Test 1 (Ch. 1, 2, 4, 7, and 15) Flashcards Preview

Entrepreneurship > Test 1 (Ch. 1, 2, 4, 7, and 15) > Flashcards

Flashcards in Test 1 (Ch. 1, 2, 4, 7, and 15) Deck (63)
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1

The process by which individuals-- either on their own or inside organizations-- pursue opportunities without regard to the resources they currently control. (opportunity focused, risk taking, innovative, and growth oriented)

entrepreneurship (1)

2

economy that relies on unskilled labor and the extraction of natural resources for growth

factor-driven economies (1)

3

economy that is growing and in need of improving their production processes and quality of goods produced
(ex: Argentina, Russia, South Africa)

efficiency-driven economies (1)

4

economy that is most advanced; are where businesses comet based on innovation and entrepreneurship
(ex: UK, Singapore, Israel, and US)

innovation-driven economies (1)

5

innovative
value-creating
growth-oriented

primary characteristics of high-impact entrepreneurial ventures (1)

6

activities that are unclear and subject to change as more information is obtained

fuzzy front end (1)

7

mechanism that drives an individual to become a nascent entrepreneur because all other opportunities for income appear to be absent or unsatisfactory

push (1)

8

mechanism that attracts an individual to an opportunity and creates a "burning desire" to launch a business and capture a market

pull (1)

9

gigantic companies were the norm

1960s (1)

10

1) macroeconomic turmoil
2) international competition
3) technological revolution

1970s (1)

11

business was in terrible shape; new, smaller, more flexible entrepreneurial manufacturers still generating jobs

1980s (1)

12

information age; "dot com" bubble

1990s (1)

13

knowledge economy; increased globalization

new millennium (1)

14

rapidly growing mass of information that companies and individuals are stockpiling and storing

big data (1)

15

the data that goes into the Internet every time we send a text, search a website, or tweet

data exhaust (1)

16

1) minimizing waste in time and resources
2) continuous improvement through experimentation and pivoting in new directions
3) systems thinking or looking at the big picture

lean thinking (1)

17

1) It takes a lot of money to start a business
2) It takes a great idea
3) The bigger the risk, the bigger the reward
4) A business plan is required for success
5) Entrepreneurship is for the young and reckless
6) Entrepreneurship cannot be taught

Myths of Entrepreneurship (2)

18

entrepreneurs who base their business from their home

home-based entrepreneur (2)

19

an entrepreneur who starts one business and then moves on to start another

serial/portfolio entrepreneur (2)

20

socially responsible businesses that typically focus on educational, religious, or charitable goals; often tax exempt

nonprofit entrepreneur (2)

21

entrepreneurship that occurs inside an existing organization

corporate entrepreneur (2)

22

model that waits for project champions to emerge and suggest new business opportunities

opportunistic model (2)

23

model that sprinkles resources throughout the organization to encourage innovation and entrepreneurship at all levels while establishing clear criteria for the selection of opportunities to pursue; ex: Google

enabler model (2)

24

model in which the company acts like an evangelist, assigning ownership of a project or new business creation and providing modest seed funding to test it (ex: DuPont)

advocate model (2)

25

model in which the company establishes formal organizations with dedicated funds and significant autonomy (ex: IBM)

producer model (2)

26

Find a mentor
Build a professional network
Learn about entrepreneurs
Understand personality and business preferences
Improve or acquire critical skills
Study an industry

Steps when preparing to become an entrepreneur (2)

27

lack of confidence
financial needs
startup logistics
personal or daily issues
time constraints
lack of skills

barriers to people becoming self-employed as entrepreneurs (2)

28

Emerging
Growth
Differentiation
Shakeout
Maturity
Decline

Industry Life Cycle (4)

29

core assets and activities are not threatened

progressive change (4)

30

core activities are threatened

intermediating change (4)