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Entrepreneurship > Wissen > Flashcards

Wissen Flashcards

1
Q

What is the Definition of Entrepreneurship?

A

Activity involving the discovery, evaluation, and exploitation of opportunities to create something new by mobilizing resources

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2
Q

Joseph Schumpeter on creative destruction

A

This process of creative destruction is a fundamental trait of capitalism

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3
Q

Why do people become entrepreneurs?

A
  • Become rich
  • Make a living (South America most answered)
  • Make a difference
  • Because of Family

additional: pandemic did boost entrepreneurial activity

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4
Q

The personality of an entrepreneur. Describe 4 points

A
  • Dispositions to (re)act in a certain way across various situations
  • High degree of stability over time
  • Influenced (genetics, environment)
  • Broad personality factors
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5
Q

What Personality Factors does an Entrepreneur have?

A
  • Temperament
  • Motives
  • Attitude
  • Believes
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6
Q

What is meant by Introversion? Whats the counterpart?

A
  • reserved
  • quite
  • task oriented

Extraversion as counterpart

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7
Q

What is meant by Extraversion? Whats the counterpart?

A
  • outgoing
  • energetic
  • loud

Introversion as counterpart

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8
Q

What is meant by Neuroticism? Whats the counterpart?

A
  • Lack of self confidence

Emotional stability as counterpart

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9
Q

What is meant by Emotional Stability? Whats the counterpart?

A
  • Even-tempered

Neuroticism as counterpart

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10
Q

What is meant by Antagonism? Whats the counterpart?

A
  • self-centered
  • skeptical

Agreeableness as counterpart

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11
Q

What is meant by Agreeableness? Whats the counterpart?

A
  • friendly

Antagonism as counterpart

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12
Q

What is meant by Undirectedness? Whats the counterpart?

A
  • Disorganized

Conscientiousness as counterpart

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13
Q

What is meant by Conscientiousness? Whats the counterpart?

A
  • Organized

Undirectedness as counterpart

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14
Q

What is meant by Closedness? Whats the counterpart?

A
  • Conventional

Openness to experience as counterpart

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15
Q

What is meant by Openness to experience? Whats the counterpart?

A
  • Artistic

Clousedness as counterpart

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16
Q

What Motives exist in Terms of Entrepreneurial Personality?

A
  • Need 4 Achievement

- Need 4 Autonomy

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17
Q

What is meant by Need 4 Autonomy?

A

Preference making decisions independently, own goals, avoidance of restrictions

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18
Q

What is meant by Need 4 Achievement?

A

Preference for high standards, desire for success, engagement in task-oriented behavioir

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19
Q

What is meant by Risk taking propensity?

A

It is the willingness to pursue decisions or course of action involving some risk to achieve high rewards

There is no deterministic relationship on success and entrepreneurial career

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20
Q

What does Affect trigger?

A

Affect -> Effects on basic cognitive processes -> Potential effects on key aspects of the entire process

e.g. opportunity recognition

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21
Q

How does Affect shape entrepreneurial cognition through?

A

Through

  • Information processing
  • Memory
  • Coping w/ stress
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22
Q

What is meant by Information processing? Topic Affection

A

Positive affects triggers global perception and leads to heuristic and less carefull information processing

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23
Q

What is meant by Memory?

A

Mood is a file for information storage (mood congruent memory)

Recall is facilitated if mood is similar to encoding (mood-dependent retrieval)

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24
Q

What is meant by Coping w/ stress?

A
  • Positive affect:
    + health benefits
    + immune system boost
    + bigger supporter network
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25
Q

What is meant by passion?

A

Enduring and intensive positive affect experienced while engaging in entrepreneurial activities

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26
Q

What is a Business opportunity?

A

B. O. is anchored in a product or service, which creates or adds value for its buyer or end user

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27
Q

What forces apply on Business opportunities?

A
  • Knowledge
  • Creativity
  • Network

Changes in Environment

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28
Q

Name and describe 2 3D-Printing opportunities

A

Therics:

  • Pill manufactur
  • more efficient

2 Crop:

  • Machine for architectual and industry prototypes
  • Rapid
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29
Q

What is meant by Knowledge & Opportunity Identification in context with experience?

A

Prior experience determines the discovery of a particular opportunity

different experience = different opportunity
no experience = no opportunity

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30
Q

Which led to your Idea? Who said “yes”?

