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Start-up companies > Unit 1 - Introduction > Flashcards

Unit 1 - Introduction Flashcards

1
Q

Entrepreneur:

A

A person who sets up a business taking on financial risks in the hope of profit

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2
Q

Entrepreneurship mind set

A

Encouragement that guides human behaviour towards opportunities, innovation and value creation. It involves taking calculated risks, accepting change and uncertainty

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3
Q

Types of risk

A
  • Demand
  • Technological
  • Financial
  • Execution
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4
Q

Sources of innovation

A
  • Products
  • Production methods
  • Markets
  • Supply sources
  • Forms of organization
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5
Q

Types of entrepreneurship

according to the company

A
  1. Lifestyle companies (Low entrepreneurship orientation)
  2. Controlled growth companies (medium entrepreneurship orientation)
  3. Aggressive Growth Company (High entrepreneurship orientation)
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6
Q

Types of entrepreneurship

according to the context

A
  1. Corporate entrepreneurship
  2. Sustainable entrepreneurship
  3. Social entrepreneurship
  4. Environmental, eco entrepreneurship or
    green entrepreneurship
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7
Q

Types of innovation

A

• PRODUCTS: Product design, features (packaging, texture..)
post sales service
• BUSINESS PROCESSES: production and operations, distribution and logistics, marketing and sales, information and communications systems, direction and management…

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8
Q

Creative destruction

A

Schumpeterian creative destruction:
• Innovation destroys products, jobs and business models that become obsolete when replaced by new and better ones.

It is the engine of capitalist development

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9
Q

Entrepreneurial discovery - Every market is characterized by

A

opportunities for pure entrepreneurial profit.

Sources of opportunities
• New technologies
• Political and regulatory changes
• Social and demographic evolution

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10
Q

Entrepreneurial discovery - an entrepreneur is…

A

“An entrepreneur is someone with experience, able to stay alert, to spot opportunities, to plan in order to take advantage of those opportunities”
• Detection of imbalances by the “state of alert”
• Information, knowledge and analysis capacity
• Experience is important

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11
Q

Types of entrepreneurship - From a company perspective

A
  1. Lifestyle companies (Low entrepreneurship orientation)
  2. Controlled growth companies (medium entrepreneurship orientation)
  3. Aggressive Growth Company (High entrepreneurship orientation)
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12
Q

Lifestyle companies (Low entrepreneurship orientation)

A
  • Strategy focused on a local market, viable business model and stable income
  • Modest reinvestment to maintain competitiveness (no economies of scale)
  • Does not seek to grow (stable number of employees)
  • Example: Street food station
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13
Q

Controlled growth companies (medium entrepreneurship orientation)

A
  • Viable business model
  • Continuous reinvestment (staff, brand development, facilities…)
  • Seeks stable growth (launches new products, expands geographically…)
  • Example: Most companies
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14
Q

Aggressive Growth Company (High entrepreneurship orientation)

A
  • Viable business model, with a clear competitive advantage (R&D, business model…)
  • Ability to “scale” and dominate a global market or product category
  • High needs for professional investment, with diverse shareholders
  • Example: Spotify, Wallbox….
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15
Q

Types of entrepreneurship - From a context perspective

A
  1. Corporate entrepreneurship
  2. Sustainable entrepreneurship
  3. Social entrepreneurship
  4. Environmental, eco entrepreneurship or green entrepreneurship
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16
Q

Corporate entrepreneurship

A

Business actions that denote an entrepreneurial orientation.

These actions Include:
• Innovation activities
• Strategy changes (corporative and competitive), and
• Intra-entrepreneurship (employees who are entrepreneurs from their position)

17
Q

Sustainable entrepreneurship

A

“Paradigm that seeks to ensure the well-being of future generations by creating ENVIRONMENTAL, SOCIAL and ECONOMIC value (includes social and environmental entrepreneurship)”

Simultaneously requires:
•An economically viable organization
•The generation of social benefits
•The reduction of damage to the environment
Raises goal compatibility issues (“triple bottom line”)

18
Q

Social entrepreneurship

A

“Activities that create ECONOMIC value and SOCIAL value for people and communities (for example, by helping marginalized or disadvantaged groups)”

Double objective (social and economic)
• The creation of social value prevails (it is not about CSR or cause branding that condition social objectives to financial profits )
• Requires generating income on the long term, and measurable objectives (this fact excludes many NGOs and foundations that work with public funds or donations)
19
Q

Environmental, eco entrepreneurship or green entrepreneurship

A

Activities that create benefits for the environment and economic value (with the offer of ecological products and the development and use of green technologies)”

Double objective
• The environmental benefit prevails (it is not “ecoposturing” - green-washing), and it must be measured
• Requires generating income on the long term , and measurable objectives (excludes many NGOs and foundations)

20
Q

Entrepreneurship process steps

A
  1. Value proposition
  2. Business model
  3. Business plan
21
Q

Value proposition

A

“Description of the benefits that customers can expect from a product”

22
Q

Business model

A

“Description of the bases on which a company creates, provides and captures value”

23
Q

Business plan

A

“Document that presents a business opportunity, identifies the market to be served, and provides details on how the entrepreneurial organization plans to pursue it”

24
Q

Stages of entrepreneurial process - Development & Validation

A
  • Commercial: Determine if there is potential market and early adopters
  • Human: Create team
  • Technical: Minimum viable product (MVP) and product/market fit
  • Financial: Pre seed and seed capital
25
Q

BUSINESS MODEL VALIDATION

A

A Validated Business Model includes information based on Facts and not based in Hypotheses

26
Q

Stages of entrepreneurial process - Growth & Return

A
  • Commercial: Generation of demand
  • Human: Design and formalize an organization, planning and human resources
  • Technical: Improvements for minimum viable product (MVP). Define activities, budget and objectived
  • Financial: Finance rounds, early stage and later stage
27
Q

Business model validation

A
  • The conventional approach to management does not work for startups due to high uncertainty
  • Entrepreneuring is about testing and learning faster than competitors more than coming up with a brilliant idea
28
Q

The Lean startup methodology is based in two ideas:

A

✔️ VALIDATED learning: “I don’t have to believe in my assumptions, but instead on what the market wants”
✔️ ITERATIVE process for product launches in order to obtain the maximum amount of information, at the shortest period of time with the least amount of resources

Iteration Cycle: Build/Measure/Learn
Repeat this process until your customer sends you a clear signal that your product fits a market need

29
Q

GEM Monitor

A 
Provides a comprehensive set of indicators on entrepreneurship in 43 economies located in four regions:
• East and South Asia
• Europe and North America
• Latin America and the Caribbean
• Middle East and Africa

Start-up companies (6 decks)

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