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33 Cards in this Set
- Front
- Back
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Entrepreneur |
Individual who starts an enterprise despite risks and uncertain outcomes |
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Entrepreneurship |
The starting and sustaining of a business with the aim of making a profit |
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Intrapreneurship/Corporate entrepreneurship |
Working in a small team in pursuit of an innovative product or service |
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Social enterprise |
Runs using business models, with competitive pay and commercial strategies to maximise profits that are then used for social aim (core mission to improve society) |
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Innovation |
Brining new ideas to the market either an invention, new goods and services or new channels of sales distribution |
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Not for profit |
Does not earn profit for owners, directors or shareholders. Money earned is used for running costs and achieving objectives |
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SME |
micro, small or medium sized enterprise |
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Enterprise |
A project or undertaking, typically one that is difficult or requires effort A business or company |
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Seven sources of opportunity |
1. The unexpected 2. The incongruity (discrepancy between what is and what ought to be) 3. The inadequacy in underlying processes 4. The change in industry or market structure 5. Demographic change 6. Changes in perception, mood and meaning 7. New knowledge |
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Four sources of business ideas |
PESTLE analysis SWOT analysis Continuous improvement Open source innovation |
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SWOT Analysis |
Identifies internal strengths and weaknesses and external opportunities and threats |
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PESTLE analysis |
Assess the external(macroeconomic) forces acting on all markets |
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Open source innovation |
Promotes the sharing of innovative ideas and technologies between organisations |
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Internal processes |
To identify new business ideas, suggestion schemes from staff are encouraged |
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Continuous improvement |
Process that aims to improve all areas of a business- from production methods to sales methods |
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Two key structures for an enterprise |
Legal and Internal |
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Hierarchical Structure |
Different levels of management with each level reporting to a higher level with the CEO at the top (unresponsive to change) |
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Flatter structure |
Removes middle management increasing responsibilities of wokers(highly responsive to change) |
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Matrix management |
Combines functions and management |
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Stakeholder |
A person with an interest or concern with something usually in business |
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Business model |
Describes the way a company operates to make sales and profit |
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B2B |
Business to business |
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B2C |
Business to customer |
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C2C |
Customer to customer |
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Affiliate model |
Earning of commission through resell of items on behalf of other retailers |
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Freemium model |
Offers free basic product with the opportunity to pay for upgraded version |
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Auction model |
Auction where an item is for sale with several bidders |
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Subscription model |
A regular or upfront fee is paid for access to the product |
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Bait and hook model |
Two or more products are tied together, a low cost product with needed repeat purchases (such as refills) |
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Franchising |
The right granted by a company to an individual or group to market it's products or services |
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Direct sales model |
Is the action of marketing and selling products directly to consumers in a non retail environment |
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Seven steps to commercialisation |
1. Idea generation(preparation, incubation, illumination, verification) 2. Idea screening(feasibility discussed) 3. Product analysis(cost and saleability reviewed) 4. Development and testing 5. Product and marketing mix development 6. Live testing(released to small market) 7. Commercialisation(rolled out to desired market) |
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Seven sources of waste |
1. Defects 2. Overproduction 3. Waiting(ineffective use of time) 4. Transporting(reduce movement within process) 5. Movement( improve layout to reduce movement of people) 6. Innapropiate processing(do what is required nothing more) 7. Inventory (produce just in time methods to reduce storage time) |
