Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

SMO 310 > MODULE 2 > Flashcards

MODULE 2 Flashcards

1
Q

SME entrepreneur

A

Small and medium enterprise, manage business by expecting stable sales, profits and growth

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

IDE

A

Innovation driven entrepreneurs, focus on innovation profitability and sustained growth

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

High growth startup

A

Type of IDE, goal is grow quickly and generate substantial financial returns

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Intrapreneurship

A

Startup inside larger companies that develop new products

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Entre opportunities

A 
-new product for an existing company 
Ex. Opening a McDonald’s in a country that doesn’t have one
-new product for an existing market 
Ex. Apple AirPods 
-new product for a new market
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

ABEL/BLEA

A

The test and learn approach

Ask>build>experiment>learn>

Build>launch>evaluate >adapt

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Design thinking

Definition and benefit

A

-process for creative problem solving that includes empathy/human centredness, ideation, and experimentation

Benefit: -reduce risk, users help create ideas and see them before they launch

  • innovative ideas, user is always thinking about what they want/need
  • organizational learning, continuous understanding of what customers want
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Design thinking process

A

EDIBT

empathize, define, ideate , prototype, test

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Causal reasoning

A

Thinking of desired outcome and then coming up with a plan to achieve the outcome

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Effectual thinking

A

Consider what a person had and arrive at a possible outcome from a range of possible outcome

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Trend

A

Source of potential entre ideas

Of movement in a field

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Societal trends

A

Ex. Aging demographics, health and fitness growth

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Technology trends

A

Mobile tech, e-commerce, internet advances

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Government trends

A

Increased regulations, terrorism

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Sources of ideas for new ventures

A
  • work experiences, more than half of new ventures stem from this
  • hobby or personal interest
  • chance happening/ serendipity
  • perceptual changes, people’s interpretation of facts and concepts
  • education and expertise
  • industry and market changes, shifts in marketplace caused by consumer attitudes and advances in tech
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Problem definition process

A

Establish the need for a solution

  • what is the need/ desired outcome
  • who benefits

Justify the need

  • is it worth it?
  • how will we ensure solution is implemented

Contextualize the problem

  • what have others tried
  • external and internal constraints

Write the problem statement

  • many problems or one problem?
  • what incentives are needed, what do solvers need to submit?
17
Q

Affordable loss principle

A

Upper and lower bound entrepreneurs are willing to lose

Can be zero

18
Q

Strategic partnerships principle

A

Focus on building partnerships instead of compatible analysis

19
Q

Leveraging contingencies principle

A

Dealing with surprises to determine entrepreneurial direction

20
Q

Causal versus effectual thinking

Logic:

A

C; extent we can predict the future and control it

E; extent to which we can control future (need not predict it)

21
Q

Causal versus effectual thinking

Where to start

A

C; given goals and assembling the means to achieve them

E; subject to resource constraints

22
Q

Causal versus effectual thinking

Attitude towards risk

A

C; expected return and risk management

E; affordable loss principle

23
Q

Causal versus effectual thinking

Attitude toward others

A

C; competitive

E; cocreational (customers, suppliers and prospective competitors)

24
Q

Causal versus effectual thinking

Attitude toward unexpected

A

C; avoid surprises

E; leverage surprises to offer new opportunities and innovation

25
Q

Bergqvist and the ice hotel

A
  1. Start with a passion for ice and cold
  2. Look for others that like ice.
    Surprise: Ice is transient (what makes it interesting)
  3. Customer buy in
  4. Surprise: Ice sculptures melt and people start making them into igloos
  5. New goal: ice hotel
  6. Creates new market
26
Q

Shimano

A

Company that manufactures arts for bikes.
Observed: people liked the nostalgia of biking when they were kids

Answer: started designing coasting bikes.

27
Q

Kaiser

A

Healthcare facility in the US whose goal was to improve healthcare for healthcare practitioners

28
Q

Opportunity evaluation

A

Will the idea work? Will it be good?

29
Q

Four primary areas of assessment

Opportunity evaluation

A

The people behind the idea:
-the make up of the time

The resources available:
-effectuation

Knowledge and info about the industry and market:

Ability to generate revenue:

30
Q

Assessing opportunities

Result of four primary areas of assessment

A

How significant is the need to be satisfied

31
Q

Knowledge of industry checklist

A

What industry am I in

What do I know about it

Competitor analysis

32
Q

The visionary versus pragmatist

A

Visionary

  • Show distinctness and minimize competition
  • position positively to others

Pragmatic

  • legitimate
  • understood
33
Q

4 techniques for balancing visionary/ pragmatic

A

Analogy
-make connections to other kinds of business

Classification
-categorize to make ideas seem more visionary or pragmatic

Authority
-quotes from influential people

Symbolic action
-employ symbols to acquire resources

34
Q

Tension: style and substance

A

Style
-pitch is passionate, energetic, interactive

Substance
-prepared (logical and laid out clearly)

35
Q

How venture capitalists assess a pitch

A

Passion is overrated :

Trust beats competence:

  • how trustworthy someone comes across
  • lack of trust hard to make up for (can hire someone to make to for lack of technical expertise)!

Coachability matters:
-entrepreneur has to be open to advice or feedback

Gender stereotypes play a role
- VC are biased towards stereotypes

36
Q

Transition to growth

A

Most companies don’t want to grow but the ones that do grow survive longer

37
Q

Growing business

Scaling

A

Penetrating existing markets and building operating capacity

SMO 310 (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions