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W212-Entrepreneurship > Mid-Term > Flashcards

Mid-Term Flashcards

1
Q

What is the definition of Entrepreneurship

A

Dynamic process of:
Vision
Change
Creation

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2
Q

Small Business owners:

A

Manage their businesses by expecting STABLE
Sales
Profits
Growth

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3
Q

Entrepreneurs focus their efforts on…

A

Profitability
Innovation
Sustainable GROWTH

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4
Q

Three types of Approaches to Entrepreneurship

A

Multidimensional
Integrative
Entrepreneurial Assessment

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5
Q

Integrative approach is built around…

A

The concepts of INPUTS and outcomes from the entrepreneurial process
Identifies 5 key elements

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6
Q

Entrepreneurial Assessment Approach

A

Stresses decisions

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7
Q

Multidimensional Approach

A

Environment+Organization+ changes over time

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8
Q

Common Characteristics of Entrepreneurs

A

Commitment, determination and perseverance
Persistent Problem Solving
Drive to achieve

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9
Q

What are two primary school’s of thought on entrepreneurship? Give two examples of each

A

Macro: Environmental and displacement
Micro: Entrepreneurship trait and venture opportunity

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10
Q

Creating something new

A

Entails new products, markets or methods of delivery

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11
Q

The dark side of entrepreneurship: What are we risking?

A

Career
Financial
Psychic
Family

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12
Q

Causes of Entrepreneurial Stress

A

People Problems
Loneliness
Immersion in Business
Need to achieve

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13
Q

The entrepreneurial Ego- Too much of a good thing?

A

Self-Destructive Characteritics
Entrepreneurial Motivation:
New Venture creation and sustain

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14
Q

Why is Corporate Entrepreneurship needed?

A

Rapid Growth/ Sophistication of competitors
Exodus of best and brightest people
Distrust of traditional corporate management

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15
Q

How to develop managers for corporate entrepreneurship? (Corporate Entrepreneurship Training Program)

A 
The entrepreneurial experience
Innovative Thinking
Idea Acceleration Process
Barriers and Facilitators to Innovative Thinking
Sustaining Breakthrough Teams
The Breakthrough Plan
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16
Q

Conceptualizing corporate entrepreneurship strategy

A 
Clearly articulating the vision
Encouraging Innovation
Preparing for failure
Developing individual managers
Developing venture teams
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17
Q

Nature of Corporate Entrepreneurship

A

Corporate Venturing

Strategic Entrepreneurship

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18
Q

Corporate Venturing

A

Homegrown Innovation
Joint Venture
Investment/Acquisition

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19
Q

Strategic Entrepreneurship

A

Reason
Function
Mechanics

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20
Q

Key Factors for an organizations rediness

A 
Management support
Autonomy
Rewards
Time Availability
Internal Organizational boundaries
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21
Q

What are three types of Corporate Entrepreneurship?

A

Internal corporate venturing
Cooperative corporate Venturing
External corporate venturing

22
Q

Social Entrepreneurship

A

A new form of entrepreneurship with the purpose of social problem solving

23
Q

Challenges of social entrepreneurship

A 
New methods to manage waste
Accountability issues
Cost of "green"
Goals profitable?
Involvement of other players
24
Q

Triple Bottom Line

A 
Three P's:
People
Profit
Planet
Aims to measure financial, social and environmental performance
25
Q

_________ _________ is central to entrepreneurship and involves:

A

Opportunity identification
Creative pursuit of Ideas
Innovation Process

26
Q

The first step for any entrepreneur is the identification of a

A

Good idea

27
Q

Good Ideas Involve

A

Creative thinking combined with systematic analysis
Addressing a specific need
Turning problems into opportunities

28
Q

Endogenous View

A

Prior experience

Prior Education

29
Q

Exogenous View

A 
Trends
Unexpected Occurances
Incongruities (FedEx)
Process Needs (Address pain)
Perceptual Change (Atkins)
Knowledge-based concepts
30
Q

Casual problem solving

A

Disciplined, methodological approach

Refine current practices

31
Q

Effectual problem Solving

A

Approaches tasks from unusual angles

Focus on ends

32
Q

The specific function of entrepreneurship

A

Innovation

33
Q

Process by which entrepreneurs convert opportunities into marketable ideas

A

Innovation

34
Q

3 Novelty’s of:

A

Product (Iphone)
Method (Napster)
Market (Wii)

35
Q

4 types of Innovation

A

Invention: Totally New
Extension: Builds on old idea
Duplication: Replication
Synthesis: Combine existing factors

36
Q

3 Pathways to entrepreneurship

A

New Ventures
Acquiring an established Venture
Franching

37
Q

Advantages of Acquiring an ongoing venture

A

Less fear about Successful future operation
Reduced time and effort
Purchasing at a Good price

38
Q

Threats of Selected Venture

A

Business Environment
Profit, Sales and operating ratios
Assets of the Venture

39
Q

Franchising

A

Any arrangement owner of trademark, trade name or copyright has licensed others to use it in selling goods or services

40
Q

Franchisor Provides

A 
Company name
Symbols, logos, designs
Sale of merchandise
Financial Assistance
Continuing aid and guidance
41
Q

Name 3 advantages and 3 disadvantages of Franchising

A

Advantage- Brand-name appeal, proven track record, financial assistance
Disadvantage- Franchise fees, Franchisor control, unfulfilled promises

42
Q

Patents provide owner with

A

Exclusive rights to hold, transfer and license

43
Q

Design Patents last for ______ years. All other patents last for_______.

A

14

20

44
Q

Patents are not

A

Simply ideas

45
Q

Trademarks are a

A

Distinctive name, mark, symbol or motto identified with a company

46
Q

Trademarks Duration? May renew every how many years?

A

10 years

10 years

47
Q

Debt financing

A

Securing financing of a new venture that involves a payback of the funds plus a fee

48
Q

Equity Financing

A

Involves the sale of some of the ownership interest in the venture in return for an unsecured investment in the firm

49
Q

Sole proprietorship Advantages and Disadvantages

A

Pros: Ease of Formation, Control, From from corporate business taxes
Cons: Unlimited liability, less available captial

50
Q

Partnerships advantages and disadvantages

A

Pros: Ease of formation, Relative freedom from governmental control
Cons: Unlimited liability of at least one parter, bound by the acts of just one partner

51
Q

Corporations Advantages and Disadvantages

A

Pros: Limited liability, Unlimited life
Cons: Regulation, double taxation

52
Q

LLC offers

A

The limited liability of a corporation but the tax advantages of a partnership

W212-Entrepreneurship (2 decks)

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