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Entrepreneurship 12 > Topic 3 > Flashcards

Topic 3 Flashcards

1
Q

The ability to develop something original, particularly an idea or a representation of an idea

A

Creativity

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2
Q

Change that adds value to an existing product or service

A

Innovation

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3
Q

Truly novel product, service, or process that, though based on ideas and products that have come before, represents a leap, a creation truly novel and different

A

Invention

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4
Q

The five stages of creativity

A
  • Preparation
  • Incubation
  • Insight
  • Evaluation
  • Elaboration
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5
Q

Involves investigating a chosen field of interest, opening your mind, and becoming immersed in materials, mindset, and meaning

A

Preparation

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6
Q

Giving yourself and your subconscious mind time to incorporate what you learned and practiced in the preparation stage

A

Incubation

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7
Q

Also known as “illumination” or the “aha!” moment; when the solution to a creative problem suddenly becomes readily accessible to your conscious mind

A

Insight

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8
Q

The purposeful examination of ideas

A

Evaluation

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9
Q

Actual production; release of a “minimum viable product”; function well enough that you can begin to market it while still elaborating on it an alternative development process

A

Elaboration

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10
Q

Describe a feeling of dissatisfaction among customers’ a persistent or recurring problem that frequiently inconveniences or annoys customers

A

Pain point

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11
Q

Internally focused sources for innovative opportunity according to Drucker as cited by Kuratko

A
  • The unexpected
  • Incongruities
  • (Innovation based on) Process-need
  • Industry and market structures
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12
Q

Externally focused sources for innovative opportunities

A
  • Demographics
  • Changes in perception, mood, and meaning
  • New knowledge - both scientific and non-scientific
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13
Q

A difference exists between expectation and reality

A

Incongruities

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14
Q

Process gaps or bottlenecks where an answer is required

A

(Innovation based on) Process-need

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15
Q

Changes caused by consumer attitudes, advancements in technology, etc.

A

Industry and market structures

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16
Q

Age, status, race, sex

A

Demographics

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17
Q

Unexpevted failure and success, outside events

A

The unexpected

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17
Q

Uniqueness of every individual creates differentiation of the offered goods and services

A

Changes in perception, mood, and meaning

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18
Q

Knowledge-based concepts

A

New knowledge - scientific and non-scientific

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19
Q

An innovation that modifies an existing product or service

A

Incremental innovation

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20
Q

Based on a new technology, a new advancement in the field, and/or an advancement in a related field that leads to the development of a new product

A

Pioneering innovation

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21
Q

A process that significantly affects the market by making a product or service more affordable and/or accessible, so that it will be available to a much larger audience

A

Disruptive innovation

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22
Q

Address social or environmental challenges; involves developing new solutions to improve the lives of others or benefit society as a whole

A

Social innovation

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23
Q

A process or a device which has never been made before

A

Invention

24
Q

Five steps in developing an invention

A
  1. Educate yourself
  2. Stay organized
  3. Conduct market research
  4. Conduct patent research
  5. Develop a prototype
25
Q

Sources in opportunity identification

A

Known and the “unknown”

26
Q

Sources of the “known”

A
  • Education/research
  • Experience/skill
  • Family (business/tradition)
27
Q

Sources of the “unknown”

A
  • Information from friends
  • Brainstorming (friends, work/school mates, family)
  • Tips/information from various sources (social media, articles, magazines, government plans - CLUP/CDP, seminars/conferences)
28
Q

Creates significant value for customers and offers significant profit potential to the entrepreneur; it exists when there is a gap between supply and demand

A

Entrepreneurial opportunity

29
Q

Amount and characteristics of the product produced

A

Supply

30
Q

Consumers’ desire for the product

A

Demand

31
Q

Steps in shaping opportunities

A
  1. Identify the problem or opportunity
  2. Test hypothesis (validate assumptions)
  3. Evaluate opportunity
32
Q

Evaluate opportunity:

A
  • Competencies
  • Competition
  • Sustainability
  • Profitability
  • Financing
33
Q

How to do a competitor check:

A
  • Mystery shopping
  • Buy their product/service
  • Interviewing competitor’s customers
  • Competitor’s website/social media
  • Testimonials
34
Q

Sustainability:

A
  • Threat of new entrants
  • Threat of substitute/s
  • Bargaining power of supplier
  • Short lived trend/fad
35
Q

Profitability:

A
  • Net income
  • Net profit margin
  • Break-even point
  • Payback period
  • Return of investment
36
Q

Three components that create a successful opportunity recognition

A
  • Prior knowledge of markets and customer problems
  • Entrepreneurial alertness
  • Networks
37
Q

Pathways to new ventures

A
  • Creating the new venture
  • Acquiring existing venture
  • Obtaining a franchise
  • Joining a family business
38
Q
  • A business that is owned by one person
  • The simplest form and easiest to start
  • The most popular form of business ownership
A

Sole properietorship

39
Q
  • A voluntary association of two or more persons to act as co-owners
  • Less common form
  • No legal limit on the max no. of partners
A

Partnership

40
Q
  • A business co-owned by 2 or more general partners
  • Simplest to form and most common
  • Unlimited liability
A

General partnerships

41
Q

A person who has full or shared liability for running the business

A

General partners

42
Q

A business co-owned by at least one general partner and one limited partner

A

Limited partnership

43
Q

Partners with limited liability; only liable for the amount they invested in the business; do not operate business but rathe rprovide capital

A

Limited partnership

44
Q

Partnership agreement

A
  • Capital contributions
  • Responsibilities of each partner
  • Decision-making process
  • Shares of profits or losses
  • Departure of partners
  • Addition of partners
45
Q

Most common type of corporation

A

“C” corportaion

46
Q

A legal entity, separate from its owners; owned by stockholders

A

Corporation

47
Q

The shares of ownership of a corporation

A

Stock

48
Q

Two types of stock in corporations

A
  • Common stock (voting privileges)
  • Preferred stock (no votinng rights, dividends paid first)
49
Q

A person who owns a share or shares of a corporation’s stock

A

Stockholder or shareholder

50
Q

A portion of the corporation’s profit that is distributed to stockholders

A

Dividend

51
Q

The governing body of the corporation, elected by stockholders and appoint corporate officers

A

Board of directors

52
Q

A corporation whose stock is owned by relatively few people and is not sold to the general public

A

Closed (private) corporation

53
Q

A corporation whose stock is bought and sold on security exchanges and can be purchased by any individual

A

Open (public) corporation

53
Q

Corporate structure

A
  • Shareholders
  • Board of directors
  • Corporate officers - chief executive officer, chief financial officer, chief operating officer
54
Q

A corporation with a single stockholder, who must be a natural person, trust, or an estate

A

One person corporation

55
Q

The code that provided OPC

A

Title XII (Special Corporations) of Republic Act No. 11232, or the “Revised Corporation Code”

56
Q

An autonomous and duly registered association of persons, with a common bond of interest, who have voluntarily joined together to achieve their social, economic and cultural needs and aspirations by making equitable contributions to the capital required

A

Cooperative

56
Q

Three key organizational structures in the general assembly of a cooperative

A
  • Election committee
  • Board of directors
  • Audit committee

Entrepreneurship 12 (3 decks)

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