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Entrep 110 > Quiz 1 > Flashcards

Quiz 1 Flashcards

1
Q

making new products that is unique in the market

A

Entrepreneurship

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2
Q

​people that notice opportunities

A

Entrepreneur

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3
Q

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

A

Intrapreneur

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4
Q

People who take ownership of a product from concept to market

A

Product Champions

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5
Q

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

A

Skunkworks

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6
Q

allows a division to act as its own smaller company

A

New Venture Design

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7
Q

ink innovation by workers to valued rewards

Small Business Own

A

Rewards for Innovation:

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8
Q

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

A

Small Business Owners

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9
Q

​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

A

Employee Satisfaction

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10
Q

Advantages of a Small Business

A

Great opportunity to get rich through stock option

Feel more important and secure

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11
Q

Disadvantages of Small Business

A 
​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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12
Q

Common Traits of entrepreneurs

A

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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13
Q

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

A

Corridor Principle

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14
Q

A person who founds and operates multiple companies during one caree

A

Serial Entrepreneurs

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15
Q

Key Personal Attributes

A

Need for Achievement

Desire for Independence

Self Confidence
Self Sacrifice

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16
Q

Elements of Profit

A

Squad
Spread
Speed

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17
Q

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

A

Speed

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18
Q

Marketing challenge

A

Spread

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19
Q

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

A

Squad

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20
Q

Key Factors to Successful Entrepreneurship

A

Commitment:

Coordination:

Competency

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21
Q

3 Elements of Profit:

A

Inventories: your products

Receivables: profit at the end of the month

Cash: the profit itself

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22
Q

Types of Businesses

A

Sole Proprietorship
Partnership
Corporation
Cooperative

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23
Q

GATE 1: Preparation

A

(Money, Model, and Mentors)

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24
Q

experienced advisers that can guide the entrepreneur

A

Mentors

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25
Q

GATE 2: Marketing

A

(Mindset, Market, and Message)

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26
Q

GATE 3: Execution

A

(Machinery, Management Skills, and Methods)

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27
Q

structure that can deliver the value

A

Machinery:

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28
Q

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

A

Management Skills:

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29
Q

system and process that allow the entrepreneur info and control

A

Methods

30
Q

GATE 4: Self-Leadership

A

(Moving Forward, Mission, and Mastery)

31
Q

having grit to continue the business despite the obstacles

A

Moving Forward:

32
Q

purpose/reason beyond making profit

A

Mission:

33
Q

knowing the business well; eliminating the gaps

A

Mastery

34
Q

4 Clusters quotient Capacity Requirement

A

Intelligent Quotient (IQ)

Creative Quotient (CQ)

Emotional Quotient (EQ)

Adversity Quotient (AQ)

35
Q

7 Competencies of an Entrepreneur

A

Risk Appetite

Sensemaking

Customer-Focus

Influence

Initiative

Adaptability

grit

36
Q

persistence to attain long -term goals despite adversity

A

grit

37
Q

adjusting to external changes while initiative

A

Adaptability

38
Q

Being proactive in taking prompt actions to attain objectives

A

Initiative

39
Q

Choosing and initiating and sustaining relationships with customers

A

Customer-Focus

40
Q

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

A

Influence

41
Q

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

A

Sensemaking

42
Q

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

A

Risk Appetite

43
Q

for preparation; capacity to think and reason

A

Intelligence quotient (IQ)

44
Q

for marketing; or the capacity to innovate

A

Creative quotient (CQ)

45
Q

for execution; capacity to sense and empathize

A

Emotional quotient (EQ):

46
Q

for self leadership; to recover and make progress

A

Adversity quotient (AQ):

47
Q

4 C’s Competencies of an Innovator

A

Creativity
Critical Thinking
Collaboration:
Communication:

48
Q

Competencies for attainment of goals

A

Initiative:
Adaptability:

49
Q

experienced and trusted adviser that wants mentee to succeed

offers sound advice

A

Mentor

50
Q

Types of Mentors

A

Operational

Functional

Personal

Strategic

51
Q

guides the future vision

A

Strategic

52
Q

guides your personal growth

A

Personal

53
Q

support functional areas

A

Functional

54
Q

guides present operations especially for key factors to success

A

Operational

55
Q

Levels of strategy

A

Corporate

Business

Functional

56
Q

Simple ways to raise capital

A

Savings

Partnership

Loans

Customer’s Advances

Angel Investor

Super ANgel

Venture Capital

Private Equities

Going Public

57
Q

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

A

Going Public

58
Q

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

A

Private Equities

59
Q

Amount of money invested by outside investors

A

Venture Capital

60
Q

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

A

Super Angel

61
Q

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

A

Angel investor

62
Q

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.

A

Customer’s Advances

63
Q

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

A

Loans

64
Q

Includes investment from relatives, friends and acquaintances.

A

Partnership

65
Q

Discretionary funds from unspent money earned previously by entrepreneur.

A

Savings

66
Q

What investors are looking for

A

Market

Product

People

Return Investment

67
Q

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

A

Return Investment

68
Q

to determine if the e is trustworthy and believeable

A

People

69
Q

to determine of the value of proposition is compelling and ownable

A

Product

70
Q

to determine if there is a scalable and sustainable market

A

Market

Entrep 110 (4 decks)

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