entrepreneurship exam 1

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publications, direct observations, speeches seminars and presentations

3 major sources of information that supply data related to the entrepreneurial mindset 1. __________: technical and professional journals; textbooks on entrepreneurship; news periodicals; the internet 2. _____ _____: interviews, surveys, case studies 3. _______, _______, and _______: by practicing entrepreneurs

financial risk, career risk, family and social risk, psychic risk

4 specific areas of risk faced by entrepreneurs 1. ______ _____: motive varies in entrepreneurs desire for wealth; the money or resources at stake for a new venture 2. ____ ____: loss of employment security; frequent question is if the entrepreneur will be able to find a job or go back to their old one if their venture fails 3. ______ and ______ ____: competing commitments of work and family; starting a new venture requires a lot of time and energy causing other commitments to possibly suffer 4. ______ ____: psychological impact of failure on the well-beings of entrepreneurs; the greatest risk to the well being; money, jobs, and family can readapt

environmental analysis

The process of assessing and interpreting the information gathered through environmental scanning

gazelle

a business establishment with at least 20% sales growth in each year for 5 years, starting with a base of at least $100,000 in annual sales

market

a group of consumers (potential consumers) who have purchasing power and unsatisfied needs; a new venture will survive only if a market exists for its product or service

ecovision

a leadership style that encourages open and flexible structures that encompass the employees, the organization, and the environment, with attention to evolving social demands

external locus of control

a point of view in which external processes are sometimes beyond the control of the individual entrepreneur

new new approach

a start up approach to business in which the concept is a bran new idea to the marketplace; approach to creating a a new venture

new old approach

a start up approach to businesses in which the concept provides a new angle to something that already exists in the marketplace; approach to creating a new venture

code of conduct

a statement of ethical practices or guidelines to which an enterprise adheres

corporate entrepreneurship strategy

a vision directed, organization wide reliance on entrepreneurial behavior that purposefully and continuously rejuvenates the organization and shapes the scope of its operations through the recognition and exploitation of entrepreneurial opportunity

triple bottom line

accounting framework that combines consideration of traditional economic measures with environmental and social dimensions to measure the firms performance in achieving its sustainability goals

corporate social responsibility

actions that appear to further some social good, beyond the interest of the firm and that which is required by law and often denotes social engagement of organizations

demographic variables

age, marital status, sex, occupation, income, location

entrepreneur, profile, research

although no single definition of _________ exists, and no one ________, can represent all of today entrepreneurs, ________ is providing an increasingly sharper focus on the subject

competitive analysis

an attempt to assess the strengths and weaknesses of the competing products or services; compare competing products or services on the basis of price, performance, service, warranties, and other pertinent features

entrepreneur

an innovator or developer who recognizes and seizes opportunities; converts these opportunities into workable/marketable ideas; adds value through time, effort, money, or skills

entrepreneurship

an integrated concept that permeates an individuals business in an innovative manner 1. seeking opportunities 2. taking risks beyond security 3. having the tenacity to push an idea through reality

franchise

any arrangement in which the owner of a trademark, trade name, or copyright has licensed others to use it in selling goods or services

synthesis

combination of existing concepts and factors into a new formulation or use ex. fred smith - fed ex; howard shultz - starbucks

background, knowledge, incubation process, idea experience, evaluation, implementation

components in the creativity process Phase 1: _______ or ______ accumulation: successful creation are generally preceded by investigation and information gathering phase 2: the _______ _____: creative individuals allow their subconscious to mull over tremendous amounts of information gathered during the preparation phase phase 3: the _____ _____: the most exciting phase because its when the idea or solution is discovered; the "eureka factor" phase 4: ________ and ______: the most difficult step; requires a great deal of courage, self discipline, and perseverance

demographic variables

convenience, cost, style, trend are all benefits for what kinda of variables? (depending on the nature of the new venture)

duplication

creative replication of an existing concept ex. wal-mart - department stores; gateway - personal computers