A
  • Friends and family 46%
  • potential customers 30%
  • supplier/distributors 12%
  • investors/lenders 8%
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31
Q

What increases the Odds of success? Name the factor

A

(4) parents in business -> 1.4
(3) encouragement by friends -> 1.9
(2) friends in business -> 2.0
(1) Member of a business network -> 4.4

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32
Q

What can you say about Knowledge and Creativity? How do they correlate?

A

Knowledge can be restricting in developing opportunities. Creativity is needed to overcome restrictions

33
Q

What is meant by Creativity?

A

The generation of ideas, insights, or problems solution that are both novel and potentialy usefull

34
Q

What three creativity methods exist?

A
  1. Conceptual Combination
  2. Analogical Reasoning
  3. Checklist Method
35
Q

What is meant by Conceptual Combination?

A

Might be generated by mentally combining different, previously unrelated concepts.

e.g. affordable luxury

36
Q

What is meant by analogical reasoning?

A

Getting the inspiration from nature

37
Q

What is meant by Checklist Method?

A

Working through various points

38
Q

How do opportunities emerge?

A

From a complex pattern of changing conditions. Changes IN PEST conditions. They come into existence at a given point in time cuz of a juxtaposition or confluence of conditions which did not exist perviously but is now present

39
Q

Source of Opportunites, what to consider?

A
  • Be aware and learn of PEST Changes
  • Anticipate what consequences these changes will have
  • Think of potential business opportunites
40
Q

What is the business concept of beworm?

A

Selling know-how: Licensing Consulting Research

  • > Segment 1: Polymer producer
  • > Segment 2: Waste Management
41
Q

Key Learnings from Guest Lecture Beworm?

A
  1. Follow your own path
  2. Keep biting
  3. Have fun
42
Q

What can you say about Ideas and Opportunities

A

Ideas are essential but not sufficient for opportunities to emerge

Need to consider commercial viability, potential market demand profitability, competition and sustainability

43
Q

Process of Ideas into Opportunities?

A

BI => Development Activities => BO

44
Q

Whats meant by Risk and Uncertainty?

A

Risk: the probability of an outcome is possible to calculate or is knowable

Uncertainty: The Probability is not possible to determine or is unknowable

45
Q

How does the opportunity development process look like?

A
  • Continiuous process stoping and developming
  • Feedback
  • Refine,elaborate,change
  • Different insights shape the raw idea into a valid opportunity
  • Dont be afraid to change the idea

Gradual reduction of uncertainty surrounding the business idea

46
Q

How does opportunity planning look like?

A
  1. Goal Setting: SMART
  2. Proactive action planning: Goals -> Subgoals
  3. Outcome of business planning
  4. Process of business planning
47
Q

What kind of intensions exist?

A
  1. Goal Intention: “I need to achieve x”

2. Implementation intention: “Whenever Situation Y arises, i will do Z”

48
Q

Decisions and entrepreneurs ?

A

Entrepreneurs are effectual decision-makers.

The expert entrepreneurs think in terms of control, not in terms of uncertainty

49
Q

Principle 1: Start w/means

A

Causation: Start w/ desired outcome. Focus on means to generate the outcome
Effectuation: Start w/ resource. Selects among possible outcomes

50
Q

Principle 2: Affordable Loss

A

Causation: Calculate upside potential and pursue the (risk adjusted) best opportunity
Effectuation: Calculate downside potential and risk no more than you can afford to lose.

51
Q

Principle 3: Form Partnerships

A

C: Setup transaction relationships w/ customers and suppliers
E: Build your future together w/ customers, suppliers and even competitors

52
Q

Principle 4: Leverage surprise

A

C: Avoid surprises
E: Surprises and even failures can represent new opportunities

53
Q

Unique Ideas:

What stories do these guys have?

  • Steve Jobs
  • Ben and Jerrys
  • Wolfe Bumble
A
  • Caligraphy Course
  • Jerry has no taste sense => Junks in ice cream
  • Bumble: Hate Speech on twitter
54
Q

Failure into opportunity, what examples do you know?

A
  • Viagra
  • Slack
  • Post It
  • Instagram
55
Q

Effectuation in action! How do new market’s,firms or products arise?

A
  1. Means: Who am i, what can i do
  2. Goals: What can i do?
  3. Interact: With other people…. ow really
  4. Stakeholder commitments: New Means and New Goals
    +. Change in Environment
    => New Firms, Products or Markets
56
Q

Effectuation in action. What could go wrong?

A

No Commitment on Interaction => Dead End; Opportunity on hold
Changes in Environment => Constraints

57
Q

Resource Acquisition in entrepreneurial context:

A

The acquisition and creative use of resources is crucial for entrepreneurs

58
Q

Business Model Canvas, what does in Contain?

