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MGT 4670-Entrepreneurship > Test 1 > Flashcards

Test 1 Flashcards

1
Q

a person who undertake a business or an enterprise with the chance of profit or loss, success or failure; a person or group that engages in the initiation and growth of a purposeful enterprise for the production of goods and services

A

entrepreneur

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2
Q

a call to respond to a difficult task and the commitment to undertake the required enterprise

A

challenge

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3
Q

a timely and favorable junction of circumstances providing a good chance for a successful venture or progress; an auspicious chance of an action occurring at a favorable time

A

opportunity

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4
Q

the identification and exploitation of previously unexploited opportunities by enterprising individuals; the nexus of enterprising individuals and promising opportunities

A

entrepreneurship

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5
Q

4 steps to starting a business

A
  1. the founding team or individual has the necessary skills or acquires them 2. the team members identify the opportunity that attracts them and matches their skills; they create a solution to match the opportunity 3. acquire or possess the financial and physical resources necessary to launch the business 4. complete an arrangement or contract with their partners, investors, and within the founder team to launch the business and share the ownership and wealth created
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6
Q

the study of production, consumption, and distribution of goods and services; also the study of how society manages its scarce resources

A

economics

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7
Q

a system that produces and distributes goods and services

A

economic system

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8
Q

the quantity of goods and services produced from the sum of all inputs, such as hours worked and fuels used

A

productivity

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9
Q

those features of nature, such as minerals, fuels, energy, biological yield, or pollution absorption capacity, that are directly or indirectly utilized or potentially utilizable in human social and economic systems

A

natural capital

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10
Q

financial assets such as money, bonds, securities, land, patents, and trademarks

A

financial capital

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11
Q

the sum of knowledge assets of an organization; sources are human, organizational, and social capital

A

intellectual capital

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12
Q

the combined knowledge, skill, and ability of the people in the enterprise

A

human capital

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13
Q

an enterprise’s management processes, work procedures, information technologies, and communication methods

A

organizational capital

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14
Q

the quality of relationships with a firm’s suppliers, allies, partners, and customers; refers to the resources available in and through personal and organizational networks

A

social capital

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15
Q

a combination of entrepreneurial competence and commitment

A

entrepreneurial capital

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16
Q

the ability to (1) recognize and envision taking advantage of opportunity and (2) to access and manage the necessary resources to take advantage of the opportunity

A

entrepreneurial competence

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17
Q

a dedication of the time and energy necessary to bring the enterprise to initiation and fruition

A

entrepreneurial commitment

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18
Q

the process of wealth creation characterized by the dynamics of new, creative firms forming and growing and old, larger firms declining and failing

A

dynamic capitalism

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19
Q

the creation of new industrial structures and companies and the destruction of older structures

A

creative destruction

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20
Q

the constant change of factors in an economy

A

dynamic disequilibrium

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21
Q

rising output per worker comes from two sources

A

new technology

smarter ways of doing work

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22
Q

devices, artifacts, processes, tools, methods, and materials applied to industrial and commercial purposes

A

technology

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23
Q

four categories of an entrepreneurial venture

A

radical innovation, incremental changes, imitation, or rent-seeking behavior (use of regulation, standards, or laws to appropriate some of the value of a monopoly)

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24
Q

the ability to create change or transform organizations; a real measure of this is the ability to acquire needed new skills as the situation changes

A

leadership

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25
Q

potential entrepreneurs must be careful to do an honest assessment of their

A

motivation and skills

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26
Q

is the engine of economic growth

A

entrepreneurship

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27
Q

a good entrepreneur can look at a challenge and pick out the

A

opportunity

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28
Q

identify problems by

A

focusing on situations where a potential customer experiences significant “pain”

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29
Q

process of identifying opportunity

A

pain storming

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30
Q

five steps of pain storming

A
  1. identify a particular customer
  2. describe what the customer does/wants to accomplish
  3. identify pain points/emotions that accompany problem
  4. select the biggest pain point and root cause of customer’s problem
  5. identifies the assumptions behind this root cause
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31
Q

technology push

A

start with the solution rather than the problem and find applications

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32
Q

market pull (or demand pull)

A

begins with the market need and builds solution

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33
Q

ETC

A

express and idea
test it
cycle and refine

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34
Q

9 categories of opportunity

A
  1. increasing the value of a product or service 2. new applications of existing means or technologies 3. creating mass markets 4. customization for individuals 5. increasing reach 6. managing the supply chain 7. convergence of industries 8. process innovation 9. increasing the scale of the firm
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35
Q

a process of customer discovery, validation, and creation that leads to company building

