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56 Cards in this Set
- Front
- Back
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What is the role of entrepreneurship according to the definition of the OECD? |
Entrepreneurship is considered key to economic performance, in particular with respect to innovative change, playing an important structural and dynamic role in all economies. |
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How does Joseph Schumpeter define Entrepreneurship? |
Entrepreneurship is about new factor combinations leading to new products, production methods or new markets. It is about creative destruction. |
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How can the term "Entrepreneur" be defined according to Dorf & Byers? |
Entrepreneurs identify opportunities, mobilize resources, execute on their vision and manage risks.
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What is the focus of entrepreneurship according to Dorf & Byers? |
Entrepreneurship is focused on the creation of a new enterprise that serves society and makes a positive change |
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Give a definition of the term "technology entrepreneurship". |
is about the creation of a new business enterprise that generates benefits (wealth, jobs, value, progress) to participating parties by creating unique, new arrangements of resources, including technology to meet the needs of customers and the society. |
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What are the character traits of entrepreneurs according to William B. Gartner? |
- Will to Perform - Internal Locus of Control - Risk Tolerance |
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Please name the eight skills of entrepreneurship. |
- Initiate & operate a purposeful enterprise - Operate within the context - Identify timely opportunities - Manage knowledge & technology - Mobilize resources - Assess & mitigate risks - Be innovative - Enable & encourage a collective team |
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What are the motivations for entrepreneurs? |
-Autonomy -Financial Success - Self-realization - Innovation - Role |
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Give a definition of the term "business opportunity". |
Opportunities are situations, where products or services can be introduced and sold at a higher price as their production costs. |
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Describe the different phases of "the opportunity process". |
Opportunity: Economic Imbalance, Information Asymmetry Recognition: Cognitive act, Vision Evaluate: Challenge the vision, First validation Exploit: Market solution, Organization |
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Name the components of the system model. |
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Please describe what is meant by the innovator's dilemma. |
The best firms succeeded, because they listened responsively to their customers and invested aggressively to address their customers' next-generation needs. Paradoxically, when the best firms subsequently failed, it was for the same reasons. |
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Name the components of the Value Proposition Canvas. |
Costumer needs: Costumer jobs, Pains, Gains Value Propositions: Products & Services, Gain creator, Pain relievers
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What are the seven sources for innovative opportunity according to Peter Drucker? |
- The unexpected - Incongruities - Process Need - Industry and Market structures - Demographics - Changes in perception - New knowledge |
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Give a definition of the term technology profile. |
A technology profile is a visualization of key facts, characteristics and data associated with a specific application of a given technology. |
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Explain the application areas of technology profiles. |
The profile can be used as comparison to competitive technologies and is the basis for a technology push driven value proposition and a successful market positioning. |
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Describe what is meant by the term "vision". |
The vision articulates a picture of the future and defines the direction for the project. |
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Please give a definition of the term "marketing". |
Marketing is the management process of identifying customers and communicating the value of a product or service to them, for the purpose of selling it. |
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Give a definition of the term "value proposition". |
A value proposition is a promise of value to be delivered by the firm to a customer |
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Please name the five different dimensions of value. |
- Product - Price - Access - Service - Experience |
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Please name different methods and databases to determine the market potential. |
- analogies - speculative sale method (e.g., Fake landing pages, A/B Testing) - Chain Ratio Method - Industry Reports -- Lexis/Nexis -- statista -- Federal Statistical Office -- European Commission |
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Name and describe the three phases of the "Strategic Marketing Process (STP)". |
Segmenting: - Define criteria for segmentation - Process market segmentation, - Describe all market segments Targeting: - Assess the attractiveness of the various market segments - Select target market segments Positioning: - Develop concepts for the positioning of a product / service - Selection, development and implementation of the chosen concept of positioning |
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Please give a definition of the term market segmentation. |
Market segmentation involves viewing a heterogeneous market as a number of smaller homogeneous markets, in response to differing preferences, attributable to the desires of consumers for more precise satisfaction of their varying wants. |
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Please name the different segments of the "Sinus Milieus". |
- Established Milieu - Traditional Bourgeois Milieu - Traditional working-class - Consumer materialistic milieu - Career oriented Milieu - Modern Bourgeois Milieu - Liberal Intellectual - Modern Employee Milieu - Hedonistic Milieu - Post-modern Milieu |
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What is a product platform? |
The collection of assets that are shared by a set of products. It includes components, processes, knowledge, people and relationships. |
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Name and describe the eras and phases which shape the change of a technological paradigm. |
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Give a definition of the term start-up according to Steve Blank. |
a startup is an organization formed to search for a profitable and scalable business model. |
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What is the difference between a startup and an established enterprise? |
Startup searches a business model (Goal and way unclear). Enterprise executes a business model (Goal clear, way most often also). |
