Ba 260 Midterm I

Front 1

Whats the standard definition of Entrepreneurship?

Back 1

there is not one, A person who creates a NEW business and accepts the RISKS & Awards

Front 2

3 Personality types of Entre.

Back 2

Grade A personality, adventurous, and a risk taker

Front 3

Whats a entre. outlook on risk?

Back 3

they are moderate risk takers

Front 4

95% of all new business _____ and ________ within 5 yrs

Back 4

fail, 75

Front 5

The two main words to the definition of entre.

Back 5

RISK and NEW

Front 6

Entreneurship definition

Back 6

THE PROCESS OF creating a new business and accepts the risks and awards

Front 7

4 kinds of rewards? PRIM

Back 7

Pride, Recognition, Independence, and money

Front 8

2 places that entre. find opportunities? whats the difference?

Back 8

Behavioral Opportunities have to be created by the entre. and Demand opportunities are out there waiting to be discovered by "well placed individuals"

Front 9

whats the theory of causation and effectuation?

Back 9

Causation is you can predict future and then get resources, effectuation is you take current resources and create the future

Front 10

3 skills and examples?

Back 10

Technical skills- how to use technology, Business Mngmnt Skills- dealing with people, hire and fire, and Personal entre skills- personal selling, charasmatic

Front 11

Women start new businesses at

Back 11

twice the rate of men

Front 12

Whats the history of corporations?

Back 12

they used to be created for public unity and good, to get something done in a community that couldn't do it, today it is different

Front 13

At what point did corporations become ubiquitous and the gov't lose control with them?

Back 13

the Industrial Rev

Front 14

Whats medicognition

Back 14

thinking about thinking

Front 15

Whats austrian economics?

Back 15

opportunities come from ether, their independent and discovered by well positioned people

Front 16

another word for demand opportunities

Back 16

austrian economics

Front 17

Difference between an inventor and an entre

Back 17

Inventor sees the invention as a personal love and wont change it, the entrepreneur falls in love with the business

Front 18

Sources for new idea's TCDFY

Back 18

Trends, consumers, distribution channels federal government, and yourself

Front 19

Examples of trends?

Back 19

social networking, green, organic

Front 20

Examples of Distribution channels

Back 20

The way the product goes from manufacturer to customer

Front 21

After using an attribute list and finding a product, what is the next step to deciding on a business?

Back 21

List Pluses and Minuses and interesting, like the Yellow cars

Front 22

How can we use the idea of More at bats= better averages with entre?

Back 22

the more try's the better, aim for an ordinary innovation

Front 23

Whats the 6 steps to Product planning and Development process? EICPTP

Back 23

Establish evaluation criteria, Idea stage, concept stage, product development stage, test marketing, product lifecycle?

Front 24

Whats the idea stage/

Back 24

many ideas are considered which looks best

Front 25

Concept stage?

Back 25

list of attributes, not 3D, show to customers

Front 26

Product development stage?

Back 26

3d Prototype, send to customer

Front 27

Test marketing

Back 27

actual sales

Front 28

What are the three stages to product lifestyle?

Back 28

Growth, Maturity, and decline

Front 29

What is market research?

Back 29

a systematic and systemic routine for collecting and analyzing your customers and competitors

Front 30

What method is used to analize you or your competotors?

Back 30

SWOT strength weakness vs, opportunity and threat

Front 31

3 types of patents?

Back 31

Utility, design, and plant

Front 32

A legally binding document?

Back 32

contract

Front 33

2 offers contracts?

Back 33

verbal or written

Front 34

At what point does the contract need to be in writing

Back 34

greater than 500$

Front 35

What is a consideration contract?

Back 35

where something of value for both parties is considered

Front 36

The parties involved in a contract must be compitent and are given the right to negociate?

Back 36

true

Front 37

Formal and systematic formulation of long term plans for managing environmental contingencies?

Back 37

strategic plannin

Front 38

The set of decisions, actions and reactions that first generate and then exploit over time a new entry

Back 38

entrepreneur strategy

Front 39

Difference between Resource based view and industrial organization

Back 39

resource- the companies performance is based on internal factors, idustrial- the companies performance is based on external

Front 40

3 resources for RBV

Back 40

rare, inimitable(nonsubsitutable) valuable

Front 41

when talking about the window of opportunity, 2 mistakes

Back 41

Omission- fail to act when window is open, commission- acted with no window

Front 42

First mover=. 3 advantages

Back 42

Pioneer, lead time, set industry standard, secured distribution channels

Front 43

Rule about pioneer and late movers?

Back 43

The advantage of the pioneer is the disadvantage to the later

Front 44

3 disadvantages to pioneer

Back 44

risks, technological uncertainty, Window of opportunity.

Front 45

De facto vs de jure standard?

Back 45

Industry standard, vs law

Front 46

Trademarks and copy rights are good

Back 46

as long as they are in use

Front 47

4 ways to extend lead time?

Back 47

customer loyalty, switching cost to customer, protect uniqueness, supply access

Front 48

2risk reducing strategies

Back 48

Market scope= narrow vs. broad, Imitation strategy

Front 49

how long are plant and utility patents good for??

Back 49

20 yrs

Front 50

How long are design patents good for?

Back 50

14 yrs

Front 51

3 types of operations? which has most personal risk?

Back 51

PROPRIetorship, partnership, corp

Front 52

Who should prepare the business plan?

Back 52

The entrepreneur

Front 53

When is the executive summary written?

Back 53

after the business plan

Front 54

How long is executive summary?

Back 54

2-3 pages

Front 55

where would competitor analysis, market segmentation, and market forcast go ?

Back 55

industry analys

Front 56

Description of the venture?

Back 56

very detailed description

Front 57

wheres mission product, location personnel equipment and history go?

Back 57

Description of the venture

Front 58

operational plan?

Back 58

describes flow of good

Front 59

recommendation letters, leases, resumes?

Back 59

Appendix

Front 60

two kinds of partnerships?

Back 60

Limited- the partner is only responsible for his share, and general, everyone is limited equally

Front 61

two kinds of corporations?

Back 61

regular- Buy/sell stock, S- can only sell stock limited to 75 holders

Front 62

LLC advantages 2

Back 62

most states don't tax LLC and shared income

Front 63

2 managing newness examples, describe

Back 63

Core capabilities and core rigidity, The capability is how you solve a problem. business get in trouble when they only stick to one capability, it becomes a rigidity

Front 64

what are my core rigidites and capabilities?

Back 64

right now I have none

Front 65

Whats nature vs. Nurture?

Back 65

deals with a persons personal abilities vs their personal experiences

Front 66

2 types of knowledge?

Back 66

Codified- written down, and tacit- something that must come natural, can't be taught

Front 67

A situation in which a person can exploit a NEW business idea that has potential to generate a PROFIT

Back 67

Entrepreneurial Opportunity

Front 68

whats the triple bottome line?

Back 68

social, environmental, or financial

Front 69

A conflict between mngmnt and owners?

Back 69

Agency problems

Front 70

Taking out a loan is

Back 70

debt financing

Front 71

your losing company stakes when you

Back 71

equity finance

Front 72

transferability?

Back 72

ease at which the business is transferred