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W212-Entrepreneurship > Mid-Term > Flashcards

Mid-Term Flashcards

(52 cards)

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1
Q

What is the definition of Entrepreneurship

A

Dynamic process of:
Vision
Change
Creation

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2
Q

Small Business owners:

A

Manage their businesses by expecting STABLE
Sales
Profits
Growth

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3
Q

Entrepreneurs focus their efforts on…

A

Profitability
Innovation
Sustainable GROWTH

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4
Q

Three types of Approaches to Entrepreneurship

A

Multidimensional
Integrative
Entrepreneurial Assessment

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5
Q

Integrative approach is built around…

A

The concepts of INPUTS and outcomes from the entrepreneurial process
Identifies 5 key elements

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6
Q

Entrepreneurial Assessment Approach

A

Stresses decisions

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7
Q

Multidimensional Approach

A

Environment+Organization+ changes over time

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8
Q

Common Characteristics of Entrepreneurs

A

Commitment, determination and perseverance
Persistent Problem Solving
Drive to achieve

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9
Q

What are two primary school’s of thought on entrepreneurship? Give two examples of each

A

Macro: Environmental and displacement
Micro: Entrepreneurship trait and venture opportunity

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10
Q

Creating something new

A

Entails new products, markets or methods of delivery

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11
Q

The dark side of entrepreneurship: What are we risking?

A

Career
Financial
Psychic
Family

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12
Q

Causes of Entrepreneurial Stress

A

People Problems
Loneliness
Immersion in Business
Need to achieve

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13
Q

The entrepreneurial Ego- Too much of a good thing?

A

Self-Destructive Characteritics
Entrepreneurial Motivation:
New Venture creation and sustain

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14
Q

Why is Corporate Entrepreneurship needed?

A

Rapid Growth/ Sophistication of competitors
Exodus of best and brightest people
Distrust of traditional corporate management

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15
Q

How to develop managers for corporate entrepreneurship? (Corporate Entrepreneurship Training Program)

A 
The entrepreneurial experience
Innovative Thinking
Idea Acceleration Process
Barriers and Facilitators to Innovative Thinking
Sustaining Breakthrough Teams
The Breakthrough Plan
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16
Q

Conceptualizing corporate entrepreneurship strategy

A 
Clearly articulating the vision
Encouraging Innovation
Preparing for failure
Developing individual managers
Developing venture teams
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17
Q

Nature of Corporate Entrepreneurship

A

Corporate Venturing

Strategic Entrepreneurship

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18
Q

Corporate Venturing

A

Homegrown Innovation
Joint Venture
Investment/Acquisition

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19
Q

Strategic Entrepreneurship

A

Reason
Function
Mechanics

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20
Q

Key Factors for an organizations rediness

A 
Management support
Autonomy
Rewards
Time Availability
Internal Organizational boundaries
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21
Q

What are three types of Corporate Entrepreneurship?

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A

Internal corporate venturing
Cooperative corporate Venturing
External corporate venturing

22
Q

Social Entrepreneurship

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A

A new form of entrepreneurship with the purpose of social problem solving

23
Q

Challenges of social entrepreneurship

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A 
New methods to manage waste
Accountability issues
Cost of "green"
Goals profitable?
Involvement of other players
24
Q

Triple Bottom Line

Study These Flashcards
A 
Three P's:
People
Profit
Planet
Aims to measure financial, social and environmental performance
25
_________ _________ is central to entrepreneurship and involves:
Opportunity identification Creative pursuit of Ideas Innovation Process
26
The first step for any entrepreneur is the identification of a
Good idea
27
Good Ideas Involve
Creative thinking combined with systematic analysis Addressing a specific need Turning problems into opportunities
28
Endogenous View
Prior experience | Prior Education
29
Exogenous View
``` Trends Unexpected Occurances Incongruities (FedEx) Process Needs (Address pain) Perceptual Change (Atkins) Knowledge-based concepts ```
30
Casual problem solving
Disciplined, methodological approach | Refine current practices
31
Effectual problem Solving
Approaches tasks from unusual angles | Focus on ends
32
The specific function of entrepreneurship
Innovation
33
Process by which entrepreneurs convert opportunities into marketable ideas
Innovation
34
3 Novelty's of:
Product (Iphone) Method (Napster) Market (Wii)
35
4 types of Innovation
Invention: Totally New Extension: Builds on old idea Duplication: Replication Synthesis: Combine existing factors
36
3 Pathways to entrepreneurship
New Ventures Acquiring an established Venture Franching
37
Advantages of Acquiring an ongoing venture
Less fear about Successful future operation Reduced time and effort Purchasing at a Good price
38
Threats of Selected Venture
Business Environment Profit, Sales and operating ratios Assets of the Venture
39
Franchising
Any arrangement owner of trademark, trade name or copyright has licensed others to use it in selling goods or services
40
Franchisor Provides
``` Company name Symbols, logos, designs Sale of merchandise Financial Assistance Continuing aid and guidance ```
41
Name 3 advantages and 3 disadvantages of Franchising
Advantage- Brand-name appeal, proven track record, financial assistance Disadvantage- Franchise fees, Franchisor control, unfulfilled promises
42
Patents provide owner with
Exclusive rights to hold, transfer and license
43
Design Patents last for ______ years. All other patents last for_______.
14 | 20
44
Patents are not
Simply ideas
45
Trademarks are a
Distinctive name, mark, symbol or motto identified with a company
46
Trademarks Duration? May renew every how many years?
10 years | 10 years
47
Debt financing
Securing financing of a new venture that involves a payback of the funds plus a fee
48
Equity Financing
Involves the sale of some of the ownership interest in the venture in return for an unsecured investment in the firm
49
Sole proprietorship Advantages and Disadvantages
Pros: Ease of Formation, Control, From from corporate business taxes Cons: Unlimited liability, less available captial
50
Partnerships advantages and disadvantages
Pros: Ease of formation, Relative freedom from governmental control Cons: Unlimited liability of at least one parter, bound by the acts of just one partner
51
Corporations Advantages and Disadvantages
Pros: Limited liability, Unlimited life Cons: Regulation, double taxation
52
LLC offers
The limited liability of a corporation but the tax advantages of a partnership

W212-Entrepreneurship (2 decks)

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