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How is a start-up defined according to Eric Ries? |
A startup is a human institution designed to create a new product or service under conditions of extreme uncertainty. |
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What is meant by the term "lean start-up"? |
Lean Startup is a method, to systematically reduce the risk of projects with high uncertainty |
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Describe the four steps involved in the lean startup process. |
1. Plan project 2. See plan as hypotheses 3. Decrease risk systematically by testing hypotheses 4. Adapt plan (pfeil zu 2.) |
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Give a definition of the term "minimal viable product" (MVP) according to Eric Ries. |
The MVP is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort. |
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Name the five effectuation principles. |
- Bird-in-Hand Principle - Affordable Loss Principle - Crazy Quilt Principle - Lemonade Principle - Pilot-in-the-Plane Principle |
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Name the three basic requirements for a patent protection. |
- based on inventive activities - new - can be applied commercially |
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What is not an invention? Please give at least five examples. |
- Discoveries, theories, mathematical methods - Aesthetic creations (design) - Computer programs - Moral offenses (letter bombs) - Plant species |
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Please describe the patent process for KIT Employees. |
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Name and describe the four sources of funding. |
Loans: - borrowed from banks, suppliers, etc - Leasing and factoring Mezzanine: - Semi-Equity: Convertible Bonds - Semi-Loans: Shareholder-Loans - Silent partnership Grants: - Exist Stipendium - Junge Innovatoren Equity Capital: - Financing from founders, family - Business Angels - Venture Capitalists |
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What is the motivation of business angels for investing in startups? |
- Supporting young entrepreneurs - Contribute own professional experience - For fun - Potentially fruitful investment - To play a role in the entrepreneurial process - Support socially beneficial products |
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Name the investment criteria of business angels which are related to the characteristics of the entrepreneur. |
1. Trustworthiness of the entrepreneur 2. Enthusiasm of the entrepreneur 3. Achievement motivation 4. Ability to communicate the product 5. Frustration tolerance 6. self confidence 7. sympathie to the entrep. 8. conflict mangament skills of the entrep. |
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Name the investment criteria of business angels which are related to market and product. |
1. Product's sales potential 2. Growth potential of market 3. Product meets pledged properties 4. Unique feature of product 5. Market experience of entrepreneur |
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Name the investment criteria of business angels which are related to financial factors. |
1. Proportion of self-financing by entrepreneur 2. Anticipated financial rewards 3. Ability to reach break-even without further funding 4. Low overheads 5. Size of investment 6. low initial costs and test market |
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Illustrate the structure of the VC Business. |
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Name Europe's five top industries for VCs. |
- Energy and environment - Communications - Life sciences - Computer and consumer electronics - Other Consumer services |
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Name the different phases of the VC life cycle. |
1. Submit Business-Plan 2. First Evaluation 3. First Meeting 4. First Due Diligence 5. Further Meetings 6. Term-Sheet 7. Intense Due-Diligence 8. Documentation (Investment Contract, Statute of Association) 9. Reaching Milestones 10. Next Round or Exit |
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Please name five reasons why start-ups should have a business plan. |
1. Every business and major project needs a business plan. 2. It is a roadmap to navigate through a project's or businesses concrete environment. 3. Writing a business plan is an intensely focused activity. It requires honest thinking about your business concept. 4. You will find that your analysis results in more questions than answers. |
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What is the typical structure of a business plan? |
- Cover page and table of content - Executive summary - Business description - Business environment analysis - Industry background - Competitive analysis - Market analysis - Marketing plan - Operations plan - Management team - Financial plan - Attachments and milestones |
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Please outline the structure of the EXIST Start-up Grant Application. |
1.Executive Summary 2. Business Idea 2.1. Startup History 2.2 Expertise 2.3. Innovation 2.4. Project Planning 3. Market/Competition 3.1. Market situation 3.2 USP & Value Prop. 3.3 Competitors 3.4. Market Entry 4. Operational Planning 4.1. Financial Planning 4.2. Firm Organization 4.3. Opportunities & Risks |
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What does an executive summary describe according to the EXIST recommendations? |
- The Problem & the solution - The management team - Industry and market environment - The competition - The Business Model |
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Please name the seven core variables of the McKinesey 7S framework. |
- Structure - Strategie - System - Style - Staff - Skills - Shared Values |
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What are the six principles of effective leadership? |
- Result orientation - Contribution to the whole - Focus on few things - Use strengths - Trust - Think positive |
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What are the five tasks of effective leadership? |
- Create goals - Organize - Decide - Monitor - Develop people |
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Please name the tools of effective leadership.
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- Meetings - Reports - Job Design - Personal working methodology - Budget - Performance assessment - "Waste disposal" |
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What are the challenges for energy start-ups? |
- Many business models depend on market design - Complex opinion building and decision processes - Higher financing needs - Higher difficulties in certification and authorization |
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Name the characteristics of radical innovations. |
- High level of novelty - Deep and complex changes within the company ->Great market opportunities ->High level of risk |
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NPV Vorteile |
- easy to calculate and interpret (absoulte value) |
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NPV Nachteile |
- interest rate is subjectiv - income is predicted (uncertainty) |
