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78 Cards in this Set
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Reference to progressive process of involving human conditions by eliminating or reducing poverty unemployment, desease illiteracy injustice and exploitation |
Economic Development |
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Is key concept off entrepreneurship which means creating something new with greater value |
Innovation |
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Process of developing and commercializing an innovation |
Product evaluation process |
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5 Product evaluation process (RIIDI) |
1 recognizing social need 2 initiation of technological innovation 3 iterative synthesis leading to invention 4 development phase 5 industrial phase |
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The intersection of knowledge and social need that starts the product development phase |
Iterative synthesis |
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3 degree of uniqueness or level of innovation |
1 ordinary innovation 2 technological innovation 3 breakthrough innovation |
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New products with little technological change |
Ordinary innovation |
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New products with significant technological advancement |
Technological innovation |
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New products with some technological change |
Breakthrough innovation |
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Innovation evolves into and develops toward commercialization through one of three mechanisms. What are the 3 |
Government as an innovator Intrapreneurship Entrepreneurship |
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Commercializing the technology in the laboratorirs into new products |
Technology transfer |
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Entrepreneurship and technological change. UNDER entrepreneur 4 |
Emerging customer segments New customer needs Unsatisfied existing needs New methods of manufacture and distribution |
ENUN |
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Under 4 entrepreneur and technological change |
Technological change |
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Under technological change |
Higher productivity and economic growth |
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8 Contributions of entrepreneurship to economic development |
Promotes capital formation Creates large-scale of employment opportunity Balanced regional development GDP and Per capita income Wealth creation and distribution Improvement of standard of living Exports Community development
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PCBGWEC |
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Entrepreneurs invest their own resources and attract capital (in the form of equity, etc) from investors, lenders and the public. This mobilizes public wealth and allows people to benefit from the success of entrepreneurs and growing businesses. |
Promotes capital formation |
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Entrepreneurs ate by nature and definition job creators, as opposed to job seekers. The simple translation is that when you become an entrepreneur, there is one less job seeker ib yhe economy, and the you provide employment for multiple other job seekers. This kind of job creation by new and existing businesses is again is one of the basic goals of economic development. |
Creates large-scale of employment opportunity |
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Entrepreneurs setting up new businesses and industrial units help with regional development by location in less developed and backward areas. |
Balanced regional development |
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Each new addition to these 36 million units makes her if even more resources like land, labor and capital to develop products and services that add to the national income, national product and per capita income of the country.
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GDP and Per capita income |
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It stimulates re-distribution of wealth and income in the interest of the country to more people and geographic areas, this giving benefits to larger section of Society. |
Wealth creation and distribution |
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Entrepreneurs play a vital role of improving standard of living of the people by adopting to latest trend of innovation. |
Improvement of standard of living |
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Any growing business will eventually want to get started with exports to expand their business to foreign markets. This is an important ingredient if economic development since it provides access to bigger markets, and leads to currency inflows abd access to the latest cutting edge technologies and processes being used in more developed foreign markets. |
Exports |
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requires infrastructure for education and training, health care, and other public services. |
Community development |
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4 sources of ideas for entrepreneurial ventures |
From the product From the process From the person Fron relationship |
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Under from the product |
Differentiated products Annoyance-driven innovation |
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New products or services are offered in the market that are different from those currently inn the market |
Differentiated products |
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Entrepreneurs introduce new products because of the dissatisfaction of the costumer with those available products in the market |
Annoyance-driven innovation |
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Under from the process |
Change in production and distribution |
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Under fron the person |
Linking of individual interests, skills and hobbies and entrepreneurial journey Prior employment |
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Fron relationship |
Family, friends and classmates can be source of ideas |
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Generating business ideas through logical thinking. 4 ideas (SMSD) |
Statistical analysis Market analysis SWOT Analysis Delphi technique |
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Refers to the systematic and rational way of providing answer to a question. |
Logical thinking |
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Systematic analysis of data generated from a survey of individual |
Statistical analysis |
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Undertaken to know the factors affecting the demand of the product |
Market analysis |
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Undertaken to describe the state of competition within an industry. |
SWOT analysis |
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Systematic of generating ideas from a selected group of individuals using various rounds of consultation oy sessions. |
