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BU111 > Midterm > Flashcards

Midterm Flashcards

1
Q

Name the critical success factors

A 
Achieving financial performance 
Meeting customer needs
Gaining employee commitment
Encourage innovation and creativity 
Building quality products and services
Building distinct and competitive advantage
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2
Q

What does SWOT stand for?

A

Strengths
Weaknesses
Opportunities
Threats

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3
Q

The internal parts of the diamond-e framework (strengths and weaknesses)

A

Management preferences
Organization
Resources
Strategy

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4
Q

External forces of diamond-e framework (opportunities and threats)?

A

PEST

Porters 5 Forces

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5
Q

What is management preferences of diamond-e

A

The managers vision, preferences, biases, they control based off their opinion

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6
Q

What is the organization part of the diamond-e

A

The company’s culture, capabilities, and structure

Skills, talents and company focus

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7
Q

What is the resources part of the diamond-e?

A

Human, capital, financial

Employees capabilities, assets (capital) and money to spend

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8
Q

What is an external analysis?

A

The process of scanning and evaluating the external environment

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9
Q

What is a general environment and which model do you use for it?

A

What all businesses face, you use the PEST model

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10
Q

What is a specific environment and what model would you use for it?

A

Affects the people in the specific industry and you use the Porters 5 forces model

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11
Q

What are the PEST factors?

A

Political-legal
Economical
Social
Technological

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12
Q

What is the political-legal factors?

A

Laws, regulations, taxes, trades

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13
Q

What are the economic factors?

A

Inflation/deflation
Interest
Employment rates
Economic growth

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14
Q

What are the social factors?

A

Customs, values, attitudes, demographics

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15
Q

What are the technological factors?

A

Internet, information technologies, isn’t limited to computers and informations

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16
Q

What are the Porters 5 Forces

A 
Competitors
Substitutes
Potential entrants
Suppliers
Buyers
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17
Q

What does the porters five Forces model do?

A

Predict the industry profitability and if company should enter the industry

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18
Q

What is the competitors part of the PFF

A

The most powerful force, rivalry against firms who sell something similar

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19
Q

Substitutes part of the PFF

A

Products that do a similar job, creates a price ceiling and increases cost of marketing
-should try to lock in customers and make yourself distinct

20
Q

Potential entrants of PFF

A

New, future competitors that can cause big changes and intensify the competition

21
Q

Buyers part of the PFF

A

The people who BUY your product

  • There could be few buyers, low switching costs so you could for an alliance with other sellers to lock in customers
  • partnering with 2 or more firms
22
Q

What does an entrepreneur do?

A

Identify an opportunity and access the resources to capitalize on it

23
Q

What is the entrepreneurship process

A

It’s influenced by PEST, generated ideas, weed out the bad ones and ensure you have a good idea with a competitive advantage

24
Q

What are the 3 components of the screening process

A

The idea creates/ adds value to the customer
The idea is unique
The idea is financially worthwhile

25
Q

What is the idea adds value part of the screening process

A

Solves a problem, meets a need and they are willing to pay for it

26
Q

What is the unique part of the screening process

A

It is different from existing products and substitutes, it can’t be easily copied

27
Q

What is the viable part of the screening process

A

If it’s financially worthwhile, if there are enough customers to buy it, can you overcome the barriers to entry, what forces are there

28
Q

What are the components of a high potential good idea for a venture

A 
Product is valuable, unique and has a recurring revenue
Market is reachable and growing 
Competition is not that good
There are many suppliers to switch to
Few substitutes
You have networks and little competition
29
Q

What are the 3 components of accessing resources

A

Bootstrapping
Debt vs. Equity
Crowdfunding

30
Q

What is the bootstrapping part of accessing resources

A

Making do with as little as possible

31
Q

What is the debt vs equity part of the accessing resources

A

Debt: borrowing money from financial institutions and suppliers (with interest)
Equity: savings, love money, investors

32
Q

What is the crowdfunding part of accessing resources

A

Getting money/ support from a lot of people vs just one

-if you invest they get something back

33
Q

What does a social entrepreneurship do?

A

Generate social value while operating with financial discipline
Not for products; social value, solving a problem

34
Q

Key facets of social entrepreneurship?

A
  • help overcome market inequities and failures
  • markets don’t address all societal needs
  • seek innovative solutions to the worlds wicked problems
  • can’t rely on donors and government funding
35
Q

What are dual stakeholders? From the social entrepreneurship

A

People who serve and support

36
Q

Who does a social entrepreneurship serve?

A

Serving the underserved, who can’t afford it access service

37
Q

How does a charity fund their work?

A

Through donations, not self sustaining

38
Q

How do social enterprises sustain themselves and what are examples of some

A

Sell their products or services in order to reinvest their profits
-ex. Habitat for humanity, TOMS, SOS

39
Q

What is the objective of citing sources and APA formatting

A

You do not want to unintentionally plagiarize, make clear what your contribution is and how you build on prior work, show that you have done research and build off others work, make it easier for reader to go back to resources

40
Q

What are the 3 components of incorporating sources?

A
  • summary- general overview
  • paraphrase
  • quotation
41
Q

What is the general guideline for citing sources and APA formatting

A

Provide author name/ organization
Title
Date when document was published
Location(URL, page number)

42
Q

What is the strategy part of the diamond -E

A

The plan to pursue opportunities or avoid threats, must be internally and externally consistent

43
Q

Describe a small business

A

Fewer than 100 employees

Lead when it comes to innovation

44
Q

Describe a new venture

A

Recently formed organization that produces goods or services for sale
New if it has been operating within 12 months

45
Q

What is an entrepreneur

A

A person that accepts the risks and opportunity involved in creating and operating a new venture

BU111 (5 decks)

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