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BUS 4385 > MIDTERM > Flashcards

MIDTERM Flashcards

1
Q

Strategy

A

Set of actions to outperform the company’s competitors and achieve superior profitability

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2
Q

Business Model

A

Plan to make profit, Product/Service being sold, Target Market, Expenses anticipated

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3
Q

Job to be Done

A

What a group of people are trying to achieve in a given situation

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4
Q

American academic and business consultant who coined the term “Disruptive Innovation”

A

Clayton Christensen

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5
Q

Disruption

A

Process whereby a smaller company w/ fewer resources is able to successfully challenge established businesses

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6
Q

Disruptive Innovation

A

A new product/service, often springing from technological advances; has the potential to reshape an industry

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7
Q

Innovation Types

A

Disruptive, Sustaining, Efficiency

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8
Q

Competitive Advantage

A

Factors that allow a company to produce goods or services better or more cheaply than its rivals

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9
Q

Porter’s 5 Forces

A
  1. Competition in the industry
  2. Potential of new entrants
  3. Power of suppliers
  4. Power of customers
  5. Threat of substitute products
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10
Q

Customer Value Proposition

A

A marketing statement that describes why a customer should buy a product or use a service

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11
Q

Core Values

A

Highest priority, deeply held belief and core fundamental driving force

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12
Q

4 Parts of Entrepreneurial Analysis

A

People, Opportunity, Context, Deal

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13
Q

Which speaker works with Fuego?

A

Chris DeLeenheer

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14
Q

Which speaker talked about investment analysis?

A

Chris DeLeenheer

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15
Q

Fuego’s problem:

A

Unsuccessful at first, employee retention issues; Chris had to work there for 2 years when first started

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16
Q

Key Takeaways from Fuego

A

Discipline is needed, Self awareness and humility is key, Leader sets the organization’s tone

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17
Q

What is Clayton Christensen known for?

A

Coining “Job to be Done” and “Disruptive Innovation”

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18
Q

Which speaker works with Priest Cattle Company?

A

Cory Priest

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19
Q

Analysis for Priest Cattle Company

A

Keep hectic schedule and expand or scale back operations

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20
Q

Key Takeaways for Priest Cattle Company

A

PUT FAMILY FIRST AND THEN BUSINESS

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21
Q

Main Topics for Priest Cattle Discussion

A

Scaling back is not necessarily bad

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22
Q

Which speaker talked about the definition of success and who defines it?

A

Cory Priest

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23
Q

Paradigm

A

The frame of reference that describes the way that we see something

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24
Q

two people can see things differently but can both be right according to their ____________

A

Paradigm

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25
Q

Paradigm Shift

A

A transformation that allows you to widen your view and shed new light on something

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26
Q

Habit 1

A

BE PROACTIVE

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27
Q

Habit 2

A

BEGIN WITH THE END IN MIND

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28
Q

Habit 3

A

PUT FIRST THINGS FIRST

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29
Q

Habit 4

A

THINK WIN-WIN

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30
Q

Habit 5

A

SEEK FIRST TO UNDERSTAND AND THEN TO BE UNDERSTOOD

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31
Q

Direct Control

A

Problems solves by working on our habits

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32
Q

Indirect Control

A

Problem solved by changing our method of influence

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33
Q

What habit has to do with expending effort in the right place?

A

Habit 2

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34
Q

What habit has to do with center of influence and center of concern?

A

Habit 1

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35
Q

What habit is this?

“Take responsibility. We are uniquely in charge of our own behavior, we need to quit reacting to and blaming the external world around us and own our choices and choose our own behavior.”

A

Habit 1; BE PROACTIVE

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36
Q

Proactive people focus their efforts in the ___________________

A

Circle of Influence

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37
Q

Reactive people focus their efforts in the ___________________

A

Circle of Concern

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38
Q

What habit is this?

“Start with a clear vision in mind. We do not want to be wandering around aimlessly. Instead we should have a clear vision or plan and taking on actions that are in pursuit of that plan or goal.”

A

Habit 2; BEGIN WITH THE END IN MIND

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39
Q

What creation does Habit 2 focus on?

A

Mental

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40
Q

For Habit 2, ____________ follows _____________

A

Physical; Mental

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41
Q

What habit is this?

“Execute and focus on the most important priorities that require attention. These actions that take us closer to our vision will help us get closer to where we want to be. Time consuming and unimportant tasks that do not help us get to our vision and can force us to overextend ourselves which can cause problems.”

A

Habit 3; PUT FIRST THINGS FIRST

42
Q

What creation does Habit 3 focus on?

A

Physical

43
Q

Two factors the Time Management Matrix is based on?

A

Urgency and Importance

44
Q

What is the most important Quadrant and why?

A

Quadrant 2; (VPBDC) vision, perspective, balance, discipline and control

45
Q

What habit is this?

“By committing to results that provide mutual benefit, we can form positive relationships that will last us well into the future”

A

Habit 4; THINK WIN-WIN

46
Q

Win-Win or

A

NO DEAL

47
Q

Win-Win sees life as a __________ arena, not a ______________ one

A

Cooperative; Competitive

48
Q

What habit is this?

“We must learn to understand a person or problem before jumping straight to conclusions we may have. This required being able to listen effectively and then give our thoughts/recommendations”

A

Habit 5; SEEK TO UNDERSTAND FIRST

49
Q

4 Steps of Habit 5:

A

(EPAI) Evaluate, Probe, Advise, Interpret

50
Q

2 Factors to consider for Win-Win:

A

Consideration & Courage

51
Q

5 Different Levels of Listening (Covey)

A
  1. Hearing but Ignoring
  2. Pretending to listen
  3. Selective listening
  4. Attentive listening
  5. Empathetic listening
52
Q

Enemy of great is?

