Technology Entrepreneurship week 5 Flashcards
What is a company’s vision statement?
A vision statement outlines the ultimate goal and the ‘why’ behind a company’s existence, often inspiring employees and stakeholders.
What is the role of a mission statement?
The mission statement explains how the vision will be achieved and defines the company’s objectives and approach.
How does vision differ from mission in a startup?
Vision defines the big picture ‘why’, while the mission breaks down ‘how’ to achieve that vision with specific objectives.
What should be the core focus of a company’s mission?
A company’s mission should focus on its values, goals, and approach to meeting customer needs.
Why is it important for a vision to be emotionally appealing?
An emotionally appealing vision inspires motivation and commitment from employees and stakeholders.
What is a key characteristic of a strong mission statement?
A strong mission statement is clear, concise, and aligned with the company’s goals and values.
What is the role of design thinking in business?
Design thinking is a human-centered approach to problem solving that encourages innovation and creativity.
How can design thinking improve product development?
It ensures that products and services are designed with user needs and feedback in mind, leading to better market alignment.
What is the purpose of a SWOT analysis?
SWOT analysis helps identify strengths, weaknesses, opportunities, and threats in a company’s strategic planning.
How do vision and mission influence business strategy?
Vision and mission provide a foundation and direction, ensuring the strategy aligns with long-term goals and values.
What defines a sustainable competitive advantage?
A sustainable competitive advantage is something a company does better than competitors, which is valuable to customers and hard to replicate.
Why is flexibility important in a business model?
Flexibility allows a business model to adapt to changes in market conditions and customer feedback, ensuring longevity.
What is the main component of a business model?
A business model defines how a company creates, delivers, and captures value, including revenue streams and customer interaction.
What is social entrepreneurship?
Social entrepreneurship combines profit-making with addressing social and environmental issues.
What is a key benefit of social entrepreneurship?
It creates social impact while also achieving business profitability, helping communities and economies.
