Module 4 Flashcards
Matuto
is a startup company or organization that conducts business or is created to satisfy a need
venture
a person who provides work similar to an employee without being part of the payroll
independent contractor
Who accounts for most new startup activity?
People over 40
the economic system by which a workforce of people (known as gig workers) engage in freelance and/or side-employment
Gig economy
What is one advantage of the gig economy for employers?
a decrease in cost of benefits and loyalties to specific employees.
What is one advantage of the gig economy for independent contractors?
no long-term commitment and flexibility in accepting contracts.
According to the GEM 2021/2022 Women’s Entrepreneurship Report, what percentage of entrepreneurs are women?
about one in three entrepreneurs.
In which sector are about half of women entrepreneurs involved?
Wholesale/Retail sector
What is the percentage of women starting businesses in the ICT sector compared to men?
2.7% of women compared to 4.7% of men.
What does the quote “Every journey begins with a single step” (Lao Tzu) imply about entrepreneurship?
It emphasizes the importance of taking the first step in the entrepreneurial journey.
What is required to find out your potential for entrepreneurship?
Self-discovery, exploration, and different experiences.
What does success in entrepreneurship mean according to the study material?
Success means courageously stepping out of your comfort zone.
What are the seven steps of the entrepreneurial journey?
- Inspiration
- Preparation
- Assessment
- Exploring Resources
- Business Plan
- Navigation
- Launch
What mindset is needed during the inspiration step of the entrepreneurial journey?
A creative, open, and innovative state of mind.
What should you ask yourself during the inspiration step?
Do I have the mental, physical, psychological, or financial capabilities and support system to launch a venture?
What are potential obstacles during the inspiration step?
Self-doubt, fear of the unknown, limited time, resources, or personal connections.
● Gather information
● Benchmark
is a method of tracking target expectations with actionable results by comparing one’s own
● Organize
● Fluid focus
Step 2: Preparation
a method of tracking target expectations with actionable results by comparing one’s own company’s performance with an industry average, a leader within the industry, or a market segment.
Benchmark
● Ask yourself: Where will I find partners, customers, locations, and other key resources? Who can help me achieve my goals and maintain a healthy business operational status?
● Potential obstacles include limited connections, partners without skills and resources that match your needs or goals, limited education or experience.
Step 3: Assessment
What should you address during the exploring resources step?
Cash management and consider bootstrapping.
● Address cash management and consider bootstrapping.
● During a trial run, you can use a limited market to test your product or service.
●Ask yourself: How can I afford to achieve my goal and maintain my financial status once I get there?
● Potential obstacles include limited or little access to appropriate or adequate capital, limited or
Step 4: Exploring Resources
It provides important insights into your idea and helps modify your business for better chances of success.
writing a business plan before launching a venture
involves being prepared and making changes when faced with obstacles.
Navigation
Does your vision include a level of flexibility when you discover new information that supports exploring a new area?
Ask yourself: How should I prepare for or deal with any potential obstacles or challenges, such as having no money or no solid business idea?
A potential obstacle includes a limited outlook for the appropriate strategies, goals, or opportunities.
Step 6: Navigation