A

customer development

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36
Q

data collected for your specific proposed venture

A

primary data

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37
Q

a popular form of primary research

A

focus group

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38
Q

4 steps of customer development

A
  1. identify customers
  2. build repeatable sales roadmap
  3. customer creation- work to build initial sales relationships
  4. transition from learning and discovery to formal organization
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39
Q

naivete is a gift, select extreme users like children, have people from many backgrounds

A

observation effectiveness

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40
Q

developing enterprises based on quick product cycles and adaptive learning

A

lean startup

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41
Q

product with the minimum features to solve the problem and obtain customer feedback

A

minimum viable product (MVP)

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42
Q

an invention that has produced economic value in the marketplace; the commercialization of new technology

A

innovation

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43
Q

an innovation that is a faster, better, and/or cheaper version of an existing product

A

incremental innovation

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44
Q

a change in how components of a product are linked together while core design concepts are left untouched

A

architectural innovation

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45
Q

an innovation that uses new components and modules, but does not disrupt the linkages between modules

A

modular innovation

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46
Q

a business based upon a radical innovation seeks to commercialize; uses new modules and new architecture to create new products

A

radical or disruptive innovation

47
Q

sources of innovation

A

universities, research labs, individual investors, end users

48
Q

an innovation that is the product of many firms and individuals working together under a common goal and an agreed-to governance system

A

open source innovation

49
Q

one of the most important trends lies with

A

the globalization of business

50
Q

opportunities often lie at the intersection of

A

social and technological change

51
Q

the coming together or merging of several technologies or industries thought to be different or separate

A

convergence

52
Q

5 characteristics of an attractive opportunity

A 
timely
solvable
important
profitable
context (favorable regulatory and industry situation)
53
Q

the value (cost) of the forgone action

A

opportunity cost

54
Q

PRRR process

A

plan, run, review, revise

55
Q

the steps towards creating a business model

A
  1. create a vision
  2. write a mission statement
  3. state the value proposition
  4. create the business model
56
Q

an informed and forward looking statement of purpose in response to an opportunity

A

vision

describes a specific desired outcome and promotes action by inspiring people to achieve the desired outcome

57
Q

elements of a vision

A

clarity
consistency
uniqueness
purpose

58
Q

more completely describes the organization’s goals and customers while incorporating the basic tenets of the vision statement; description of the action to implement the vision

A

mission statement

59
Q

possible elements of a mission statement

A

core values, customers and/or stakeholders, products, competitive advantage, values provided to customer, markets or industry

60
Q

summarizes the values offered to the customer

A

value proposition

61
Q

a short version of a firm’s value proposition often used a slogan or summary phrase to explain the key benefits of the firm’s offering versus that of a key competitor

A

unique selling proposition

62
Q

five values offered to a customer

A

product, price, access, service, and experience

63
Q

a set of planned assumptions about how a firm will create value for all its stakeholders

A

business model

64
Q

elements of a business model

A
  1. customer selection 2. value proposition 3. differentiation and control 4. scope of product and activities 5. organizational design 6. value capture for profit 7. value for talent
65
Q

nine building blocks of the business model canvas

A
  1. value propositions 2. customer segments 3. channels to reach customers 4. customer relationships 5. revenue streams 6. key resources 7. key activities 8. key partnerships 9. the cost structure
66
Q

blank signal that a firm’s business model should change

A

changing market conditions

67
Q

a plan or road map of the actions that a firm or organization will take to achieve its mission and goals

A

strategy

68
Q

the essence of strategy is

A

choosing the priorities and deciding what to do and what not to do

69
Q

the unique capabilities and resources that enable a firm to implement its business model and thus deliver a valuable product or service to its customers

A

core competencies

70
Q

a group of firms producing products that are close substitutes for each other and serve the same customers

A

industry

71
Q

four stages of industry life cycle

A

emergence, growth, maturation, and decline

72
Q

a design whose major components and underlying core concepts do not vary substantially from one product model to another and that commands a high percentage of the market share for the product

A

dominant design

growth stage emerges when this becomes clear and emerges

73
Q

a framework that identifies five forces that determine the profit potential of an industry and shape a firm’s competitive strategy