entrepreneurial mindset

describes the most common characteristics associated with successful entrepreneurs as well as the elements associated with the "dark side" of entrepreneurship

entrepreneurial characteristics

determination and perseverance; high energy level; calculated risk taking; passion; persistent problem solving; seeking feedback; ability to make decisions quickly; flexibility; imagination; ability to trust workers

innovator

difference between adaptor and innovator _______: approaches tasks from unusual angles; discovers problems and avenues of solutions; questions basic assumptions related to current practices; has little regard for means and is more interested in ends; has little tolerance for routine work; has little or no need for consensus and is often insensitive to others

adaptor

difference between adaptor and innovator ________: employs a disciplined, precise, methodical approach; is concerned with solving rather than finding problems; attempts to refine current practices; tends to be means oriented; is capable of extended detailed work; is sensitive to group cohesion and cooperation

external scan

effort by which an entrepreneur examines the external and internal environments before making a decision

strategic vision, organizational architecture, processes, behavior

elements of corporate entrepreneurship strategy 1. an entrepreneurial ______ ______ 2. a pro entrepreneurship _________ _______ 3. entrepreneurial _______ and ______ as exhibited across the organizational hierarchy

corporate entrepreneurship

entrepreneurial activities that receive organizational sanction and resource commitments for the purpose of innovative results within an established corporation; a new 'corporate revolution' taking place due to the infusion of entrepreneurial thinking into bureaucratic structures

passion

entrepreneurial characteristics: a fundamental emotional experience; a discrete emotion that is quite intense being described as an underlying force that fuels our strongest emotions or the feeling when engaging in activities that are of deep interest

persistent problem solving

entrepreneurial characteristics: entrepreneurs aren't intimidated by difficult situations; instead their self confidence and general optimism seems to translate into a view that the impossible just takes a little longer

high energy level

entrepreneurial characteristics: extraordinary workloads and stressful demands placed on entrepreneurs put a premium on their energy; fine tune energy through diet, exercise, and relaxation

calculated risk taking

entrepreneurial characteristics: successful entrepreneurs are not gamblers - when they decide to participate in a venture they do so in a very calculated, carefully thought out manner in order to get the odds in their favor; willingness to do so in terms of time, equity, and career

seeking feedback

entrepreneurial characteristics: successful entrepreneurs are quick learners and have a strong desire to know how they are doing and how they might improve their performance

ability to make decisions quickly

entrepreneurial characteristics: the ability of an entrepreneur to trust their initial instinct and go with it

determination and perseverance

entrepreneurial characteristics: total dedication to success as an entrepreneur can overcome obstacles and setbacks; sheer determination and an unwavering commitment to succeed often win out against odds

drive to achieve

entrepreneurs are self-starters who appear to others to be internally driven by a strong desire to compete, to excel against self-imposed standards, and to pursue and attain challenging goals

vision

entrepreneurs know where they want to go and know what they want their firms to be and what they can be; in many cases this develops over time as the individual begins to realize what the firm is and what it can become

social entrepreneurship

entrepreneurship applied to social problem solving whereas traditional, private sector entrepreneurship focuses on innovation, risk taking and large scale transformation; exhibits characteristics of nonprofits, governments, and businesses, combining private sector focus on innovation, risk taking and large scale transformations with social problem solving

social obligations

environment, energy, fair business practices, human resources, community involvement, products

benefit corporations

exactly the same as traditional corporations except they are more socially sustainable through their purpose, accountability, and transparency purpose: to create a material positive impact on society and the environment accountability: to have a fiduciary duty to consider the interests or workers, the community, and the environment transparency: to report annually to the public on overall social and environmental performance with a credible and transparent third party standard

tolerance for ambiguity

exists when the entrepreneur can deal with the various setbacks and changes that constantly confront him or her; successful entrepreneurs thrive on the fluidity and excitement of the unknown

complexity of ethical decisions

extended consequences, multiple alternatives, mixed outcomes, uncertain ethical consequences, personal implications are all what?

