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Entrep 110 > Quiz 1 from sir's ppt > Flashcards

Quiz 1 from sir's ppt Flashcards

1
Q

is an owner of business who invests his/her resources to bring an idea to life, setting the direction that transforms that idea into reality, thus providing and gaining value that balances effort, purpose and profit.

A

An entrepreneur

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2
Q

5 Components of an Entrepreneur

A

Owner who invests resources

Bring an idea to life

Setting direction

Making things happen

Adding value

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3
Q

is a person who introduces either a new process, product, service or business model to the marketplace that becomes commercially successful.

A

An innovator

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4
Q

is a person who creates something new but has not attained commercial success.

A

Inventor

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5
Q

KEY FACTORS TO SUCCESSFUL ENTREPRENEURSHIP

A

Commitment

Competency

Coordination

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6
Q

2 Elements of Innovation

A

NEW

COMMERCIAL SUCCESS

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7
Q

3 Ss Requisites to Prosperity

A

SQUAD –
SPREAD
SPEED

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8
Q

An operations and financial challenge. This pertains to a system to manage account receivables effectively.

A

SPEED

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9
Q

Marketing challenge

A

SPREAD

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10
Q

Human resource or team which includes his or her choice of business partners

A

SQUAD –

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11
Q

Is a strong drive to achieve goals and objectives through focus and pro-active follow through.

A

COMMITMENT

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12
Q

Is the organization of different people or groups coming form various functions to attain efficiency, effectiveness and/or impact.

A

COORDINATION

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13
Q

Is having a combination of ability, attitude and behavior to do a particular role or job repetitively well.

A

COMPETENCY

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14
Q

GATE 1: PREPARATION

A

(Money, Model and Mentors)

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15
Q

Is the cash component that creates the cycle of wealth conversion and prosperity.

A

Money

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16
Q

Is the business model or the big picture plan to generate sales revenues, profit, cash flow, and growth.

A

Model

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17
Q

Are the experienced advisers who can add value to the entrepreneur by giving sound guidance.

A

Mentors

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18
Q

GATE 2: MARKETING

A

(Mindset, Market, and Message

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19
Q

Is about belief that being an innopreneur is better than being just an entrepreneur. Mindset to find a novel differentiation of Unique Selling Proposition (USP) that solves a real problem.

A

Mindset

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20
Q

Is the set of buyers that an entrepreneur focuses attention on.

A

Market –

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21
Q

Is the brand positioning that will be communicated to persuade the target customers to buy.

A

Message

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22
Q

GATE 3: EXECUTION

A

Machinery, Management Skills, and Methods

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23
Q

– Is the ability to carry out the plans through people, rewards and leadership.

A

Management Skills

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24
Q

A system and processes that allow the entrepreneur information and control.

A

Methods

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25
Q

An organization structure that can deliver the value planned.

A

Machinery

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26
Q

GATE 4: SELF- LEADERSHIP

A

Moving Forward, Mission and Mastery)

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27
Q

Building capabilities, knowing the nuts and bolts of the business well, and eliminating gaps in the know-how.

A

Mastery

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28
Q
  • Is about purpose or the reason why the business exists beyond making profit.
A

Mission

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29
Q

Is about having the grit to continue the business despite obstacles.

A

Moving Forward

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30
Q

4 Clusters Capacity Requirements

A

Intelligence quotient (IQ)

Creative quotient (CQ)

Emotional quotient ( EQ)

Adversity quotient (AQ)

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31
Q
  • for self-leadership, or the capacity to recover and make progress.
A

Adversity quotient (AQ)

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32
Q
  • for execution, or the capacity to sense and empathize.
A

Emotional quotient ( EQ

33
Q

– for marketing, or the capacity to innovate.

A

Creative quotient (CQ)

34
Q

for preparation, or the capacity to think and reason.

A

Intelligence quotient (IQ)

35
Q

7 Competencies of an Entrepreneur

A 
Risk appetite 
Sensemaking
Customer-Focus
Initiative
Influence 
Adaptability
 Grit
36
Q

Persistency to attain long-term goals despite adversity.