A

GOOD

53
Q

Level 5 Leaders

A

Ambitious, ego is channeled into growth of business

54
Q

G2G Leaders come from

A

The Inside

55
Q

The Window and the Mirror Metaphor

A

Give credit to factors outside (goes well) and take responsibility (goes poorly)

56
Q

First Who Then What

A

Ability to get and keep the right people determines the growth of a company

57
Q

Get the right people on the ______

A

BUS

58
Q

Do you set a direction before or after getting the right people on the bus?

A

AFTER

59
Q

Great vision without great people is _____________

A

IRRELEVANT

60
Q

Rigorous, Not Ruthless means that:

A

Keep looking for good hires and don’t hesitate to replace those that aren’t good fits

61
Q

What should your best people be working on?

A

OPPORTUNITIES

62
Q

“And even if all decisions do not become self-evident, one thing is certain: you absolutely cannot make a series of good decisions without first _________________________.”

A

Confronting the Brutal Facts

63
Q

Lead with ____________, not ________________

A

Questions; Answers

64
Q

What to engage in INSTEAD of coercion?

A

Dialogue & Debate

65
Q

People who are Hedgehogs have:

A

Only had 1 defense mechanism used repeatedly

66
Q

2 Key Traits for Level 5 Leaders?

A

Modesty & Fearlessness

67
Q

People who are Foxes have:

A

Many strategies and peruses them simultaneously; views the world as complex

68
Q

What do G2G companies do well to guide their efforts to success?

A

3 Circles of the Hedgehog

69
Q

What are the 3 Circles of the Hedgehog?

A
  1. What can you do best for the world?
  2. What drives your economic engine?
  3. What you are deeply passionate about?
70
Q

“The more an organization has the discipline to stay within its three circles, the more it will have ____________________”

A

Attractive Opportunities

71
Q

____________________ > Hierarchies that stifle startups

A

Culture of Discipline

72
Q

Culture of Discipline

A

People –> Thought –> Action

73
Q

Duality mindset

A

Structure on one side, freedom on the other

74
Q

Can technology alone produce sustained results?

A

NO

75
Q

G2G companies show that technology is only an asset when:

A

Applied methodically in service of the company’s hedgehog concept

76
Q

G2G leaders understand 3 simple truths:

A
  1. Who before What
  2. Right People on the Bus = Less Effort to Motivate and Manage
  3. Great companies wont exist with the wrong people
77
Q

Complete Cory Priest’s quote: “Being spread so thin that the _____________”

A

work manages you

78
Q

Which speaker worked with CFA?

A

David Sykora

79
Q

What key question did David Sykora ask?

A

“What 3 descriptors will be on your headstone?”

80
Q

Which speaker worked with MedTech?

A

Michael Rodriguez

81
Q

Did Michael take the job with MedTech?

A

YES

82
Q

What are the three benefits when purpose is at the core of strategy?

A

Unity, Motivated Stakeholders, Positive Societal Impact

83
Q

2 Elements of a Business Plan

A

CVP and Profit Formula

84
Q

4 Main Points from “What is Disruptive Innovation?”

A
  1. Disruption is a process
  2. Disruptors often build very different business models
  3. Some succeed and some don’t
  4. “Disrupt or be disrupted” can be misguiding
85
Q

Profit Formula

A

Blueprint that defines how the company creates value to the customer

86
Q

In Reinventing your Business Model, what is the FIRST step that was advised for businesses?

A

Success starts with the opportunity to satisfy a real customer who needs a job done (not business model)

87
Q

In Reinventing your Business Model, what is the SECOND step that was advised for businesses?

A

Profit Formula

88
Q

In Reinventing your Business Model, what is the THIRD step that was advised for businesses?

A

Compare Models to Existing Models

89
Q

4 Interlocking Parts for Reinventing Business Models:

A

CVP, Profit Formula, Key Resources, Key Processes

90
Q

According to Reinvent your Business Model, what is the secret sauce?

A

PATIENCE

91
Q

What type of business is indicative of a viable model?

A

A profitable business

92
Q

What company’s CEO was tasked to fix company after laying off half the staff?

A

Towny

93
Q

What case is this?

Company has grown into retail giant
Company has expanded product offerings into streaming and grocery
Begs the question of whether they are good or bad

A

AMAZON

94
Q

What case is this?

Slowing down growth
Bible verse: “a bird in the hand is worth two in the bush”

A

Priest Cattle Company

95
Q

What 3 filters should innovations be put through to qualify it as being disruptive?

A

Better, Faster, Cheaper

96
Q

What type of innovation transforms complicated, expensive products into simpler and more affordable ones?

A

Disruptive

97
Q

Disruptive Technologies do what 2 things?

A

Create Jobs; Uses Capital

98
Q

Sustaining Technologies do what 2 things?

A

Create Little Jobs; Uses Little Capital

99
Q

What type of innovation is dedicated effort to make good products even better, ensuring the continued satisfaction of loyal customers?

A

Sustaining

100
Q

What type of innovation improves processes and existing business models & refine value propositions?

A

Efficiency

101
Q

Efficiency Technologies do what 2 things?

A

Eliminated Jobs; Frees Capital

BUS 4385 (1 decks)

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