Quiz 1 Flashcards by Heyho Unknown

making new products that is unique in the market

Entrepreneurship

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people that notice opportunities

Entrepreneur

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they work in large companies and contribute to the innovation of the firm

Intrapreneur

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People who take ownership of a product from concept to market

Product Champions

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a group of intrapreneurship kept separate from the rest of the organization; to protect the product from bias

Skunkworks

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allows a division to act as its own smaller company

New Venture Design

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ink innovation by workers to valued rewards

Small Business Own

Rewards for Innovation:

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are people who own a major equity in a company with fewer than 500 employee

Small Business Owners

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Very low in large companies
there is a segregation intro groups so that employee’s needs are met
companies today don’t care for their employees

Employee Satisfaction

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Advantages of a Small Business

Great opportunity to get rich through stock option

Feel more important and secure

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Disadvantages of Small Business

lower guaranteed pay
fewer benefits
expected to have many skills
too much cohesion
hard to transition to a big company
large fluctuations in income possible

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Common Traits of entrepreneurs

original thinkers
Risk Takers

takes responsibility for own actions

feels competent and capable

set high goals and enjoy working toward them

self-employed parents
firstborns
Between 30-50 years old

Well-educated and have a college degree

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Using one business to start or acquire others then repeating the process

Corridor Principle

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A person who founds and operates multiple companies during one caree

Serial Entrepreneurs

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Key Personal Attributes

Need for Achievement

Desire for Independence

Self Confidence
Self Sacrifice

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Elements of Profit

Squad
Spread
Speed

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An operation and financial challenge. This pertains to a system to manage account receivables effectively
Must be withing 90 days, after 90 days it will be difficult to produce products

Speed

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Marketing challenge

Spread

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Human Resource or team which includes his or her choice of business partners
those with similar interests and plans
Friends, Family, Investor

Squad

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Key Factors to Successful Entrepreneurship

Commitment:

Coordination:

Competency

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3 Elements of Profit:

Inventories: your products

Receivables: profit at the end of the month

Cash: the profit itself

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Types of Businesses

Sole Proprietorship
Partnership
Corporation
Cooperative

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GATE 1: Preparation

(Money, Model, and Mentors)

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experienced advisers that can guide the entrepreneur

Mentors

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GATE 2: Marketing

(Mindset, Market, and Message)

GATE 3: Execution

(Machinery, Management Skills, and Methods)

structure that can deliver the value

Machinery:

ability to carry out the plans via people, rewards, and leadership. Being flexible. You easily adjust

Management Skills:

system and process that allow the entrepreneur info and control

Methods

GATE 4: Self-Leadership

(Moving Forward, Mission, and Mastery)

having grit to continue the business despite the obstacles

Moving Forward:

purpose/reason beyond making profit

Mission:

knowing the business well; eliminating the gaps

Mastery

4 Clusters quotient Capacity Requirement

Intelligent Quotient (IQ) Creative Quotient (CQ) Emotional Quotient (EQ) Adversity Quotient (AQ)

7 Competencies of an Entrepreneur

Risk Appetite Sensemaking Customer-Focus Influence Initiative Adaptability grit

persistence to attain long -term goals despite adversity

grit

adjusting to external changes while initiative

Adaptability

Being proactive in taking prompt actions to attain objectives

Initiative

Choosing and initiating and sustaining relationships with customers

Customer-Focus

Ability to use personal branding and interpersonal styles to gain buy-in from constituents

Influence

scanning the enviornment to detect and interpret what is happening to day in order to connect and take actions on potential future outcomes

Sensemaking

sees rewards for taking an opportunity that has potential positive (or negative) consequences

Risk Appetite

for preparation; capacity to think and reason

Intelligence quotient (IQ)

for marketing; or the capacity to innovate

Creative quotient (CQ)

for execution; capacity to sense and empathize

Emotional quotient (EQ):

for self leadership; to recover and make progress

Adversity quotient (AQ):

4 C's Competencies of an Innovator

Creativity Critical Thinking Collaboration: Communication:

Competencies for attainment of goals

Initiative: Adaptability:

experienced and trusted adviser that wants mentee to succeed offers sound advice

Mentor

Types of Mentors

Operational Functional Personal Strategic

guides the future vision

Strategic

guides your personal growth

Personal

support functional areas

Functional

guides present operations especially for key factors to success

Operational

Levels of strategy

Corporate Business Functional

Simple ways to raise capital

Savings Partnership Loans Customer's Advances Angel Investor Super ANgel Venture Capital Private Equities Going Public

Amount of money invest via initial public offering (IPO) form the stock market.

Going Public

Amount of money invested by outside investors, typically over 10 individuals, forming themselves as a private equity investing company, focusing on firms that already have revenues and profit; a group of companyl

Private Equities

Amount of money invested by outside investors

Venture Capital

big amount of money invested by an outside individual to a firm

Super Angel

Money invested by an outside individual to a firm; No relation to the firm but (is willing) invested in a company.

Angel investor

terms of sales advantageous to the seller, as cash with order (CWO), asking for down payment (DP), cash on delivery (COD), or collecting franchise fee upfront.

Customer's Advances

money advances which may be sourced from individuals, informal channel or financial intermediaries like banks.

Loans

Includes investment from relatives, friends and acquaintances.

Partnership

Discretionary funds from unspent money earned previously by entrepreneur.

Savings

What investors are looking for

Market Product People Return Investment

to determine if the market, product, people is a good investment

Return Investment

to determine if the e is trustworthy and believeable

People

to determine of the value of proposition is compelling and ownable

Product

to determine if there is a scalable and sustainable market

Market