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Prelims > Chapter 3- Nursing Entrep > Flashcards

Chapter 3- Nursing Entrep Flashcards

1
Q

Since idea generation and screening are relatively less costly stages in the new product development process (in terms of investment in funds, time, personnel, and escalation of commitment), it makes sense to manage the process in the most efficient and effective manner for the organization

A

Linda Rochford

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2
Q

The most serious mistakes are not being made as a result of wrong answers. The truly dangerous thing is asking the wrong question.

A

Peter Drucker

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3
Q

I have no data yet. It is a capital mistake to theorize before one has data. Insensibly one begins to twist facts to suit theories, instead of theories to suit facts.

A

Arthur Conan Doyle

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4
Q

___ has existed as long as individuals
have specialized in the production of a good or service to exchange with other individuals for products, they needed but did not produce themselves.

A

Entrepreneurship

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5
Q

According to Dana, Etemad, and Wright
(2008) - Types of Economies

A
  • Bazaar
  • Frim
  • New Ecomonies
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6
Q
  • It is a social, cultural and economic system in which the physical clustering of vendors facilitates the consumer’s comparative information search, by eliminating displacement time.
  • It is strongly affected by relationships and networks
  • Consumers are not treated equally.
  • Products and services are personalized
A

Bazaar- Type Economy

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7
Q
  • It is an economic institution in which location is a competitive advantage
  • Business takes place primarily within a set of
    impersonally defined institutions
  • The flow of commerce is a function of strategy based on optimization models
  • The purpose of transactions is to maximize wealth efficiently, and the means to this is rational and unbiased decision-making that treats buyers as equals
A

Firm- Type Economy

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8
Q

The price paid and the level of service provided is established by the seller. Products and services are standardized

A

Competitive pricing

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9
Q

Firms engage in transactions while attempting to maximize profits through

A

rational decision-making

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10
Q
  • is a cultural and economic system in which the virtual clustering of vendors facilitates the
    consumer’s comparative information search, by eliminating displacement time
  • The flow of commerce is strongly affected by
    relationships and networks; relationships and
    preferential treatment are integral to business
  • Consumers are not treated equally
  • Different people pay unlike prices
  • The price paid and the level of service provided is a function of status and relationships
  • Products and services are customized
A

New Eonomy

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11
Q

involves individuals and businesses seeking new ways to share underutilized resources and develop new business models that focus on selling the use of something rather than selling the item itself

A

Sharing Economy- Collaborative Consumption

The new trend

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12
Q

“Instead of buying and owning products, consumers are increasingly interested in leasing and sharing them. Companies can benefit from the trend toward ‘collaborative consumption’ through creative new approaches to defining and distributing their
offerings”

A

(Matzler, Veider, & Kathan, 2015)

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13
Q

Examples of Sharing Economy

A
  • Uber
  • Airbnb
  • Grab and Foodpanda
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14
Q
  • Skilled Nursing Facilities
  • Medical equipment rentals
  • Elderly shared ride
  • Residential Care Facilitie
A

Sharing Economy in Healthcare Setting

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15
Q
  1. Sell the use of a product rather than ownership of it.
  2. Opportunity to resell products they purchased
  3. By exploiting unused resources and capacities
  4. By providing repair and maintenance services
  5. By using collaborative consumption to target new customers
  6. By developing new business models enabled by collaborative consumption
A

Six ways that companies could benefit by engaging in
the sharing economy:

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16
Q

It is an effective process in evaluating
entrepreneurial opportunities. It involves assessing the various venture ideas being considered by applying different levels and types of analyses

A

Idea Screening

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17
Q

should be high-level, designed to assist in making key decisions (i.e. determining if there is a viable market opportunity for the
venture)

A

initial scan

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18
Q

should be continuously conducted to support each part of the business plan (i.e. operations, marketing, finance)

A

secondary scan

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19
Q

Levels of Analyses

A
  1. Societal
  2. Industry
  3. Market
  4. Firm
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20
Q

PESTEL model stands for

A
  • Political factors
  • Economic factors
  • Social factors
  • Technological factors
  • Environmental factors
  • Legal factors
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21
Q
  • Political Stability
  • Corruption
  • Foreign Trade Policy
  • Funding Grants
    (government policy, political decisions, etc. and likely changes)
A

Political factors

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22
Q
  • Economic Growth
  • Interest Rates
  • Inflation
  • Disposable Income of Consumers
  • Labour Costs
    (interest rates, inflation, exchange, taxes, etc. and likely changes)
A

