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Entrepreneurship Midterm > Midterm > Flashcards

Midterm Flashcards

1
Q

Kondratieff cycle

A

intervals of high economic growth followed by slow growth

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2
Q

conventional wisdom and why wrong:

A

people thought no jobs were being created, but they were just small business entrepreneurial

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3
Q

entrepreneurial management

A

way company is run: exploration of new opportunities for satisfying human wants and needs

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4
Q

Global Entrepreneurship Monitor Project

A

measures level of entrep activity, uniform definitions and data collection, however it is comparing activity in developed and developing countries, necessity entrep has no effect on economic development while opportunity entrep has pos and sig effect,

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5
Q

necessity entrep

A

few other options, subsistence jobs, manual labor, farming, artisinal, not creating jobs and value

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6
Q

opportunity entrep

A

identifying needs, goal centered, growth, resources available, passion

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7
Q

ratio of opportunity over necessity is most important

A

to measure economic growth

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8
Q

economic history of us

A

big business growth during industrial revolution, economists focused on equilibrium, 1970s everything in downturn lost jobs, but these were made up and more by women and baby boomers, 1975-85 small business growth not all high tech

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9
Q

general national framework conditions

A

openness, gov, financial markets, r&d, infrastructure, management, labor markets, rule of law, going from phase 1 to phase 2

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10
Q

entrepreneurial framework conditions

A

risk capital, r&d transfer, education and training, internal market, openness, access to physical, infrastructure, cultural norms, country encouragement w skills and motivation of people themselves

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11
Q

policy implications for zoltan acs article

A

less developed: focus on firms, employing people, large business
developing countries: strong commitment to education, strengthen roots for entrep
developed: higher ed, strengthen tech transfer, university level

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12
Q

design thinking

A

integrative, iterative, different perspectives, immediate feedback, efficiency,

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13
Q

personal profile of design thinker

A

empathy, integrative thinking, optimism, experimentalism, collaboration

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14
Q

elements of design thinking

A

ideation, inspiration, implementation

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15
Q

human centered design

A

looking for a need, based on observation, human error, move from expert centric to user centric

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16
Q

sources of innovation

A

through experience, seeing others, sensing needs etc

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17
Q

bug lists

A

noticing problems that bug you, mental or jot down

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18
Q

work arounds

A

people who compromise or use something a different way to solve their own problem

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19
Q

observation and extreme users

A

understand the people who use certain products and why they use them

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20
Q

causal reasoning

A

established company, has resources info customers etc, goal and apply resources towards it, max profits, prediction and planning, competitive analysis

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21
Q

effectual reasoning

A

start ups, means (who are, who know, what know), affordable loss, lemonade principle, crazy quilt, flexible

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22
Q

affordable loss

A

expend little money, lose less

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23
Q

lemonade principle

A

open to surprises, life gives you lemons

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24
Q

crazy quilt

A

made w whatever resources already have, no order

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25
Q

managerial thinking

A

causal, selecting between given means to achieve predetermined goal

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26
Q

strategic thinking

A

effective causal, generating new means to achieve pre-determined goal

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27
Q

entrep thinking

A

effectual, imagining possible new ends using given set of means

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28
Q

suicide quadrant

A

new market new product, where traditional marketing techniques are ineffective but entrepreneurs should flourish

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29
Q

sustaining innovation

A

makes incremental improvements, high end market, causal reasoning, info exists

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30
Q

disruptive innovation

A

effectual reasoning, below low end of market, low resources, but emerges into something better and bigger

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31
Q

principles of disruptive innovation

A

customers dont want it, high risk, doesnt meet growth needs, no info, tech, flawed business model, customer/stakeholder disatisfaction

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32
Q

RPV

A

resources
process
values: foundation for previous 2
hard to change values and processes when they have been working

33
Q

home for disruption in established co

A

hire separate team to capture disruptive innovation

34
Q

kirznerian opportunities

A

come from errors, sustaining innovation, existing info, low risk

35
Q

shumpeterian opportunities

A

new info, disruptive innovation, creative, high risk high reward
3 aspects: tech, regulative/political, social/demographic

