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Entrepreneurship > Test 1 (Ch. 1, 2, 4, 7, and 15) > Flashcards

Test 1 (Ch. 1, 2, 4, 7, and 15) Flashcards

1
Q

The process by which individuals– either on their own or inside organizations– pursue opportunities without regard to the resources they currently control. (opportunity focused, risk taking, innovative, and growth oriented)

A

entrepreneurship (1)

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2
Q

economy that relies on unskilled labor and the extraction of natural resources for growth

A

factor-driven economies (1)

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3
Q

economy that is growing and in need of improving their production processes and quality of goods produced
(ex: Argentina, Russia, South Africa)

A

efficiency-driven economies (1)

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4
Q

economy that is most advanced; are where businesses comet based on innovation and entrepreneurship
(ex: UK, Singapore, Israel, and US)

A

innovation-driven economies (1)

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5
Q

innovative
value-creating
growth-oriented

A

primary characteristics of high-impact entrepreneurial ventures (1)

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6
Q

activities that are unclear and subject to change as more information is obtained

A

fuzzy front end (1)

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7
Q

mechanism that drives an individual to become a nascent entrepreneur because all other opportunities for income appear to be absent or unsatisfactory

A

push (1)

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8
Q

mechanism that attracts an individual to an opportunity and creates a “burning desire” to launch a business and capture a market

A

pull (1)

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9
Q

gigantic companies were the norm

A

1960s (1)

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10
Q

1) macroeconomic turmoil
2) international competition
3) technological revolution

A

1970s (1)

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11
Q

business was in terrible shape; new, smaller, more flexible entrepreneurial manufacturers still generating jobs

A

1980s (1)

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12
Q

information age; “dot com” bubble

A

1990s (1)

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13
Q

knowledge economy; increased globalization

A

new millennium (1)

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14
Q

rapidly growing mass of information that companies and individuals are stockpiling and storing

A

big data (1)

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15
Q

the data that goes into the Internet every time we send a text, search a website, or tweet

A

data exhaust (1)

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16
Q

1) minimizing waste in time and resources
2) continuous improvement through experimentation and pivoting in new directions
3) systems thinking or looking at the big picture

A

lean thinking (1)

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17
Q

1) It takes a lot of money to start a business
2) It takes a great idea
3) The bigger the risk, the bigger the reward
4) A business plan is required for success
5) Entrepreneurship is for the young and reckless
6) Entrepreneurship cannot be taught

A

Myths of Entrepreneurship (2)

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18
Q

entrepreneurs who base their business from their home

A

home-based entrepreneur (2)

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19
Q

an entrepreneur who starts one business and then moves on to start another

A

serial/portfolio entrepreneur (2)

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20
Q

socially responsible businesses that typically focus on educational, religious, or charitable goals; often tax exempt

A

nonprofit entrepreneur (2)

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21
Q

entrepreneurship that occurs inside an existing organization

A

corporate entrepreneur (2)

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22
Q

model that waits for project champions to emerge and suggest new business opportunities

A

opportunistic model (2)

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23
Q

model that sprinkles resources throughout the organization to encourage innovation and entrepreneurship at all levels while establishing clear criteria for the selection of opportunities to pursue; ex: Google

A

enabler model (2)

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24
Q

model in which the company acts like an evangelist, assigning ownership of a project or new business creation and providing modest seed funding to test it (ex: DuPont)

A

advocate model (2)

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25
Q

model in which the company establishes formal organizations with dedicated funds and significant autonomy (ex: IBM)

A

producer model (2)

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26
Q 
Find a mentor
Build a professional network
Learn about entrepreneurs
Understand personality and business preferences
Improve or acquire critical skills
Study an industry
A

Steps when preparing to become an entrepreneur (2)

27
Q 
lack of confidence
financial needs
startup logistics
personal or daily issues
time constraints
lack of skills
A

barriers to people becoming self-employed as entrepreneurs (2)

28
Q 
Emerging
Growth
Differentiation
Shakeout
Maturity
Decline
A

Industry Life Cycle (4)

29
Q

core assets and activities are not threatened

A

progressive change (4)