A

the five forces model

74
Q

what are the five forces

A
  1. threat of entry by new competitors
  2. threat of substitute products
  3. bargaining power of customers
  4. bargaining power of suppliers
  5. firm rivalry
75
Q

a product that improves or perfects another product

A

complement

76
Q
  1. a firm’s strengths 2. its weaknesses 3. opportunities 4. the threats in its competitive environment
A

SWOT analysis

77
Q

whatever keeps a firm from entering an industry or market

A

barriers to entry

78
Q

many business use competitive strategies to shape their business strategies but often ignore

A

cooperative strategies

79
Q

three types of competitive tactics

A

position (establish a position and defend it), resources (leverage resources such as brands, patents, or assets), and emergent (pursue emerging opportunities

80
Q

the value of an economy and the associated standard of living

A

economic capital

81
Q

the quality of life on our planet depends on three factors

A

depends on equity of liberty, opportunity, and health and the maintenance of community and households (also economic capital, social capital, and natural capital)

82
Q

four common types of strategies to maintain a competitive advantage

A

differentiation, low cost, differentiation and cost, niche

83
Q

unique offering based on a firm’s unique competenciesf

A

differentiation

84
Q

complex mix of competition and cooperation

A

coopetition

85
Q

steps to establish a new enterprise

A
  1. identify and screen opportunities, create a vision and concept statement and build core entrepreneurial team 2 .refine the concept, determine feasibility, prepare mission statement 3. prepare a complete business plan 4. determine amount of financial, physical and human resources required 5. secure the necessary resources and capabilities from investors
86
Q

elements of concept summary

A
  1. explain the problem or need and identify the customer 2. explain the proposed solution and uniqueness of the solution 3. tell why the customer will pay for the solution
87
Q

a document that describes the opportunity, product, context, strategy, team, required resources, financial return, and harvest of a business venture

A

business plan

88
Q

the identification and acquisition of blank and blank are crucial for the a firm’s success

A

required resources and capabilities

89
Q

a short version of the venture story that quickly demonstrates that the entrepreneurs know their business and can communicate it effectively

A

elevator pitch

90
Q

common business plan mistakes 1

A

(1) 1. solutions looking for a problem
2. unclear model or value proposition
3. incomplete competitor analysis and marketing
4. inadequate description of risk
5. gaps in capabilities required of them

91
Q

common business plan mistakes 2

A

(2) 6. inadequate description of revenue and profit drivers
7. limited or not description of metrics
8. lack of focus and sound mission
9. too many top down assumptions
10. limited confirmation of customer demand

92
Q

storytelling techniques

A

simple message, concrete images and examples, generate interest by exposing gaps and filling them in, demonstrate passion

93
Q

a set of activities with the object of securing, serving, and retaining customers for the product offerings (all about getting the right message to the right customers)

A

marketing

94
Q

describes how they will take the product to market, attract, serve, and maintain customers

A

marketing plan

95
Q

deliver information and product/service

A

new venture to target customers

96
Q

deliver information and money

A

target customers to new venture

97
Q

a group with similar needs or wants who reference each other

A

market segment

98
Q

divides markets into segments that require different marketing strategies

A

market segmentation

99
Q

helps define the positioning and focus on a few key attributes of value proposition

A

positioning statement

100
Q

the perceived worthiness of the brand

A

brand equity

101
Q

dimensions of brand equity

A
  1. brand awareness
  2. perceived quality and vitality of the product
  3. brand association
  4. brand loyalty/tie to product
102
Q

marketing mix

A

product, price, place, promotion

103
Q

the item or service that serves the needs of the customer

A

product

104
Q

method for setting prices for various customer categories and volume discount plans

A

pricing policies

105
Q

high price high quality

A

premium pricing

106
Q

low price low quality

A

bargain pricing

107
Q

low price high quality

A

value pricing

108
Q

websites, social networks, print media, tv, radio

A

media advertising

109
Q

building knowledge of product through word of mouth

A

viral marketing

110
Q

customer relationship management

A

a set of conversations that consist of

  1. economic exchanges
  2. product offering
  3. space in which exchange takes place
  4. context
111
Q

process by which innovations spread through a population

A

diffusion of innovation

112
Q

follows an s curve

A

adoption of innovation

113
Q

large gap between early adopters and early majority

A

chasm

MGT 4670-Entrepreneurship (2 decks)

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