Module 1 Flashcards
Someone who identifies and acts on an idea or problem that no one else has identified or acted on.
A person who starts a business and is willing to risk loss in order to make money
entrepreneur
What are the key concepts associated with the definition of an entrepreneur?
Willingness to take risks, willingness to risk loss, far-sightedness, and innovation.
What are two main actions that entrepreneurs take?
Recognize opportunity and create something new.
is an entrepreneur who leverages technology as the foundation of their business.
They are innovative individuals who combine technical expertise with entrepreneurial skills to create new products, services, or business models, often driving innovation and disruption within their industry.
technopreneur
Is the creation of any business, organization, project, or operation that includes a level of risk in acting on an opportunity that has not previously been established.
○ Can be for profit or not-for-profit.
entrepreneurial venture
companies known for introducing groundbreaking technologies or ideas that significantly change industries
o Apple
o Tesla
o NVIDIA
Innovators
develop entirely new products or services that create new markets or redefined existing ones
o Google
o Amazon
o Netflix
Creators
establish entirely new markets or ecosystems
o Microsoft
o Salesforce
o Uber
Market Makers
take existing technologies or business models and scale them to global market
o Facebook (Meta)
o Alibaba
o Spotify
Expanders and Scalers
The difference between risk and calculated risk
due diligence
A business where the founders’ primary focus is the lifestyle they will attain through becoming entrepreneurs, rather than financial rewards.
lifestyle venture
What is the typical exit strategy for a lifestyle venture?
harvesting
The point at which the investors and entrepreneurial team receive their return on creating and building the venture.
harvest
How do lifestyle ventures typically secure funding?
They are more likely to be funded through
family/friends,
traditional methods,
such as bank or small business loans.
What advantages do lifestyle entrepreneurs have in their ventures?
greater freedom to decide areas of responsibilities,
hours of contribution,
and other decisions that support their desired lifestyle.
Problem-solving step-by-step approach:
- Identify the problem. What needs to be fixed?
- Determines the root causes. Once you have identified what your problem is, you need to figure out why it is.
- Find multiple solutions. Thinking innovatively. Do not settle for the first solution you find. Find as many alternative solutions as you can.
- Determine the solution that will work best. Go about it logically. Consider viability, scalability, available resources, risks, benefits, and how it can be measured.
- Plan and implement your solution. Build a plan to execute your solution. You will need to cover who, what, when, and how you will implement your plan.
- Measure the success of your solution. How does it measure against your goals, objectives, and budget? Can you see a measurable outcome?
What needs to be fixed?
Identify the problem
Once you have identified what your problem is, you need to figure out why it is.
Determines the root causes
Thinking innovatively. Do not settle for the first solution you find. Find as many alternative solutions as you can.
Find multiple solutions
Go about it logically. Consider viability, scalability, available resources, risks, benefits, and how it can be measured.
Determine the solution that will work best
Build a plan to execute your solution. You will need to cover who, what, when, and how you will implement your plan.
Plan and implement your solution
How does it measure against your goals, objectives, and budget? Can you see a measurable outcome?
Measure the success of your solution
One characteristic of a savvy entrepreneur is recognizing the ability to identify a problem from an
opportunity-identification perspective.
What does it take to become an entrepreneur?
Besides an entrepreneurial mindset, its takes education and funding.