30
Q

core activities are threatened

A

intermediating change (4)

31
Q

core assets and activities are threatened

A

radical change (4)

32
Q

core assets are threatened

A

creative change (4)

33
Q

costs to produce have declined relative tot the price of their goods and services

A

economies of scale (4)

34
Q

products and services with loyal customers who are not likely to switch easily to something new

A

brand loyalty (4)

35
Q

cost of entering an industry

A

capital requirements (4)

36
Q

buyers in most industries don’t readily switch from one supplier to another unless there is a compelling reason to do so; switching costs the buyer money and time

A

switching costs for the buyer (4)

37
Q

new venture must persuade established distribution channel members to accept its new product or service and must prove that it will be beneficial to distributors

A

access to distribution channels (4)

38
Q

where established firms hold patents on products and processes that the new venture requirers, they have the ability either to keep the new venture out of the industry or to make it ver expensive to enter

A

proprietary factors (4)

39
Q

government can limit entry to an industry or market through strict regulation, licensing requirements, and by limiting access to raw materials via laws or high taxes and to retain locations by means of zoning restrictions

A

government regulations (4)

40
Q

threat from substitutes
threat from buyers’ bargaining power
threat from suppliers’ bargaining power
competitive rivalry among existing firms

A

threats to entrepreneurs (4)

41
Q

identify and profile the first customer
estimate potential demand front hat customer
identify subsequent customer segments that can be tapped later on to grow the company

A

goals of market research (4)

42
Q

individuals or companies that hold the key to reaching particular customers; they control the flow of information

A

gatekeeper (4)

43
Q

people who want to affect the purchase decision and whose approval is often required before a decision to purchase is made

A

influencers (4)

44
Q

people who make the final decisions about purchases, usually for a company, and usually based on a budget

A

deciders (4)

45
Q

those who have the actual authority to buy

A

purchasers (4)

46
Q

the ultimate beneficiaries of the purchase

A

users (4)

47
Q

direct, indirect, emerging/potential

A

types of competitors (4)

48
Q

group of legal rights associated with patents, trademarks, copyrights, and trade secrets

A

intellectual property rights (7)

49
Q

consists of a formula, device idea, process, pattern, or compilation of information that gives the owner a competitive advantage in the market place, is novel in the sense that it is not common knowledge, and is kept in a reasonably confidential state

A

trade secrets (7)

50
Q

the court will order that the defendant stop violating your trade secret rights

A

injunctive relief (7)

51
Q

paid for any economic harm you m ay have suffered

A

damages (7)

52
Q

a symbol, logo, word, sound, color, design, or other device that is used to identify a business or a product in commerce

A

trademark (7)

53
Q

protects original works of authors, composers, screenwriters, and computer programmers

A

copyrights (7)

54
Q

gives the parent holder the right to defend the patent against other who would attempt to manufacture, use, or sell the invention during the period of the patent, which for most is 20 yrs from the date of application

A

patents (7)

55
Q

moral code by which we live and conduct business derived from the cultural, social, political, and ethnic norms with which we were raised as children; the concept of right and wrong

A

ethics (15)

56
Q

1) dogmatism
2) egoism
3) relativism
4) subjectivism

A

Adler’s 4 approaches to ethical issues (15)

57
Q

occurs when a person’s private or personal interests clash with his or her professional obligations such that an independent observer might reasonably question whether the individual’s professional actions or decisions are influenced by personal gain, financial, or otherwise

A

conflict of interest (15)

58
Q

operating a business in a way that exceeds the ethical, legal, commercial, and public expectations that society has of the business

A

social responsibility (15)

59
Q

the fundamental beliefs that a company holds about what is important in business and in life in general

A

core values (15)

60
Q

a company’s fundamental reason to be in business

A

purpose (15)

61
Q

what brings everyone together to achieve a common objective and is closely related to the company’s purpose

A

mission (15)

62
Q

means to execute strategies

A

tactics (15)

63
Q

plans for achieving goals and, ultimately, accomplishing the mission

A

strategies (15)

Entrepreneurship (1 decks)

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