MGMT 3277 Study Guide

What do millennials think?

- more to do with an individuals mind - think it is a mindset

Pitfalls of creativity

1. Identifying the wrong problem 2. Judging ideas too quickly 3. Stopping with the 1st good idea 4. Failing to ask for support 5. Obeying rules that don't exist

Hurdles to starting a business

1. inaction 2. taking the right actions

How to develop a creative mind

1. read magazines 2. invite someone you've never included before 3. have a scan the environment day 4. try a mini intership 5. put yourself in other's shoes

Factors leading to business ideas

1. work experience (customer complaints) 2. similar business (might see a business that intrigues you) 3. hobby 4. chance happening (serendipity) 5. family/friends 6. education 7. tech

SBTDC

Small Business Technology Development Center ~ offices co-sponsored by state & fed gov that offers free/low cost help to existing or potential small business.

Incubator

a facility that offers subsidized space and business advice to companies in their earliest stages of operation.

Creativity

a process introducing an idea or opportunity that is novel and useful, frequently derived from making connection among distinct ideas or opportunities.

Entrepreneurial alertness

a special set of observational & thinking skills that help entrepreneurs identify good opportunities. the ability to notice things that have been overlooked, without actually launching a formal search for opportunities and the motivation to look for them.

Innovative strateg

an overall strategic approach in which a firm seeks to do something that is very diff from what others in the industry are doing.

Imitative strategy

an overall strategic approach in which the entrepreneur does more or less what others are already doing.

Entrepreneur

anyone who owns a business; self-employed, heir, founder, franchise.

Social entrepreneurship

form of entrepreneurship involving the creation self-sustaining charitable and civic organizations, or for-profit orgs, which invest significant profits in charitable activities.

Owner-manager

individual who owns and runs a business

Opportunity recognition

searching and capturing new ideas that lead to business opportunities. Involves creative thinking that leads to discovery of new & useful ideas

Incremental strategy

taking an idea and offering a way to do something better than it is done presently.

Feasibility

the extent to which an idea is viable & realistic and the extent to which you are aware of internal & external forces that could affect your business.

Creative destruction

the way newly created goods, services, or firms can hurt existing competitors.

Freedom

top reason they want to quit

Entrepreneurship

~ a way of thinking, reasoning, and acting that is opportunity obsessed, holistic approach, leadership balanced ~ state of mind ~ person who owns or starts an org

Small Business Administration

~ fewer than 500 employees ~ a part of US gov that provides support & advocacy for small business