Intro To Entrepreneurship And Innovation Flashcards
(23 cards)
What should an entrepreneur monitor for ideas?
Emerging trends: in technology, needs, etc
“Skate to where the puck is going to be.”
Define Entrepreneurship
Undertaking the creation of an enterprise or business that has a chance of profit or success.
- “Technology Ventures” By Dorf & Byers
Creativity is…
“The generation of ideas that result in the improved efficiency or effectiveness of a system
Two aspects of creativity
Process (Designed to attain a solution)
People (resources to assess the solution)
Creative Process (4 phases)
- Background or knowledge accumulation
- Incubation process
- Idea experience
- Evaluation and implementation
Types of Entrepreneurs
Lifestyle vs Fast Growth (Single Restaurateur vs Online Food Retailer)
Local Goal vs Global Goal (One homeless shelter vs Global Education program to reduce homelessness)
Low tech vs High tech (chocolate shop vs chocolate fountain manufacturer)
Serial vs. Multiple (start-ups in series, or in parallel)
- Startup, inherit, purchase
- Franchisees?
Recognizing Relationships
Creativity tool: look for different or unorthodox relationships among the elements and people around you
Using a functional perspective
Creativity tool: view things and people in terms of how they can satisfy his or her needs and help complete a project
Innovation is..
Change that creates a new dimension of performance (Peter Drucker)
The successful exploitation of new ideas (Dept of Trade and Industry, UK
“Commercialized ideas” - Course definition
Creativity process (CDIA)
“C”onnection of disparate ideas
“D”iscovery of opportunities and possible solutions
“I”nvention as the application of discovery
“A”pplication in the feasible adoption of solutions
Characteristics of a Creative Climate or Culture (8 items)
- enjoyment in experimenting with new ideas
- trustful management that doesn’t over-control
- considerable communication with outsiders
- open channels of communication
- willingness to accept change
- little fear of negative consequence for making a mistake
- selection and promotion of employees based on merit
- sufficient financial, managerial, human and time resources for accomplishing goals
Types of innovation
Business model innovation Marketing innovation Organizational innovation Process innovation Product innovation Service innovation Supply chain innovation
Business model innovation? Example?
Business model innovation changes the way business is done in terms of capturing value
Eg. Dell’s build-to-order personal computers
Marketing innovation? Example?
Development of new marketing methods with improvement in product design, packaging, product promotion or pricing.
Eg. Nike’s Air Jordan
Organizational innovation? Example?
Creation or alteration of business structures, practices, and models, possibly including process, marketing and business model innovation
Eg. Avon- housewives sell products
Process innovation? Example?
Implementation of a new or significantly improved production or delivery method
Eg. Netflix mail-order movies
Product innovation?
Introduction of a new good or service that is new or substantially improved. May include improvements in functional characteristics, technical abilities, ease of use, or other dimensions
Eg. Apple iTunes
Service innovation? Example?
Similar to product innovation except that the innovation is around services eg. Zipcar car rental
Supply chain innovation? Example?
Occurs in the sourcing of input products from suppliers and the delivery of output products to customers
Eg. Alibaba web-based supplier directory
Strategic Decision Process
- Recognize a problem situation
- Generate Alternatives
- Evaluate the various alternatives
- Select the alternative that best satisfies our evaluation criteria
How to strategic decisions of entrepreneurs differ from company managers? (4 points)
- Operate with more limited information (Tip: ask people who already do what you want to do but somewhere else)
- Must be action-oriented and decisive
- Must be more accepting of risk
- Could involve major consequences
Four characteristics of strategic decisions (CURC)
Complexity: facts, variables, contingencies relevant for the decision at hand
Uncertainty: all possible outcomes are not known and are difficult to forecast
Rationality: a specific goal is intended by making a decision
Control: intentional and deliberate actions are made by decision-makers
The Opportunity Analysis Canvas? Three categories?
A tool that can be used to evaluate a potential entrepreneurial opportunity and generate robust ideas.
- Thinking Entrepreneurially
- Entrepreneurial Mindset
- Entrepreneurial Motivation
- Entrepreneurial Behaviours - Seeing Entrepreneurially
- Microeconomic changes
- Industry conditions
- Industry Status
- Competition - Acting Entrepreneurially
- Value Curve
- Opportunity Identification