A

Grit

37
Q

Adjusting to external changes while initiating internal changes to attain objectives.

A

Adaptability

38
Q

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

A

Influence

39
Q

– Being proactive in taking prompt actions to attain objectives.

A

. Initiative

40
Q

Choosing, initiating and sustaining relationships with customers.

A

Customer-Focus

41
Q

Scanning the environment to detect and interpret what is happening today in order to connect and take actions on potential future outcomes.

A

Sensemaking

42
Q

sees rewards for taking an opportunities that have potential positive (or negative) consequences.

A

Risk appetite–

43
Q

being proactive to take prompt actions to attain objectives.

A

INITIATIVE

44
Q

adjusting to external changes while initiating internal changes to attain objectives.

A

ADAPTABILITY

45
Q

4 Competencies of an Innovator

A

Creativity
Critical Thinking
Collaboration
Communication

46
Q

engaging constituents to make them understand and accept your message.

A

Communication

47
Q

developing relationships with the right partners to attain objectives.

A

Collaboration

48
Q

offering unique ways to solve defined problems.

A

Critical Thinking

49
Q

forming a mental image or new ideas about the future.

A

Creativity

50
Q

what are needed to bring an idea to life

A

Money
Model
Mentor

51
Q

What are the levels of strategy

A

Corporate Level
Business Level
Functional Level

52
Q

“What industry do we enter/exit and why?”

A

Corporate

53
Q

What is or could be our competitive advantage

A

Business level

54
Q

What is the compelling reasons for consumers and customer to buy our products and /or services and prefer us over competition

A

Functional Level

55
Q

Money advances which may be sourced form indivduals, informal channel or financial intermediaries

A

Loans

56
Q

Terms of sales advantageous to the seller, as cash with order (cwo), asking for down payment (dp), cash on deliver (cod) or collecting franchise fee upfron

A

Customer’s advances

57
Q

Money invested by an outside individual to a firm

A

Angel investor

58
Q

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

A

Super Angel

59
Q

Amount of money invested by outside investors

A

Venture Capital

60
Q

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

A

Private Equities

61
Q

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

A

Going Public

62
Q

Why are partners needed?

A

Provide initial funding

Opening doors to further fund

Creating immediate credibility

Making the entrepreneur highly accountable

63
Q

Benefits of having a great partner

A

Provide immediate feedbacks

Help give operatonal and strategic directions

Provide additional funding

Spread out financial risk

Narrow knowledge gap

Offer immediate credibility to your company

Open their network of contacts to you to lower costs or raiser revenues

Give an assurance of fairness on dealing with valuation and stock owner ship

Mentor on a professional level

Mentorship on a personal level

64
Q

What are investors looking for

A

Market

Product

People

Return of investment

65
Q

To determine if there is a scalable or sustainable market

A

Market

66
Q

To determine if the value and proposition is compelling and ownable

A

Product

67
Q

to determine if the entrepreneur is trustworthy and believable

A

People

68
Q

TO determine if beyond market product and people, it is a good investement

A

Return on investment

69
Q

a trusted and experience adviser who is interested in the success of the mentee

A

mentor

70
Q

Qualities of a great mentors

A
  • Interested in the success of the mentee
  • invest time to listen and understand different situation of the mentees
  • provide advice, both business and personal
  • help mentees by tapping into mentor’s network
  • Open doors of opportunities
  • lessen risk by calling attention to such areas
  • inspire the mentee
  • sincerely desire that the entrepreneur succeeds and be even better than them
71
Q

Type of mentors

A

Operational

functional’

personal

strategic

72
Q

Guides on matter related to present operations, especially key factors for success that the firm should do exceptionally well

A

Operational

73
Q

client acquisition, presentation and execution

A

Operational

74
Q

related to support functional areas on which the entrepreneur may need some advice

A

Functional

75
Q

accounting tax and human resource

A

Functional

76
Q

Guides on matter related to personal growth

A

Personal

77
Q

work life harmony

A

Personal

78
Q

Guides on matter related to the future vision of the entreprenuer

A

Strategic

79
Q

consulting, service

A

Strategic

Entrep 110 (4 decks)

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