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Entrpuenership > Test 1 > Flashcards

Test 1 Flashcards

(72 cards)

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1
Q

Entrepreneurship

A

Art or science of creating new business ventures, products, or risk process and assuming the risk and rewards there of

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2
Q

Small business

A

Make up 99% of businesses in USA

Employ 50% of nations private sector most are services

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3
Q

Ages 20-34

A

Low business experience

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4
Q

Ages 35-44

A

More entrepreneurs, more focused/ experienced

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5
Q

Ages 45-54

A

Learning to grow and harvest

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6
Q

Ages 55-64

A

Less drive and energy tend to reinvest there money

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7
Q

Sources of stress

A 
Loosing business
Repaying debts 
Loosing clients 
Health 
Being on call
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8
Q

Characteristics of an entrepreneur

A 
Risk taking 
Need for achievement
Self-confident 
Internal locus of control 
Tolerance of ambiguity
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9
Q

What makes an entrepreneur

A

Parents that are 70% with degree in English, psychology, education, sociology

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10
Q

Men v women

A

Men: independent, money, toys
Women: job satisfaction, opportunity, money

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11
Q

Home based entrepreneur

A

Earn and support family while controlling time

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12
Q

Cyber entrepreneur

A

No brick and mortar no ownership of infrastructures (truck/warehouse)

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13
Q

Serial entrepreneur

A

Brick and mortar
High PLOC
Long run to harvest

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14
Q

PLOC

A

Planning
Leading
Organizing
Controlling

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15
Q

Family businesses

A

1/3 of the S&P ownership control (15%+) by two or more members of family or partnership of family

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16
Q

Motivation

A

Inner desire to satisfy an unsatisfied need

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17
Q

Motivation process

A

People go from need to desire to behavior to outcome to satisfaction or not

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18
Q

Maslow hierarchy of needs

A

constantly changing needs to determine motivation

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19
Q

10 deadly mistakes

A 
Management 
Lack of experience 
Poor financial control 
Weak marketing 
No strategic plan 
Uncontrollable growth 
Poor location 
Improper inventory control 
Incorrect pricing 
Failure to transition to general manager
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20
Q

Transformational leadership

A 
Ability to organize by 
Knowing the need for change 
Know when we need a new version 
Institutionalizing change 
Provides:
Vision, role model, intelligent, considerate
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21
Q

What do entrepreneurs bring to the table

A

Intelligence
Integrity
Vision of the possible

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22
Q

What drives business ethics

A 
Corporate scandal 
Market competition
Demands by investors 
Pressure from customers 
Globalization
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23
Q

Ethical behavior

A

Doing what is “right” as opposed to what is “Wrong”

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24
Q

Key stake holders

A

Internal and external stakeholders

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25
Internal stakeholders
Management, founders, employees
26
External stakeholder
Government, creditors,suppliers
27
Ethics
Branch of philosophy that studies and creates theories about basic nature of right and wrong, duty, obligation and virtue
28
Social responsibility
How organization responds to needs of the many elements in society
29
Business ethics
Moral values that form bases of organizations 1) moral and ethics 2) policies and procedures 3) law
30
Benefits of ethical managment
``` Avoid fallout/ bad reputation Dealing with stakeholders with ethical foundation Attract and retain quality workers Positive impact on bottom line Improves ability to provide ```
31
3BL
Triple bottom line Profitability Commitment to ethics and social responsibility Impact on environment
32
Ethical test
``` Utilitarian principle Kant' categorical imperative professional ethics Golden rule Television test Family test ```
33
Professional ethics
Actions to be judged by peers as correct
34
Golden rule
Treat others the way you want to be treated
35
Television test
Can you explain this to the nation
36
Family test
Can you explain this to your family
37
Kant theory | Deontological
Actions are good or bad no matter the outcome | Duty to do good
38
Teleological theory
Morality of an act or or practice from its consequences
39
Four R's
Reduce Reuse Recycle Re price
40
Immanuel Kant
German philosopher who says moral law is absolute and unconditional Under/theft/lie all bad no matter the outcome
41
Company credo
Company creed
42
Code of ethics
What your company stands on
43
Obstructionist stance
Do as little as possible, may involve attempts to deny or cover up violations
44
Accommodative stance
Accompany when asked exceeds legal minimum to its group
45
Proactive stance
Company actively seeks opportunities to contribute to the well-being of groups and individuals i its social environment
46
What types of stances can a person or company take
Defensive Accommodative Proactive
47
SPLENDID
``` Study Plan Lead Encourage Notice Discussion Inclusion Dedication ```
48
Drug test
Policy, training, education, testing, and employee assistance program (EAP)
49
Sexual harassment
Unwelcome sexual advance, request for favors | First line supervisors are guilty as well as doctors, lawyer and dentist, in addition to professors and cops
50
National bill of rights 1962
Right to saftey right to choose Right to information Right to be heard
51
Business responsibility
``` Provide attractive returns Meet ethical and social goals Report financial information Comply with law Provide jobs and make money Contribute to company ```
52
Creativity
Able to develop new ideas solve problems and dentist opportunities
53
Innovation
Ability to apply solutions
54
Entrepreneurship
Disciplined approach to apply creativity and innovation
55
What parts make up entrepreneurship
Left and right brain
56
Left brain
Convergent reasoning used to elavulate many ideas and the ability to choose ideas
57
Right brain
Divergent reasoning the ability to create a multitude of original diverse ideas
58
Creative process. What is it and what are the steps?
``` Prep Investigate Right or left brain transformation Incubation Illumination Verification Implementation ```
59
Types of idea generation
``` Forcefield analysis Brainstorming Mind-mapping Triz matrix (trees) Rapid prototyping Story boarding ```
60
Types of intellectual property
``` Patents Copy mark Trademark Trade secrete Know ow Chip design Plants (like farming) Wats of doing ```
61
Trademark
Word or symbol or anything a company uses to distinguish themselves
62
Servicemark
Identify source of service rather than product
63
Copy right
Exclusive right to protect creator of original work
64
Patent
Good from 20 years of filing on a product or trade mark
65
Types of patents
Design Plant (agricultural) Utility (process, machine, improvement)
66
Feasibility analysis
Business concept is tested through a process of feasibility
67
Components of feasibility analysis
Product or service Industry/market/consumer Founding team Financals
68
Environment investigation
Environment scan---> PEST---->SWOT
69
Competitive forces
Identify and know strength barriers to entry Barriers to exit
70
Threat of entry is strong when
Barriers are low, sizable pool of entries, incumbents are unwilling to contest new entry New comer can expect to earn attractive products
71
Competitive threat of substitute
Readily avalible. | Attractively priced switching cost is low
72
Substitute product
Placing a ceiling on the amount you can charge for the product Material different have same function Customer will prefer a price pro for acne ration calculation

Entrpuenership (1 decks)

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