test Flashcards
to slay test (56 cards)
different types of entrepreneurs
the inventor, the hustler, the imitator, the buyer
the inventor
Have a vision
They often create their own crowd
First to market
Ex. Pierre Omidyar, CEO of Ebay
the hustler
Start small and work hard
Focus on current task with the goal of growing it in the future
Focused and remove distractions
Favour risks over short term comfort
Ex. Mark Cuban
the imitator
Copy existing ideas and improve them
Make the product/service better to gain market share
Mix of innovator and hustler
Using their knowledge to gain momentum in the market
Ex. Instagram stories and snapchat
the buyer
Use their money to buy or fund an already existing company
They can buy the company outright and hire someone to run it or be a part owner
Ex. Warren Buffett
He buys underpriced businesses and holds them for the long term
6 leadership styles
Directive, Authoritative, Affiliative, participative, pacesetting, coaching
directive leadership style
Primary objective is to achieve complete compliance from employees
Manager tells everyone what to do
Actions of employees are closely watched
Motivates employees with threats/discipline
authoritative leadership style
Primary objective is to provide long-term direction and vision for employees
Strict, but fair management style
Gives employees clear instruction and steps to follow
Motivates by feedback and persuasion
affiliative leadership style
Primary objective is to create harmony and peace between managers and employees
Needs of people are placed above task
Strives to achieve good relationships among employees and tries to avoid conflict
Motivates by keeping people happy
participative leadership style
Primary objective is to build commitment and allow employees to have a voice
Manager ensures that everyone will be heard
Encourages employee opinions when coming to decisions
Motivates by rewarding employees for team effort
pacesetting leadership style
Primary objective is to complete tasks to a high standard above anything else
Manager will do it themselves if needed
Manager will perform a lot of the tasks, but expects employees to follow suit
Motivates by setting high standards for employees and expects independence
coaching leadership style
Primary objective is to give long-term professional experience and direction for employees
Manager who wants to help employees develop their skills
Helps and encourages employees to improve and become better
Motivates with opportunities for professional development
4 main types of business models and 2 others
main: B2B, B2C, C2B, C2C
others: B2A, C2A
B2C business model
Most common business model
Buying clothes, household supplies, entertainment, is usually a B2C model
Typically spends less money marketing
PRO: easy to buy from
CON: lots of competition
B2B business model
A business sells products/service to another business who typically will sell to consumers
Typically has higher order value and more repeating purchases
This model is currently growing and B2B businesses are becoming more important online
PRO: Businesses will buy supplies in bulk from these businesses
CON: Limited market since businesses find one vendor and stick with them
C2B business model
An individual/consumer who offers a product/service to a business
Common with social media and influencers (ex. sponsorships)
Influencers use their platform to promote products which helps marketing of business
PRO: Allows businesses to see products through consumer views
CON: Unpredictable
C2C business model
Common in online marketplaces like Facebook Marketplace, and Ebay
Allows consumers to sell products/services to other consumers
PRO: Lower cost (typically)
CON: Quality control and scams
B2A business model
E-commerce specific business model
Example: business providing an employment site/portal for government
PRO: Direct communication between government and business
CON: Security breaches can affect business and government
C2A business model
Includes all electronic transactions between consumer and government
Examples: filing taxes, payment of health services
PRO: Money goes directly from consumer to government
CON: Government Administration could be corrupted
invention vs innovation
Invention: Creating something that has never been done before
Innovation: Improving something that already exists with different features/fixes
example strengths in SWOT analysis
Experience, Special Marketing, Location, Quality, etc.
example weaknesses in SWOT analysis
Lack of marketing, Location, High prices, Lack of quality, etc.
example opportunities in SWOT analysis
Merges, Joint Alliances, New international market, Technology, etc.
example threats in SWOT analysis
Eg. New competitors, Price wars, Weather, Taxation, etc.
