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MGMT 164 > Midterm 1 > Flashcards

Midterm 1 Flashcards

1
Q

definition of entrepreneurship

A

the art of turning an idea into a business and then pursuing opportunities

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2
Q

what are the key elements to entrepreneurship?

A

opportunity, future, newness/innovative

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3
Q

what are the key abilities entrepreneurs need?

A

identify a key problem and create a solution for it

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4
Q

definition of idea

A

notion, thought, impression

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5
Q

definition of opportunity

A

something allows us to create a need for a new product, service, or business

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6
Q

what are the factors of a good opportunity?

A
  1. attractiveness
  2. timely
  3. durableness
  4. anchored to value-creating product/service
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7
Q

a __ cannot be useless but a __ can

A

opportunity, idea

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8
Q

what are the 4 opportunity trends

A
  1. economic forces
  2. social forces
  3. technological advances
  4. political / regulatory
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9
Q

what are some examples of economic forces that can impact an opportunity?

A

disposable income, change in consumer spending patterns

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10
Q

what are some examples of social forces that can impact an opportunity?

A

demographic changes, cultural changes, fashion/lifestyle changes

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11
Q

what are some examples of technological advances that can impact an opportunity?

A

new tech, advancing tech

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12
Q

what are some examples of political and regulatory forces that can impact an opportunity?

A

new laws and regulations, changes in political arena

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13
Q

why do some problems go unsolved?

A
  1. no market
  2. societal forces can mask a problem
  3. lack of imagination
  4. economic forces may make a problem acceptable
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14
Q

what is a social venture?

A

an opportunity that seeks to solve a social problem and provide a social good

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15
Q

what makes an entrepreneur able to recognize an opportunity?

A
  1. opportunity recognition
  2. industry experience
  3. cognitive differences (entrepreneurial awareness)
  4. non industry connections
  5. creativity (preparation, incubation, insight, evaluation)
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16
Q

what are the 4 stages of feasibility analysis?

A
  1. product / service feasibility
  2. industry /target market feasibility
  3. organizational feasibility
  4. financial feasibility
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17
Q

what are the two aspects of product / service feasibility that need to be looked at?

A
  1. desirability
  2. demand
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18
Q

what is desirability?

A

does it make sense, would people like it, does it take advantage of a trend?

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19
Q

what is demand?

A

talking face to face with potential customers, using online tools, library

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20
Q

what is a concept test?

A

write down basics of what you want to create and show it to people who would be able to judge it

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21
Q

what makes an industry more appealing?

A
  1. young
  2. early in their life
  3. fragmented
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22
Q

what are some aspects to look at when assessing an industry?

A

number of competitors, stage of industry life cycle, industry growth rate, importance of industry products

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23
Q

what makes a target market attractive?

A

no hyper competition, large enough to make money but small enough not to be full of competitors

24
Q

what are some aspects to look at when assessing a target market?

A

barriers to entry, purchasing power of customers, ease of making customers aware of new product or service, growth potential of target market

25
Q

what is organizational feasibility?

A

determines whether a business has sufficient management expertise, resources to launch, organizational competence

26
Q

what are the two most important aspects of organizational feasibility?

A
  1. management prowess
  2. resource sufficiency
27
Q

what is management prowess?

A

the passion the group / individual has and the extent to which they understand the target market

28
Q

what is resource sufficiency?

A

availability of non financial resources

29
Q

what are some important things to consider when looking at non financial resources?

A

IP protection, labor pool

30
Q

what is financial feasibility?

A

overall financial attractiveness of the proposed venture

31
Q

what are some key aspects of financial feasibility?

A

initial capital investment, number of revenue drivers, time to break even, financial performance of similar businesses, ability to fund initial product development, initial start up expenses, total start up cash needed, degree of risk, opportunity cost

31
Q

what is a disruptive business model?

A

a model that does not fit in the norm (advertising, auction, franchise, freemium, low cost model, traditional retailer) yet it is impactful enough to change the way business is done in the industry

32
Q

what is a new market disruption? examples?

A

addresses a market that wasnt previously served. google adword and cannon small printers

33
Q

what is a low end market disruption? examples?

A

a firm in an industry improved to the point that they offer something better than what people need, an inferior low cost or a simple replacement. Southwest airlines

34
Q

what is the difference between innovative and disruptive?

A

innovation improves current markets and disruption penetrates new markets

35
Q

what are 4 aspects of the barringer / ireland business model template?

A
  1. core strategy
  2. resources
  3. financials
  4. operations
36
Q

what are 4 aspects of the core strategy?

A

mission
basis of differentiation
target market
product / market scope

37
Q

what are the qualifications for a mission ?

A
  1. describe the reason for being
    2.. what makes company different
  2. be risky and challenging but achievable
  3. use a tone that represents company culture / values
  4. convey passion
  5. be honest
38
Q

what is a basis of differentiation?

A

explains why anyone would buy from our company over our competitors (ex: roller backpack relieves pain NOT available in 6 colors)

39
Q

what is a target market?

A

segment within larger market who represents niche or underrepresented groups

40
Q

what is the product / market scope?

A

a range that defines the products and markets on which a firm will concentrate

41
Q

what are the two aspects of resources?

A

core competencies
key assets

42
Q

what are core competencies?

A

specific factor/capability that sets the firm a part from its competitors and supports the business model

43
Q

what are some examples of core competencies?

A

technical know how, expertise in a certain area such as product design, passion, high company morale

44
Q

what are key assets?

A

assets that a firm owns and enables business model to work

45
Q

what are examples of key assets?

A

equipment, vehicles, patents, trademarks, copyrights, cash, founders, key employees

46
Q

what are the main components of financials?

A
  1. revenue streams
  2. funding
  3. cost structure
47
Q

what is a revenue stream? examples?

A

describes how the firm will make money. examples: ads, commissions, subscriptions

48
Q

what is a cost structure?

A

describes the most important costs incurred to support the business model

49
Q

explain the threefold approach to making a cost structure

A
  1. identify whether business is cost or value driven
  2. identify nature of business costs
  3. identify businesses major cost categories
50
Q

what does the operations address?

A

how will we produce, who will we work with, how do we deliver

51
Q

what are the 3 aspects of operations?

A
  1. production
  2. channels
  3. key partners
52
Q

what are examples of production?

A

how we deliver or make the product? do we have employees or contractors?

53
Q

examples of channels

A

store, online shop, app, show room

54
Q
A

MGMT 164 (1 decks)

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