by taking several risks in the corporate world.

A

Entrepreneurship

36
Q

is someone who is willing to work for
himself and by himself.

A

entrepreneur

37
Q

A person who organizes and
operates a business or businesses, taking on greater
than normal financial risks in order to do so.

A

entrepreneur

38
Q

Skills Required by Entrepreneurs

A
  1. Curiosity.
  2. Time management.
  3. Strategic thinking.
  4. Efficiency.
  5. Resilience.
  6. Communication.
  7. Networking.
  8. Finance.
  9. Branding.
  10. Sales.
39
Q

Types of entrepreneurship

A

• Small Business
• Scalable startups
• Large Company
• Social Entrepreneurship

40
Q

could be any company, restaurant, or retail store that’s launched by
a founder, without any intention of growing the business into a chain, franchise, etc.

A

Small Business

41
Q

are less common than small businesses, though they tend to
attract a lot of media attention.

A

Scalable startups

42
Q

Sometimes, entrepreneurs work within the context of a larger, Established company.

A

Large Company

43
Q

“are willing to take on the risk and effort to create positive
changes in society through their initiatives.”

A

Social Entrepreneurship

44
Q

Characteristics of Small Business
Entrepreneurship

A

• Small business entrepreneurs focus initially on a
single product, market, or locality.
• The initial goal of small business entrepreneurs is to
make a profit.
• Most small businesses are either self-funded or
funded through small business loans.

45
Q

Challenges small business entrepreneurs face

A

• Ensuring a steady cash flow without relying on third-party
investments
• Finding time for family and friends
• Staying abreast of technology and market changes that
affect the business
• Devising a marketing strategy to attract the company’s
target audience
• Maintaining a solid reputation for their brand
• Keeping an eye on the competition

46
Q

Goals of Start-up entrepreneurs

A
  1. Innovative product or service
  2. Venture capital funding
  3. Talented Staff
  4. Strong marketing and sales strategy
  5. Rapid operational growth
  6. Return on investment
47
Q

Characteristics of Start-up Entrepreneurs

A

• Like small business entrepreneurs, scalable startup
entrepreneurs start their companies on a modest
scale. But unlike small business entrepreneurs,
scalable startup entrepreneurs have a vision for
growth from the outset.
• Scalable startup entrepreneurs look not just to make
profits but also to generate revenues they can
invest back into the business, fueling growth.
• The most common way to fund a scalable startup is
through the pursuit of venture capital.

48
Q

Large Company Entrepreneurship

A

• Large company entrepreneurs address the needs
and opportunities of an existing business through
innovation. This may include a new product line or
division.
• Large company entrepreneurs look to branch into
new customer markets, broadening the reach of an
established business.
• Large company entrepreneurship may entail the
acquisition of new companies and resources, or
investment into research and development.

49
Q

Challenges large company entrepreneurs

A

• Ensuring that the firm’s new and innovative products are
first to market
• Protecting and growing the market share of existing
products while promoting the new offerings
• Building a cohesive corporate culture that is easy for newly
acquired organizations to adopt
• Overcoming the inertia that can prevent large firms from
acting on and responding to changing markets and
innovative technologies faster than the competition
• Failing to scale sustainably (growing too much, too soon)

50
Q

The final model to consider is _ , which seeks innovative solutions
to community-based problems.

A

Social Entrepreneurship

51
Q

The Visions of Social Entrepreneurs

A
  1. Environmental sustainability
  2. Economic, gender, and racial equality
  3. Healthy living
  4. Community improvement
52
Q

Challenges social entrepreneurs

A

• Innovation requires experimentation, but funding for social
entrepreneur projects focuses on results, so there’s little
incentive to pay for unproven approaches.
• All enterprises require a steady flow of capital, but social
entrepreneur projects tend to provide investors with lower
returns than other opportunities.
• Relations between social entrepreneurs and investors can
become strained by conflicting goals and a lack of
financial transparency.

Techno (1 decks)

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