explicit goals, feedback, positive reinforcement, individual responsibility, rewards, results, punish failures

factors evident in large corporations which have exhibited successful innovations: 1. set ______ _____ 2. create a system of ________ and ______ ______ 3. emphasize ________ _______ 4. provide _______ based on ______ 5. do not ______ _____

convenience goods, shopping goods, specialty goods, unsought goods, new products

five major consumer classifications based on the way they view ventures product or service 1. _______ ______: consumers will want these goods and services but will not be willing to spend time shopping for them; staple goods; impulse gods; emergency goods and services 2. ______ _____: products consumers will take time to examine carefully and compare for quality and price 3. ________ ______: products or services consumers make a special effort to find and purchase 4. _______ ______: items consumers do not currently seek or need; life insurance; products that require an explanation; encyclopedias; cemetery plots 5: _____ _______: items that are unknown due to lack of advertising or are new products that take time to understand

illegal, immoral, best interest, found out, condone it

four distinct roles managers take rationalizing morally questionable acts 1. activity is not "really" _____ or ______ 2. that its in the individuals or the corporations _____ ____ 3. that it will never be ____ _____ 4. that because it helps the company the company will ______ ___

reasons for unethical behavior

greed; distinction between activities at work and at home; lack of foundation in ethics; survival (bottom line thinking) are all what?

code of conduct

have been becoming more prevalent in the industry; are proving to be more meaningful in terms of external legal and social development; are more comprehensive in terms of their coverage; are easier to implement in terms of the administrative procedures used to enforce them

market niche

homogenous group with common characteristics; all the people who have a need for the newly proposed product or service

recognizing relationships, functional perspective, using, brains

how can creativity be developed? 1. ______ _____: looking for different or unorthodox relationships among the elements and people around you 2. developing a _____ _____: viewing things and people in terms of how they can satisfy his or her needs and help complete a project 3. ______ your _____: the right brain helps us understand analogies, imagine things, and synthesize information; the left brain helps us analyze, verbalize, and use rational approaches to problem solving

SWOT

how do you do a competitive analysis?

600,000, 800,000, 275, 49.6, 99.7, 45.6, 20.1, 1, 150

how dominant have new and small ventures been in the economy? 1. entrepreneurs create _______ to ______ new businesses each year 2. ____ million small firms provide ___% of private sector jobs and make up ___% of employing firms 3. over the past 5 years the number of minority owned firms have increased by ____% while women owned businesses increased ____% 4. __ in every ____ adults participate in the founding of a new firm each year

secondary data

information that has already been compiled; cheaper and available but outdates and lack of specificity and questionable validity

primary data, observational, questioning, surveys, experimentation

information that is gathered specifically for the research at hand; found through experimentation and is the next step if secondary data are insufficient primary sources: - _______ or _______ methods - ________ and _______ are questioning methods

unexpected occurrences, incongruities, process needs, industry, market, demographic changes, perceptual changes, knowledge

major sources of innovative ideas: 1. _____ ______: successes or failures that were unanticipated or unplanned 2. ______: exist in the gap between expectations and reality 3. ______ _____: the pain and the innovative solutions are the painkillers 4. ______ and _____ changes: continual shifts in the marketplace caused by consumer attitudes, advancements in technology, and growth in the structure, design, or definition of markets or industries 5. ______ _____: changes in population size, age, education, occupation, geographic locality 6. _______ _____: intangible but meaningful changes such as use of time 7. _______ based concepts: inventions, which are the product of knew thinking, new methods, and new knowledge

doers, thinkers, born, made, inventors, academic, social misfits, profile, money, luck, unstructured, chaotic, initiatives fail, risk takers

