BusinessUUUU

The 2nd stage in the entrepreneurial process is Business Plan (also called a Pitch Deck). What is a Business Plan?

A roadmap of the business's goals and objectives, and the strategy and details of how those goals and objectives will be achieved.

What is Vision?

An aspirational view of the future, that if the company is successful in accomplishing its mission, the company and/or world might look a certain way.

What is a small business?

Companies with fewer than 500 employees.

What are the steps or stages in the entrepreneurial process?

Discovery, Business Plan, Resourcing, Run the Business, Harvesting

When a business innovation dramatically changes the normal order of things

Disruptive Innovation

Someone who identifies an opportunity by creating a solution to a problem, starts a business, assumes the personal and financial risk (and rewards) of the venture, and strives for constant improvement in an effort to grow the business and improve society.

Entrepreneur

What are the differences between entrepreneurs or intrapreneurs?

Entrepreneurs hold more accountability, intrapreneurs tend to have a more definite role in a company. Intrapreneurs tend to take less financial risk as an employee of a company. Entrepreneurs typically work more and irregular hours than an intrapreneur. Entrepreneurs often have uncertain income, or even no income, but intrapreneurs typically have more regular paychecks. Lastly, entrepreneurs typically have a higher upside, higher rewards, and a larger return on their investment, than intrapreneurs.

The process of identifying opportunities, cultivating resources (time, money, energy, people) and creating a business to solve problems.

Entrepreneurship

The first-mover advantage is the advantage gained by being the first significant player or occupant in a certain market segment, allowing it to gain market share first.

First-mover advantage

What are some of the "lifestyle" elements of being an entrepreneur?

Freedom to work wherever, whenever, and however they want.

This approach believes success comes from the inner strengths and capabilities of the organization.

Inside-Out approach

A natural ability to know what to do in certain situations.

Instinct

What three features are needed in order for an idea to become an opportunity?

Market Margin Mission

A circumstance or set of circumstances that presents itself as something favorable to capitalize on or benefit from.

Opportunity

This approach believes that success starts with the customer, and the organization views themselves from the customer's perspective.

Outside-In approach

Entrepreneurial ______________ is the combination of Profession, Passion, Mission, and Vocation.

Purpose

The 4th stage in the entrepreneurial process is:

Run the Business

The second-mover advantage occurs when a company follows the lead of the first-movers, learning from their mistakes and from customers' reactions, and offers something better.

Second-mover advantage

Determining whether you and your team have the traits and skills it takes to be successful in a venture, and analyzing your strengths and weaknesses.

Self-assessment

The technology (or innovation) adoption lifecycle is a sociological model that describes the adoption or acceptance of a new product or innovation, according to the demographic and psychological characteristics of defined adopter groups.

Technology (or Innovation) Adoption Lifecycle

What is Innovation?

The introduction of something new; a new idea, product, method, device, or service.

what is entrepreneur constantly doing?

They are constantly studying and inspecting the market.

What is the role of profit?

To sustain the operations and growth of your business?

A feeling of suitability for a particular career or occupation.

Vocation

The final stage in the entrepreneurial process is Harvesting. What does this mean?

Where you evaluate if the company is a success or failure, and/or if it needs more time to prove itself.

What are you discovering or affirming or confirming during the discovery stage of the entrepreneurial process?

You are confirming that your idea meets a want or need in the marketplace.

An entrepreneurial opportunity presents itself as:

a solution to a problem

An entrepreneur is someone who identifies _______________, starts and grows a business, and assumes the ______________ and rewards of the venture. 100%

an opportunity and risk

Entrepreneurism is a fluid and dynamic process, one where you need to:

anticipate and adapt

During the 3rd stage of the entrepreneurial process, "Resourcing", which of these is often helpful?

bootstrapping

Switching costs are the costs associated with:

changing suppliers

The difference between small business and entrepreneurship has nearly nothing to do with size, and nearly everything to do with:

characteristics

Which of the following statements is true?

entrepreneurism can be learned

Being an entrepreneur is not only a career choice, but also a lifestyle that may offer some level of:

independence and flexibility

What is considered the "instrument" of entrepreneurship?

innovation

Learning everything you can about your competitors is part of a:

market analysis

Successful entrepreneurs are ____________ about their solution to a problem.

passionate

Whether using an inside-out or an outside-in approach, successful entrepreneurs always do the following when determining opportunities for venture creation.

research

Entrepreneurs try to create value, while managing ___________ resources in a changing, uncertain business environment.

scarce

Determining whether you and your team have the traits and skills it takes to be successful in your venture, and analyzing your strengths and weaknesses, is called a:

self-assessment

What is an Intrapreneur?

someone who acts like an entrepreneur as an employee within a company, without taking nearly the risk (or reward) of an entrepreneur.

The Inside-Out approach asks itself how it can leverage its own:

strengths

What is Financial Risk?

that financial stakeholders will lose money.

Second-movers have some advantages over first-movers, including:

they can point out weaknesses in the first-mover

First-movers have some advantages, including:

they get to make the first impression and establish brand recognition they can secure strategic supplier relationships early market share gains

An intrapreneur is someone who exhibits the same _________ and/or _________ of an entrepreneur, while working as an employee in a company.

traits and skills

The Outside-In approach asks itself:

what markets are growing what are the trends how can we serve our customers better

What is "bootstrapping"?

when you use creativity by learning to work effectively with limited resources.

When analyzing your market, you want to determine as best you can, that when you launch your product:

will your target customers want it, and will they pay you your asking price