Economic factors

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23
Q
  • Population Growth
  • Age
  • Distribution
  • Cultural Barriers
  • Consumer Views
  • Workforce Trends
    (population characteristics, changes in demand, etc. and likely changes)
A

Social factors

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24
Q
  • Emerging Technologies
  • Maturing Technologies
  • Copyright and Patents
  • Production and Distribution
  • Research and Investment
    (new processes, products, etc. and likely changes)
A

Technological factors

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25
Q
  • Climate
  • Environmental Policies
  • Availability of Inputs
  • Corporate Social Responsibility
    (climate, weather, etc. and likely changes)
A

Environmental factors

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26
Q
  • Regulation
  • Employment Laws
  • Consumer Protection Laws
  • Tax Policies
  • Anti-trust Laws
    (labour, laws, etc. and likely changes)
A

Legal factors

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27
Q

an appropriate tool to analyze the industry by considering competitive rivalry between firms in the indusry; threat of new entrants to the industry; threat of substitiutes, supplier power; and buyer power

A

Porter’s Five Forces model

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28
Q

an appropriate tool to analyze the proposed position within the industry. Answer questions like: How attractive is the market? What is the current size of the market? What size it will become? What is its expected growth rate? At what stage of the development cycle is the market? What level of profits can be expected in this market? What proportion of the market can we capture, and at what cost?

A

a market profile analysis

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29
Q

an appropriate tool to develop strategies to leverage strenghts overcome/minimize weaknesses take advantage of oppportunities; overcome/minimize threats
* financial projections and analysis
* founder fit analysis
* care competency analysis
* advice from trusted advisors

A

SWOT Analysis / TOWS Matrix / VRIO Framework

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30
Q

it is important to understand each
of the political, economic, social, technological,
environmental, and legal (PESTEL) factors—and, more specifically, the trends affecting those factors—that will have an impact on a venture based on a particular idea

A

Societal Level

31
Q

Apply Porter’s (1985) Five Forces Model, or a
similar tool designed to assess industry-level
factors. This analysis will focus more specifically on the sector of the economy in which you intend to operate

A

Industry Level

32
Q

Porter’s 5 Forces

A
  1. Threat of New Entrants
  2. Competitive Rivalry
  3. Supplier Power
  4. Threat of Substitution
  5. Buyer Power
33
Q
  • Buyer’s switching cost is low
  • Not much experience needed
  • Low entry barriers
  • Low R&D expense
  • Low customer loyalty for non-established brands, making it easy for buyer to switch to alternatives
  • Increased bargaining power of suppliers
A

Threat of New Entrants

34
Q
  • High competition 5% of market players own 83% of market share
  • High competition between online and offline
    companies
  • Large advertising expense
  • High customer loyalty to established brands
  • Most competitors have a strong finance support
  • Some competitors have government background
A

Competitive Rivalry

35
Q
  • The whole industry relies on one to two supplier
  • There is low competition among suppliers
A

Supplier Power

36
Q

There are multiple substitute services in the
market and some of them are relatively cheaper

A

Threat of Substitution

37
Q
  • Buyers are sensitive to price change
  • Buyers are not willing to spend much
  • Buyers can compare different alternatives easily with information on the internet
A

Buyer Power

38
Q

use a tool to generate information about the part of the industry in which your business will compete. This tool might be in the form of a set of questions designed to uncover information that you need to know to help develop plans to improve the success of your proposed venture

A

Market Level

39
Q

Most common tools used:

A
  • Key Success Factors (KSF)
  • Marketing Mix (5Ps)
  • Market Segmentation
40
Q
  • business strategies that are critical to a
    successful relationship with your customer
  • are decided by the needs and preferences of your market and customers, not by your business. Discovering your key success
    factors requires researching your customers to understand who they are, what they want from your company, and what prompts them to make a purchase
A

Key Success Factors

41
Q

___ are key marketing elements used to position a
business strategically. It is also known as ___ ,are variables
that managers and owners control to satisfy
customers in their target market, add value to their
business, and help differentiate their business
from competitors.

A

5P’s, marketing mix

42
Q

Service provided is assistance for job seekers to get hired. Provide training, assistance in job searches and finding companies that would hire the client. Workshops and partnered company events.

A

Products

43
Q

Website, Instagram, Facebook, flyers around
community and with partnered companies. Direct marketing, public relations, and word-of-mouth.