major ten myths about entrepreneurs myth 1: entrepreneurs are ______, not _____ myth 2: entrepreneurs are ______, not ______ myth 3: entrepreneurs are always _______ myth 4: entrepreneurs are _______ and _______ ______ myth 5: entrepreneurs must fit the ______ myth 6: all entrepreneurs need is _____ myth 7: all entrepreneurs need is _____ myth 8: entrepreneurship is ______ and _______ myth 9: most entrepreneurial _________ _____ myth 10: entrepreneurs are extreme ____ ____

major ten myths about entrepreneurs

myth 1: entrepreneurs are doers, not thinkers myth 2: entrepreneurs are born, not made myth 3: entrepreneurs are always inventors myth 4: entrepreneurs are academic and social misfits myth 5: entrepreneurs must fit the profile myth 6: all entrepreneurs need is money myth 7: all entrepreneurs need is luck myth 8: entrepreneurship is unstructured and chaotic myth 9: most entrepreneurial initiatives fail myth 10: entrepreneurs are extreme risk takers

extension

new use or different application of an already existing product; ex. ray kroc with McDonalds; Mark Zuckerberg with Facebook

general environment, industry environment, competitor environment

parts of the external environments - ______ ______: demographic, economic, political/legal, sociocultural, technological, global - _____ _______: new entrants, suppliers, buyers, intensity of competition, product substitutes available - ______ _____: position of venture within the industry in the comparison to competition

conflicts over ethical decision making

pressure from inside and outside source, changes in societal values, morals, and norms are all what?

barriers to entry

proprietary technology, access to distribution channel, access to raw materials or resources, cost disadvantaged, risk of new entrants, intense rivalry among competitors, financial limitations are all examples of what?`

ethics

provides the basic rules or parameters for conducting any activity in an "acceptable" manner; represents a set of principles prescribing a behavioral code of what is good and right or bad and wrong

economic, macro, common, characteristics, federal, state, local government regulations, trends, policy formation, barriers to entry

questions an entrepreneur should ask when assessing the ______ or_______ view environment of a venture as it relates to ______ industry ______: 1. what ____, _____, and _____ _______ _______ affect this type of business? 2. what are the _____ in _____ ______ as it relates to the location in which you hope to start your business 3. what are the ____ __ ______ for your specific venture within the environment in which you plan to launch?

vision, innovation, intrapreneurially climate, individual managers, corporate entrepreneurship, venture teams

steps of developing a corporate entrepreneurship strategy: 1. Developing the ________: must be clearly articulated by the organizations leaders 2. encouraging ________: corporations must understand and develop this as the key element in their strategy 3. structuring for an ________ ______:a top level managers job is to create a work environment that is highly conducive to innovation and entrepreneurial behaviors 4. developing _______ ______ for ______ ______: managers should make sure innovation and entrepreneurial behaviors are understood by their employees 5. developing _____ _____: considered a 21st c productivity breakthrough; this modern breed of work team is a new strategy and is referred to as self-managing

decision making, employees, rewards, punishments

steps that entrepreneurs take to establish ethical behavior: 1. ethical administrative ______ _____ 2. ethical behavior of _______ 3. explicit _____ and _______ based on ethical behavior

current marketing research, current sales analysis, marketing information system, sales forecasting, evaluation

steps when developing a marketing plan 1. ______ _____ _____: purpose is to identify customers (target markets) and fulfill their desires 2. ______ ______ ______: promoting and distributing products according to marketing research findings 3. _______ _____ _____: compiles and organizes data relating to cost, revenue, and profit 4. _____ _____: process of projecting future sales 5. ________: important part of marketing plan performance so that flexibility and adjustment can be incorporated

opportunity orientation

the constant awareness of opportunities that exist in everyday life

marketing research

the gathering of information about a particular market, followed by an analysis of that information

creativity

the generation of ideas that result in the improved efficiency or effectiveness of a system; a process that can be developed and improved

innovation

the process by which the entrepreneurs convert opportunities into marketable ideas; a combination of the vision to create a good idea and the perseverance and dedication to remain with the concept through implementation

marketing plan

the process of determining a clear, comprehensive approach to the creation of customers

market segmentation

the process of identifying a specific set of characteristics that differentiate one group of consumers from the rest

environmental awareness

the reawakening of the need to preserve and protect or natural resources

consumer behavior

the types and patterns of consumer characteristics; personal and psychological characteristics

internal locus of control

the viewpoint in which the potential entrepreneur has the ability or control to direct or adjust the outcome of each major influence; the entrepreneur believes their accomplishments or set back happen through their own control

to undertake

the word entreprendre means what?