Delphi technique |
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Generating business ideas through creative thinking. 4 (BPFC) |
Brainstorming Problem inventory method Free association method Checklist method
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Puts an emphasis on the role of imagination and inspiration |
Creative thinking |
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Refers to an unstructured discussion of a group to elicit ideas |
Brainstorming |
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Participants are directed to identify all the possible problems encountered with a specific product or service |
Problem inventory method |
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Eliciting unconscious thoughts of individuals by expressing their thoughts associated with words and ideas given by the facilitator |
Free association method |
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Another creative way of obtaining business ideas from target participants by listing all possibilities that ideas can be connected, reprocessed, and associated with. |
Checklist methods |
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SCAMPER method by Bob Eberle |
Substitute Combine Adapt Magnify Put to other use Eliminate Rearrange |
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Generating ideas through trends in business environment. 3 (PSE) |
Porter's five forces of competition SWOT analysis Environment scanning |
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Help you test which alternative works better, trial and error process |
Substitute |
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One idea and the others works together |
Combine |
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Idea that worked to solve one problem, could also be used to solve a different problem |
Adapt |
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Modify an aspect of a situation by magnify or modifying it and see whether it gives you a new insight or whether gives new value. |
Magnify |
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It's about putting an existing idea or concept to another use I. E. Using it differently than it was originally intended to |
Put to other use |
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Eliminating or simplifying process or idea to get to improve it, also to identify it's most significant aspect |
Eliminate |
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Reverse the orientation or direction of a process, do things the other way around, completely against its original purpose |
Rearrange |
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Porter's five forces of competition |
The bargaining power of suppliers The bargaining power of buyers The threat of new entrants The threat of substitute products Competitive rivalry |
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SWOT Analysis |
Strengths Weaknesses Opprtunity Threats |
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5 environment scanning |
Political changes Economic changes Socio-economic changes Technological changes Environmental changes |
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4 factors that influence creativity |
Problem solving factor Motivational factors Situational factors Organizational factors |
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Internal factors 2 |
Problem solving factors Motivational factors |
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2 external factors |
Situational factors Organizational factors |
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Creative person is someone who wants to provide an answer to a problem |
Problem solving factor |
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Creative person's are highly motivated person; they are willing to do something to address problen/dissatisfactionand willing to take risks despite of adversaries/threats |
Motivational factors |
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Creativity of the person is manifested when they are confronted with concrete situations. He/she is an action person since he knows how to implement his/her plan |
Situational factors |
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Sets of external factors that can enhance creativity. A creative person |
Organizational factors |
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Management support; risks taking incentives; flexible roles degrees of freedom and positive evaluation. Thrives in an environment that is nurturing and not threatening |
External factors |
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Created creative problem solving |
Alex Osborn & Dr. Sidney J. Parnes |
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Is a procedure of answering a problem with mechanisms and techniques incorporating creativity |
Creative problem solving |
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2 types Creative problem solving |
Divergent phase (d phase) Convergent phase (c phase) |
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Extensive search for multiple alternatives |
Divergent phase |
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Involves the evaluation and selection of the best alternatives |
Convergent phase |
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6 stages of cps |
Objective finding Fact finding Problem finding Idea finding Solution finding Acceptance finding |
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Exploring a Problem 3 (OFP) |
Objective finding Fact finding Problem finding |
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Ideas 1 |
Idea finding |
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Preparation for an Action |
Solution finding Acceptance finding |
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Setting the objective, pinpointing a challenge or goal and delineating your preferred output |
Objective finding |
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Collecting information pertaining to the problem and associated data is essential for comprehending the problem. List key details |
Fact finding |
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Determining the possible that may come about and possible opportunities that are present inside of it, hitting the actual problem. |
Problem finding |
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Investigating, brainstorming and determining as possible/probable solutions |
Idea finding |
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Assessing and evaluating the possible solution whether they meet specification for success and can be executed |
Solution finding |
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Planning on the steps for action by clearly describing responsibilities and determining the best method to utilize available resources |
Acceptance finding |
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Entrepreneurial process 5
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Discovery Development of concept Organizing resources Implementation Reaping the returns
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DDOIR |