A

Promotion

44
Q

Free to those that fit into certain criteria for funding

A

Price

45
Q

Job centers in Pomona, West Covina, Hollywood, North Orange Country, and Boyle Heights. Social media marketing

A

Place

46
Q

In house marketing team. Outside company
contracted to create flyers and run website.
Employees in partner agencies.

A

People

47
Q

is the process of dividing a target market into smaller, more defined categories. It segments customers and audiences into groups that share similar characteristics such as demographics, interests, needs, or location.

A

Market Segmentation

48
Q
  • Age
  • Gender
  • Income
  • Location
  • Family Situation
  • Annual Income
  • Education
  • Ethnicity
A

Demographic

49
Q
  • Personality traits
  • Values
  • Attitudes
  • Interests
  • Lifestyles
  • Psychological influences
  • Subconscious and conscious beliefs
  • Motivations
  • Priorities
A

Psychographic

50
Q
  • Purchasing habits
  • Spending habits
  • User status
  • Brand interactions
A

Behavioral

51
Q
  • ZIP code
  • City
  • Country
  • Radius around a certain location
  • Climate
  • Urban or rural
A

Geographic

52
Q

both the internal organizational trends and the external market profile trends should
both be analyzed. There are several tools for
conducting an internal organizational analysis, and normally you should normally apply several of them

A

Firm Level

53
Q

Firm Level: most common tools used:

A
  • SWOT Analysis
  • TOWS Matrix
  • VRIO
  • Financial Analysis
54
Q

Characteristics of a business which give it advantages over its competitors

A

Strength

55
Q

Characteristics of a business which make it
disadvantageous relative to competitors

A

Weakness

56
Q

Elements in a company’s external environment that allow it to formulate and
implement strategies to increase profitability

A

Opportunities

57
Q

Elements in the external environment that could endanger the integrity and profitability of the business

A

Threats

58
Q

Leverage strengths to maximize opportunities
= Attacking strategy

TOWS Matrix

A

SO strategies

59
Q

Counter weaknesses through exploiting
opportunities = Build strengths for
attacking strategy

A

WO strategies

59
Q

Leverage strengths to
minimize threats
= Defensive strategy

A

ST strategies

60
Q

Counter weaknesses
and threats
=Build strengths for
defensive strategy

A

WT strategies

61
Q

Helps assess a firm’s capacity, determine what
competencies a venture should have, and determine whether competences are valuable, rare, inimitable, and exploitable

A

VRIO Framework

62
Q

Is a particular resource (financial, physical, technological, organizational, human, reputational, innovative) valuable to a firm because it helps it take advantage of opportunities or eliminate threats?

A

Value

63
Q

Is a particular resource rare in that it is
controlled by or available to relatively
few others?

A

Rarity

64
Q

Is a particular resource difficult to imitate
so that those who have it can retain cost advantages over those who might try to obtain or duplicate it?

A

Imitability

65
Q

Are the resources available to a firm
useful to it because it is organized and
ready to exploit them?

A

Organization

66
Q

an important consideration for entrepreneurs screening venture opportunities. While there are plenty of examples of entrepreneurs
successfully starting all types of businesses,
“technical capability can be an important if not allimportant factor in pursuing ventures success”

(Vesper, 1996, p. 149)

A

Founder Fit

67
Q

A common and useful way to help screen venture options is to seek input from experts, peers, mentors, business associates, and perhaps other stakeholders like potential customers and direct family members

A

Founder Fit

68
Q

Any business requires to obtain ___ and ___ before it can be completely operational.

Where to Register Business Structures in the Philippines

A

all the necessary
licenses and certificate of registration

69
Q

the simplest form of business entity where one person is responsible for all the company’s profits and debts. The business should apply for a business name and get registered with the DTI (Department of Trade and Industry).

A

Sole/Single Proprietorship

70
Q

entity is owned by two or more individuals; two or more persons bind themselves to contribute money or industry to a common fund, with the intention of dividing the profit among themselves. The business should obtain a Certificate of Registration with SEC
(Securities and Exchange Commission).

A

Partnership

71
Q

an entity that is separate from its owners (legally); it has its identifiable legal rights, independent of its owners, hence it can sue, be sued, own and sell property and sell the rights of ownership in the form of stocks. The business should obtain a Certificate of Registration with SEC (Securities and
Exchange Commission).

A

Corporation

72
Q

eligible for government grants to help them get started; can leverage their business size, thus obtaining discounts on products and services for their members. The business must register with the CDA (Cooperative Development Authority). In adopting a nursing entrepreneurship group, nurses should register their business enterprise with CDA

A

Cooperatives

Prelims (7 decks)

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