entreprendre

the world entrepreneur derived from what french word?

secondary data, external sources

this is found through internal and/or external sources such as internet sources: ________ ______: available in periodicals, trade association literature, and government publications _______ ______: consist of information that exists within the venture for example the records of the venture

invention

totally new product, service, or process ex. wright brothers - airplane; thomas edison - light bulb x

corporate entrepreneurship

trend in entrepreneurship, research, and education: and the need for entrepreneurial cultures has drawn increased attention; a process whereby an individual group of individuals, in association with an existing organization, creates a new organization or instigates renewal or innovation within the organization

women and minority entrepreneurs

trend in entrepreneurship, research, and education: appear to face obstacles and difficulties different from those that other entrepreneurs face

social entrepreneurship

trend in entrepreneurship, research, and education: has unprecedented strength within the new generation of entrepreneurs

entrepreneurial cognition

trend in entrepreneurship, research, and education: is providing new insights into the psychological aspects of the entrepreneurial process

family businesses

trend in entrepreneurship, research, and education: these have become a stronger focus of research

entrepreneurial education

trend in entrepreneurship, research, and education: these have become one of the hottest topics in business and engineering schools throughout the world

the global entrepreneurial movement

trend in entrepreneurship, research, and education: this is increasing

venture financing

trend in entrepreneurship, research, and education: venture capital and angel capital financing and other financing techniques strengthened in the 1900s

trends in entrepreneurship, research, and education

venture financing, corporate entrepreneurship, social entrepreneurship, entrepreneurial cognition, women and minority entrepreneurs, the global entrepreneurial movement, family businesses, entrepreneurial education are all forms of what?

training, brand name, track record, financial, knowledge, local, government, resources, capital outlay, risk

what are the advantages of buying an on going business (franchise) 1. ________ and guidance 2. _____-____ appeal 3. a proven _______ _____ 4. __________ assistance 5. immediate intimate ______ of the _____ conditions and _______ 6. use of the ______ of the other firms involved 7. initial _____ _____ and overall ____ are lower

strengths weaknesses opportunities threats

what does SWOT mean?

competitive analysis

what drives the competition (future goals); what the competitor is doing best currently; what assumptions can you make about the competition; what are the strengths and weaknesses of the competition; SWOT

barriers to entry

what factors might keep you and your venture team from establishing your venture; personal and related to the skills, knowledge, and even money you bring to the team

rationalizations

what managers use to justify questionable conduct

step 1

what step in developing a market plan? current marketing research to identify customers (target markets) and to fulfill their desires; determining who the customers are what they want and how they buy; the companies strengths, weaknesses, market profile, current and best customers, potential customers, competition, outside factors, legal changes

step 2

what step in developing a market plan? current sales analysis: promoting and distributing products according to marketing research findings; matching the correct customer profile with sales priorities is a major goal

step 5

what step in developing a market plan? evaluation: evaluating marketing plan performance is important so that flexibility and adjustment can be incorporated into marketing planning; reports should be generated from a customer analysis

step 3

what step in developing a market plan? marketing information system: compiles and organizes data relating to cost, revenue, and profit from the customer base for monitoring the strategies, decision, and programs concerned with marketing

step 4

what step in developing a market plan? sales forecasting: the process of projecting future sales through historical sales figures and the application of statistical techniques

entrepreneurs

who will continue to be the answer to any economic downturn and will continue to lead economic growth in several ways?


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