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3rd Year_2nd Sem > Technopreneurship 1st PDF > Flashcards

Technopreneurship 1st PDF Flashcards

1
Q

Technopreneurship is the combination of?

A

Technology and Entrepreneurship

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2
Q

It is simply entrepreneurship in a technology intensive context.

A

Technopreneurship

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3
Q

It is a process of merging technology prowess and entrepreneurial talent and skills.

A

Technopreneurship

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4
Q

This is a new breed of entrepreneurship.

A

Technopreneurship

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5
Q

Entrepreneur is a person who _____ an opportunity, ______ it into a product or service, ______ earnings and profit and _______ a successful business with it.

A
  • identifies
  • converts
  • estimates
  • builds
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6
Q

A Technopreneur starts out with nothing but an _____. He defies existing practices and systems and thinks of doing things differently. He creates a product or solution ______.

A
  • ‘idea’
  • that uses the heft and capability of technology
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7
Q

The first known use of the term “Technopreneurship” was in ____.

A

1987

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8
Q

_____ was more recognized when the Internet became more accessible to the public on ____.

A
  • Technopreneurship
  • April of 2000
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9
Q

This is a process of commercializing an invention or introducing something new or improved that creates value in the form of a commercial product.

A

Innovation

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10
Q

Types of Innovation

A

● Incremental
● Disruptive
● Architectural
● Radical

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11
Q

take existing product and tweak to suit different market.

A

Architectural

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12
Q

small changes (e.g. Coca-cola)

A

Incremental

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13
Q

new, slightly similar to disruptive, creates an entirely new market. Riskiest (e.g. YouTube)

A

Radical

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14
Q

newer, sometimes hard to use, expensive. Uses existing market.

A

Disruptive

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15
Q

Types of Enterprise

A

● Innovation Driven Enterprise (IDE)
● Small-Medium Enterprise (SME)

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16
Q

bring traditional ideas to local markets.

A

Small-Medium Enterprise (SME)

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17
Q

require an investment to develop the innovation, more risky
compared to SMEs

A

Innovation Driven Enterprise (IDE)

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18
Q

Business Philosophies

A

● Market oriented
● Product oriented

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19
Q

develops goods and services based on what it does well.

A

Product oriented

20
Q

identifying customer needs or wants and meeting them

A

Market oriented

21
Q

It is the value that a business promises to deliver after a customer purchases its product or service.

A

Value Proposition

22
Q

The value proposition contains:

A

● HOW THE COMPANY OPERATES
● WHY IT DESERVES THEIR BUSINESS
● WHAT THE COMPANY STANDS FOR
● WHAT MAKES THE COMPANY BETTER THAN THE REST

23
Q

Elements of an Effective Value Proposition

A

● Target Market
● Specific Value
● Customer Connection

24
Q

Describes why should the consumer select the company’s products or services over all other available choices.

A

Specific Value

25
Q

Specifies how a company meets the individual needs or desires of its potential customers. The focus is on appealing to customers’
emotions and build a relationship that hopefully results to loyalty.

A

Customer Connection

26
Q

Defines which consumer group is more likely to provide the majority of the company’s sales.

A

Target Market

27
Q

This is someone who buys something or avails a service.

A

Customer

28
Q

Types of Customers

A

● External Customer
● Internal Customer

29
Q

someone who buys goods or services. The typical customer we refer to.

A

External Customer

30
Q

have a relationship with, and within, your company, either through employment or as partners who deliver your product or service to the end user, the external customer. (e.g. Suppliers)

A

Internal Customer

31
Q

Each customer will have specific need which needs to be fulfilled. The requirements relate to issues such as age, disability, nationality, culture, and financial standing.

A

Customer Needs

32
Q

Statistical data relating to the population and certain groups within it.

A

Customer Demographics

33
Q

This outlines the demographic changes, new regulations, revisions on the existing regulation, and changes in technology. All of these can affect the way the business functions

A

Market Research

34
Q

2 Broad types of Research

A

● Primary Research
● Secondary Research

35
Q

This consists of data collected directly from potential customers through surveys, focus groups, field testing, etc. Useful for targeting or identifying specific group needs.

A

Primary Research

36
Q

This involves searching existing information that has already been collected. This research is less targeted than primary research but can still provide valuable information.

A

Secondary Research

37
Q

Defined as the process of presenting a concept or idea for a product or service to its target market in order to determine whether the idea is worth pursuing.

A

Market Validation

38
Q

This is usually done during the conception stage, before any significant investment has been made in developing the product.

A

Market Validation

39
Q

No ____ should begin without Market Validation

A

Product Development

40
Q

This is the use of specific knowledge, skills, tools and techniques to deliver something of value to people.

A

Project Management

41
Q

Waterfall Method

A

Conception
Initiation
Analysis
Design
Develop
Testing
Deployment

  • Linear/Sequential, Upfront, Simple, Unchanging
42
Q

Agile Method

A

Plan
Design
Develop
Test
Reiterate

  • Continuous, Small, Flexible
43
Q

This measures the maturity of technology components for a system.

A

Technology Readiness Levels (TRL)

44
Q

is the first form of a product that you can release to users

A

Minimum Viable Products (MVP)

45
Q

This provides core functionality without any additional features.

A

Minimum Viable Products (MVP)

46
Q

is a complete product that is ready to sell

A

Minimum Marketable Product (MMP)

47
Q

has the fewest features users need, but it still allows the business to see decent sales

A

Minimum Marketable Product (MMP)

3rd Year_2nd Sem (5 decks)

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