Entrepreneurship

drucker- entrepreneurship:

-is part of management; it is the management of innovation -must be systematic and purposeful -can be practiced by individuals or organizations -can be learned

in the U.S. alone, entrepreneurs start more than ____ business a year

6 million

most forms of entrepreneurship prior to the publishing of drucker's innovation and entrepreneurship involved product development, market development and diversification offered by:

Ansoff

according to guy kawasaki, current venture capitalist and previously the chief evangelist for the Makintosh division of Apple, when commercializing a new innovation you must desire to make meaning, not money. the following are ways to do this:

prevent the loss of something good, make the wold a better place

successful innovation can result from addressing a ____ in the market or creating a _______

problem; need

according to drucker, innovations that are based on ______ is something that everyone knows exists, yet few do anything about it

process

______ is task focused and perfects something that already exists. it replaces a weak link, redesigns existing one and sometimes supplies "missing link"

process need

phenomenon are:

processes or active characteristics of nature

knowledge0 based innovation differs from all other innovations in its basic characteristics regarding:

time and costs, casualty rate, predictability, that challenges it poses to the entrepreneur (all the above)

according to Drucker, innovation does not have to be technical and it may not be a "thing" at all, it can be a service or other intangible. one examples of this is insurance. true or false?

true

in all business are career pursuits, decisions have to be made which to some extent include:

uncertainty

the concept for why someone would pay to receive a service or product is called:

value proposition

the terms "enterprising" and "entrepreneurial" define the ends of a spectrum representing the extent to which innovation can collapse the time frame of:

wealth creation

successful innovation based on process needs require:

a self-contained process, one "weak" or missing link, a clear definition of the objective, a clear specification of the solution with widespread realization that "there ougt to be a better way" (all the above)

one of the most important areas of demographic information is based on _______ are what drucker refers to as the "center of population gravity"

age

arthur states that technology evolution is different from biological evolution in that

all the above

arthur's combinations and structure of technology includes:

all the above

drucker's do's write the principles of innovation included:

all the above

with regard to "finding a bas principle" arthur states that invention starts from a purpose; to find a solution to some perceived need arising from:

all the above

the five principles of innovation begin with:

an analysis of the opportunity

"... in a sense _____ is nothing more than the clever organization of _____ to provide what we need"

an economy; technologies

entrepreneurs are typically people that:

are diverse in every respect

according to arthur, to establish a "technology", "phenomenon" must be:

both a and c

the entrepreneur always searches for _______, responds to it, and exploits it as ______.

change; an opportunity

arthur states, "beauty in technology does not require originality... design works by combining and manipulating cliches. still beautiful design always contains some unexpected combination that shocks us with appropriateness" this closely parallels drucker's concepts of:

combinations of existing offerings and innovation

when the technological capabilities of one industry provide innovative opportunities in combination with those of another industry, this is called:

convergence

Joseph Schumpeter, referred to the phrase that the entrepreneur's task is one of:

creative destruction

_______ is ability to develop new idea and to discover new ways of looking at problems and opportunities

creativity

according to drucker, there is nothing more _______ than to be premature in exploiting a change in perception

dangerous

of all external changes, ______ are the clearest and have the most predictable consequences.

demographic changes

"They create something new, something different; they change or transmutre value." What was Drucker describing by this statement?

entrepreneurs

the overwhelming majority of successful innovations ______ change

exploit

entrepreneurship is confined solely to economic institutions true or false?

falso

self-repeating concepts often found in nature that demonstrate recursiveness are called:

fractals

with regard to concept of "innovation", Aruther states that, popularly, it is invoked wherever some _____ is put into practice or some _____ is tried, no matter how trivial

improvement ; new idea

in arthur's "questions" chapter, a parallel to darwinian evolution theory was accounting for _____ vs. ____ novelty

incremental; radical

"domains" define families of phenomenon and thus groupings of technologies that can define _____ an possibly establish different ______.

industries; academic disciplines

drucker's dont's write the principles of innovation are effectively the converse of the do's except for:

innovate for the present

______ is the ability to apply creative solution to problems and opportunities to enhance or to enrich people's lives

innovation

According to Peter Drucker, ______ is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or a different service. It is the act that endows resources with a new capacity to create _____.

innovation: wealth

all other forms of innovation exploit a change that has already occurred - they satisfy a need that already exists. in _______ innovation, the innovation brings about the change. it aims at creating a want and no one can tell in advance whether the market is going to b receptive, indifferent or actively resistant

knowledge based

innovation is about making a contribution through

new value, different value, combining resources in a more productive way

according to the article "why an economic crisis could be the right time for companies to engage in disruptive innovation" the concept of _____ describes where partners collaborate to solve business problems

open innovation, also knows as "crowdsourcing"

based on our class discussion, a change in ______ has been highly influential and fueled the growth of the micro-brew industry

perception

technologies result from the purposeful harnessing of:

phenomenon

demographic changes included shifts in:

population, its size, age structure, employment, educational status and income

ansoff

pre-drucker matrix for "entrepreneurial" development id product lines and markets

technologies are structured from a combination of components with _____ and a main assembly that caries out a base function plus _____ that support it

a central concept or purpose; subassemblies "modules"

blue ocean strategy:

a combination of "market driven" and "market driving" innovation, seeks to simultaneously raise consumer value and lower costs. "diverge" from the established offering attributes the market anticipates

according to drucker, one of the most common reasons that industry structure changes is due to:

rapid growth

technologies have a _____ structure- collectively technologies have advanced by discovery and capture of _____ and exploitation of their effects

recursive; phenomenon

technologies do not offer a set of limited function- _____ provides endless novel combinations for endless novel purposes

restructuring

domains are families of technologies that through shared phenomenon or other natural connectivity parallel _____.

science and engineering fields and academic disciplines

a "value proposition" is essential to a successful innovation or venture concept and includes:

socio-economic relationship of the new venture's offering to the customer

technologies are ____ but _____ - their interior components are constantly changing

static, dynamic

entrepreneurs see change as:

the norm, healthy, and as an opportunity

innovation

the specific tool use by entrepreneurs to create new value

"anything that contradicts what we have come to consider a law of nature is then rejected as unsound, unhealthy and obviously abnormal" this statement describes one of the issues associated with:

the unexpected success

"if this really does present an opportunity, we would have thought of it before" this statement may occur in the case of:

the unexpected success

according to drucker, U.S. steel companies rejected the "mini-mill" in the 1970s based on the principal of:

the unexpected success