A
  1. Key activities
  2. Value propostions
  3. Customer relationships
  4. key partners
  5. cost structure
  6. customer segments
  7. key ressources
  8. distribution channels
  9. revenue stream
59
Q

Barneys Key assumption

A
  • Resource heterogenity: different firms process bundles of different resources
  • Resource immobility: Some resources are inelastic in supply and costly to copy
60
Q

Barney: Resources are the basic building blocks to a firm’s functioning and performance. What does he mean?

A
  • They’re inputs into the production process
  • They can be combined in different ways
  • A bundle of resources provides a firm its capacaity to achieve superior performance
61
Q

Barneys resource-based view as process:

A

Is the resource valuable?

  • NO: Competitive disadvantage
  • > YES: Is the resource RARE?
  • NO: Competitive parity
  • -> YES: Is the resource IMPERFECTLY INIMITABLE?
  • NO: Temporary competitive advantage
  • –> YES: Is the corp well ORGANIZED?
  • NO: Unused competitive advantage
  • —> YES: SUSTAINABLE COMPETITIVE ADVANTAGE
62
Q

How can entrepreneurial manager obtain a resource bundle providing a sustained corp advantage?

A 
Managers own unique exp and knowledge
AND
Input provided by new stakeholders
=
Valuable, rare, inimitable and organized resources
63
Q

What does the entrepreneurial Manager must do:

A
  • Influence
  • Motivate
  • Convince
  • Inspire

… the business stakeholder

64
Q

How to be an Entrepreneurial Manger? What does he have to do

A
  • Communicate a strong Vision
  • Ideal and unique image of future
  • Positive, general and emotionally laden related to strong values
  • Projected mental image of products, services and organization a leaders aspires to
65
Q

What is persuation?

A
  • Form of social influence
  • Process: Guiding people toward the adoption of an idea, etc.
  • Via Social influence tactics and psychology, communication style
66
Q

Preparing the Discussion, what to do?

A
  1. Define Goal
  2. BATNA Identification
  3. Compare Goal and BATNA
67
Q

During the Discussion, what to do?

A
  • Achieve a compromise
  • Bargaining tactics
  • Central and peripheral uses to persuade
  • Asking questions to guide the discussion
68
Q

The other party’s position. What questions arise?

A
  1. What to achieve?
  2. What concerns?
  3. What is others BATNA?
69
Q

Wtf is BATNA?

A

Best Alternative to a negotiated Outcome

70
Q

Two routes of persuasion

A

Other party hast

LOW: peripheral route of persuasion
HIGH: central route of persuasion

71
Q

Name and explain two Bargaining tactics:

A

Reciprocity: “Kinda repay”

  • Door in face: Extreme Request and follow it up w/ a more reasonable one
  • That not all folks: Increasing the offer or reducing the costs

Commitment and consistency: “Pressure to behave”

  • Foot in the door: Escalating pattern of request
  • Low-Balling: Inducements that are withdraw after a commitment is made
72
Q

Key Learning on Negotiations

A

Never destroy your business relationship by being to manipulative

73
Q

What is Sustainable Development?

A

Meets the needs of the present wo/ compromising the ability of future generations to meet their own needs

74
Q

What does need to be sustained?

A

Nature
Life support
Community

75
Q

What does need to be developed?

A

People
Economy
Society

76
Q

What is Sustainable entrepreneurship?

A

preservation of nature, life support and community in the pursuit of opportunites to bring existence future products and services for profit, where profit is broadly constructed to include gains to people, the eco, and society

77
Q

How does the Sustainable BMW look like?

A

Added Strategy Layer with Values and Mission, Targeted impact and beneficiary needs

Added Performance with financial costs, environmental costs, social costs, cost/benefit balance, revenue streams, enivornmental benefits and social benefits

78
Q

What Growth strategies do you know? Explain on example HEAD.

A

Head: High quality skii manufacturer

  • Penetration strat: Rise in marketing budget => Customers should upgrade to new stuff
  • Market dev strat: Selling in EU/New Zealand/Argentina
  • Product dev start: dev and set new products (hats, gloves)
  • Diversification starts:
    + Backward Int: Design and manufacture of equipment used to make skies
    + Forward Int: Control of a chain of retail ski shops
    + Horizontal: Ownership of mountains
79
Q

Name a social sustainable entrepreneurship:

A

Enactus

Entrepreneurship (2 decks)

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