Technology Entrepreneurship week 1 Flashcards
AI generated Q&A
What is Technology Entrepreneurship?
Technology entrepreneurship is focused on creating value through the use of scientific knowledge and technological innovation.
What is the lean startup approach?
The lean startup approach emphasizes rapid experimentation and iteration with limited resources, focusing on customer feedback.
What is the importance of focusing on customer needs in a lean startup?
Focusing on customer needs ensures that products or services directly address market demand, leading to better success rates.
What are some common myths about technology entrepreneurship?
Common myths include that entrepreneurship requires taking high risks, that all entrepreneurs need patents, and that one either has what it takes or doesn’t.
How does society benefit from entrepreneurship?
Entrepreneurship benefits society through job creation, economic growth, and improvements in health, safety, and well-being.
What is the difference between corporate entrepreneurship and venture-backed startups?
Corporate entrepreneurship occurs within established companies with lower risk, whereas venture-backed startups rely on external funding and typically aim for high-growth exits.
What does entrepreneurial thinking involve?
Entrepreneurial thinking involves creative problem-solving, adaptability, and risk management in uncertain environments.
What is meant by non-linear and holistic thinking in entrepreneurship?
Non-linear thinking refers to recognizing that progress may not follow a straight path, while holistic thinking involves considering all perspectives and factors.
Why is cognitive adaptability important for entrepreneurs?
Cognitive adaptability allows entrepreneurs to adjust their thinking and approach as new information becomes available.
What is pattern recognition in entrepreneurial thinking?
Pattern recognition is the ability to identify similarities or connections in different areas, leading to new entrepreneurial opportunities.
How does the concept of scalable business models apply to lean startups?
Scalable business models allow a startup to grow incrementally as new resources and customer demand increase.
What role does feedback and iteration play in lean startups?
Regular feedback and iteration help refine products or services, making them more aligned with customer needs and market demand.
What is the role of risk management in entrepreneurship?
Risk management in entrepreneurship involves understanding and mitigating potential risks to reduce the likelihood of failure.
What is the significance of having a greater sense of purpose as an entrepreneur?
Having a greater sense of purpose motivates entrepreneurs to persevere, aligning their personal values with their business goals.
How can family-owned businesses differ from venture-backed startups?
Family-owned businesses tend to focus more on long-term stability and legacy, while venture-backed startups aim for rapid growth and exit strategies.
What is franchising in entrepreneurship?
Franchising allows entrepreneurs to operate a business model developed by another company, offering brand recognition and operational support.
What are the characteristics of social entrepreneurship?
Social entrepreneurship is focused on creating social or environmental value alongside profit, often addressing societal challenges.
What is the difference between having a solution looking for a problem and addressing a customer need?
A solution looking for a problem can lead to failure, whereas addressing a customer need ensures there is market demand for the product or service.
What are core competencies in technology entrepreneurship?
Core competencies are specialized expertise that gives a company a competitive advantage in technology entrepreneurship.
How does thought experimentation contribute to entrepreneurial thinking?
Thought experimentation involves testing ideas mentally before executing them in real-world scenarios, which helps with innovation.
How does an entrepreneur align their personal values with their business?
Aligning personal values with the business ensures that entrepreneurs are driven by purpose and remain committed to their goals.
What are the primary motivations for entrepreneurs beyond economic value?
Beyond economic value, many entrepreneurs are motivated by social impact, environmental sustainability, and personal fulfillment.
What are the attitudes and methods that help entrepreneurs succeed?
Successful entrepreneurs develop attitudes and methods such as resilience, adaptability, and problem-solving to navigate challenges.
Why is leadership style critical for managing ambiguity in entrepreneurship?
A well-defined leadership style helps entrepreneurs manage ambiguity and make confident decisions in uncertain situations.
How do environmental and social benefits influence modern entrepreneurship?
Modern entrepreneurship often incorporates environmental and social benefits, reflecting the growing importance of sustainability.
