Engineering 310: Entrepreneurship Quiz

Identify three characteristics of a leader.

-Flexible/Adaptable -A Good Communicator -Respectful -Quiet Confidence -Enthusiastic -Open Minded -Resourceful -Rewarding -Well Educated -Organized -Consistent

List three student-centered support organizations within the Penn State entrepreneurial "ecosystem" that are available to you.

-Global Entrepreneurship Week -HackPsu -Happy Valley LaunchBox -Innoblue -IST Startup Week

Why might you consider being an entrepreneur?

-I like challenging myself -I can't sit still/ Always working -I always look for better and new ways to do things -I am driven to achieve results -I am not satisfied until good results are achieved

How do you determine when an idea is an opportunity?

-Potential for growth -Price structure -Competition/ Competitive advantage -Is there a need?

List three personality traits that would "kill" entrepreneurship.

-Self-doubt -Anti-social tendencies -Control issues -Inflexibility -Power -Close-mindedness -Impatience

What is Global Entrepreneurship Week (GEW)?

A worldwide celebration of entrepreneurship held each November. Penn State has been ranked first or second in terms of the number of events held during this week for the past three years.

Define CIF.

Cost,Insurance, Freight: a trade term requiring the seller to arrange for the carriage of goods by sea to port of destination, and provide buyer with the documents necessary to obtain the goods from the carrier

Differentiate between a design patent and a utility patent.

Design Patent: protects the products function Utility Patent: protects the products shape/design

Provisional Patent.

Gives inventions/products protections for one year (affordable, good to have a patent attorney help so it's done right, no-one has to know if it is provisional or not)

Define value proposition.

Gives the customer a reason to purchase by delivering specific benefits of a product or service

Define Key Partners.

Other enterprises essential to success of the business

List the "Four P's" of marketing. What significant changes have occurred in marketing in the 20 years that contributed to redefining the traditional Four P's?

Product, Price, Promotion, Place

Define Revenue Streams.

Revenue and profit sources and size

What does SWOT stand for? What is SWOT used for?

Stands for -Strength, Weaknesses, Opportunities, and Threats Used for -Summarizing the current state of a company and helping to devise a plan for the future

Define Key Resources.

Suppliers, commodities, or other essential elements of the business

Define TT.

Telegraphic Transfer: electronic method of transferring funds (usually for overseas)

Define innovation.

The (external) process of strategic thinking that leads to the discovery of novel products, services or systems with measurable value and market potential

Define intrapreneur.

The ability to exhibit an entrepreneurial mindset and proactive behaviors within an organization while recognizing the structure, resources, and goals of that organization. Also relates to a management style that invites and encourages risk-taking as well as instituting a reward system that can approximate that of an entrepreneur while providing the advantages of on-going employment and benefits

Define entrepreneurship.

The ability to naturally energize oneself to generate and pursue a novel/innovative idea of fulfill a need identified as an opportunity The entrepreneurial process requires one to be persistent, think strategically, possess an entrepreneurial mindset, assume yet minimize and manage personal risk, work with limited resources while discovering ways to expand those resources, and have the skills to start, grow and sustain a for-profit or non-profit venture

Define Cost Structure.

The fixed and variable costs required to operate your business

Define Key Activities.

The tasks the company must preform to succeed

Define social intelligence. Why is it relevant for entrepreneurial leaders to understand and practice the concept?

To get along well with others, and get them to cooperate with you Relevance for Entrepreneurial Leaders -To motivate employees, which leads to good attitudes and commitment

Define UPC.

Universal Product Code: bar code that indicates price, can be read electronically

What is competitive advantage?

What makes your idea better than anyone else's

Define customer segment.

Who your customer is and what the product solves

What is the entrepreneurial process?

1) Identify Opportunity 2) Evaluate Opportunity 3) Conceive/ Develop/ Find a "Invention" 4) Mobilize Needed Resources to Convert Into Commercial Reality 5) Manage Those Resources to Start-Up 6) Survive and Expand 7) Institutionalize the Business 8) Harvest

What are the nine key elements to a startup?

1) Value Proposition 2) Customer Segments 3) Channels 4) Customer Relationships 5) Cost Structure 6) Key Activities 7) Key Partners 8) Revenue Streams

Identify five essential qualities for entrepreneurial leadership.

1) Vision and dissatisfaction with the present 2) Knowing and taking advantage of your unfair advantages 3) The ability to get people on board and add to the vision 4) Flexibility to adapt, openness to feedback, and the ability to learn 5) Persistence and execution

List three sources of funding an entrepreneurial idea.

? -Owner Savings -Bank Loans -Family/Friends

Define Bill of Landing.

A detailed list of shipment goods in the form of a receipt given by the carrier to the person consigning the goods

Define Patent.

A government authority/ license conferring a right/ title for a set period, protects from others making, using, selling an invention

Define entrepreneurial mindset.

A growth-oriented perspective through which individuals promote flexibility, creativity, continuous innovation and renewal

Define Customs Broker.

A person who is licensed in customs law, classification, tariff schedule, import and export regulations, shipping procedures, trade documentation etc.

What benefit would it be to have a distributor for your product? How do you find one?

Established customer base, sales and marketing expertise, wider distribution channel, quick route to market, storage and logistics ?

True or false. Having a high IQ is a significant measure of ones success as an entrepreneur.

False (Leaders are more likely to be extroverted than highly intelligent)

Define Customer Relationships.

How you'll create demand

Define Channels.

How you'll distribute and sell your product

What does IP stand for? What does it include?

Intellectual Property Definition: refers to creations of the mind 2 Categories: -Industrial Property: includes patents for inventions, trademarks, industrial designs and geographical indications -Copyright: covers literary works, films, music, artwork, architecture

What does MOQ stand for? Why does it need to be determined if your business entails manufacturing a product?

Minimum Order Quantity: minimum amount that can be ordered from supplier -Suppliers rely heavily on bulk buying customers to make a profit

What does MVP stand for?

Minimum Viable Product: a version of a product that allows for a team to collect information from customers with the least amount of effort