36
Q

capitalism

A

evolutionary process, never constant, companies/industries destroyed, creative destruction to innovation

37
Q

oligopoly

A

few firms, max profits

38
Q

previous assumption about capitalism and growth

A

big business creates competition and jobs, want for perfect equilibrium of efficiency and regulation, no such thing as perfect competition

39
Q

creative destruction

A

solve a problem, can undo preexisting ways, competition based on other than price meaning quality and product differentiation, constant innovation

40
Q

new industry creation

A

tech change produces novel opportunity that entrepreneurs can seize

41
Q

job creation

A

small businesses have generated 65% of net jobs

42
Q

current entrep trends

A

digital anonymity, domestic manufacturing, big data, lean startups

43
Q

process of becoming an entrep

A

home based, serial (startfind mentor, build network, learn about it, understand preferences, acquire new skills, study industry

44
Q

skills needed

A

critical thinking, embracing uncertainty, resource gathering, story telling, vision, decision making

45
Q

5 categories of innovation

A

new product, new process, new market, new sources of supply, changes in industrial organization

46
Q

discovery opportunity

A

see opportunity from shifts in external factors, systematic approach

47
Q

creation theory

A

entreps create opportunities, act and then see customer response, no planning needed

48
Q

business model

A

strategic decisions and tradeoffs entreps can make to earn profit…value proposition, customer segments, distribution channels, business activities, strategic partners, revenue sources and cost drivers

49
Q

why business models fails

A

flawed logic, limited strategic choices, imperfect creation and capture assumptions, false assumptions about value chain

50
Q

changing business model

A

incrementally expand, revitalize established model, take existing model into new areas, acquisition,

51
Q

feasibility

A

convert uncertain opportunity into one that has specific level of risk

52
Q

new product design

A

shorter life cycles bc of technology, efficiency, cost reduction, innovation, robust products

53
Q

reasons for product failure

A

lack of good market analysis, technical problems, poor execution, time to market increases, first to market opportunities are missed

54
Q

product development cycle

A

customer identification, customer validation/design, business creation

55
Q

prototype development

A

preliminary way of testing what may become your product

56
Q

genchu gembutsu

A

go see for yourself

57
Q

validated learning

A

setting out to find info, successfully executing plan that leads nowhere, learn along the way

58
Q

value hypothesis

A

whether product or service really delivers value

59
Q

growth hypothesis

A

tests how new customers will discover the product

60
Q

concierge mvp

A

used more for services, ask people to get feedback

61
Q

mvp

A

early prototype, product design, test assumptions

62
Q

antilog

A

proves/disproves assumptions, has anyone validated the assumption yet

63
Q

imvu

A

case study of what not to do, released product with out feedback and knowing what customers actually wanted

64
Q

zappos

A

mvp, took pics of shoes for “website” to validate his assumption

65
Q

village laundry

A

started small, not extremely trustworthy, people were willing to pay

66
Q

capturing value

A

making money, building sustainable business

67
Q

creating value

A

product differentiation, design

68
Q

idea vs opportunity

A

idea you value, opportunity others value

69
Q

Drucker, conventional wisdom 1965-85

A

Everything was over, collapse of manufacting, job loss…. But really they increased net jobs through small business women and baby boomers

70
Q

Conventional wisdom of schumpeters time

A

Equilibrium, bigness, gov business labor triad, however he disagrees

71
Q

Antilog

A

Assumption that’s Been disproven, people still wanting to rent movies at stores

72
Q

Avg age of entrepreneur

A

39

73
Q

% people who get ideas from previous jobs

A

70-90

74
Q

50% net new jobs

A

At companies with fewer than 20 people

75
Q

High tech founders w Ph.D.

A

10%

76
Q

True or false: earn more as self employed entrepreneur

A

False

77
Q

True or false: most startups get venture capital

A

False

78
Q

60% of small business family owned

A

True

79
Q

Are immigrants more likely to start a business

A

Yes 30% more likely

Entrepreneurship Midterm (2 decks)

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