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38 Cards in this Set
- Front
- Back
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How is entrepreneurship defined in this course? |
The creation, discovery and exploitation of value-adding opportunities
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What is the valley of death? |
Between having a good idea and bringing it to the market successfully, is the valley of death. It's about extracting value! |
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What is the difference between learning for and learning about entrepreneurship? |
Learning for entrepreneurship basically means teaching students how to be better entrepreneurs. Learning about entrepreneurship means teaching about the determinants of entrepreneurial success. LECTURES |
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What types of entrepreneurs are there? (11) |
- novice entrepreneur - serial entrepreneur - portfolio entrepreneur - gazelle entrepreneur - lifestyle entrepreneur - nascent entrepreneur - corporate entrepreneur - social entrepreneur - academic entrepreneur - criminal entrepreneur - former entrepreneur
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What is entrepreneurial motivation? |
Entrepreneurial motivation can be either opportunity (pull) driven or necessity(push) driven. Can also be a combination. |
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What are the risks of start-ups? (4) |
- Losing your money - Losing your work/time - Losing your reputation - Losing other people's goodwill |
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How can an innovation/investment be protected? (4) |
- Registrable formal legal rights (e.g. patents, trademarks) - Non-registrable formal legal rights (e.g. confidentiality clausule) - Informal protection rights (e.g. high trust relationships with stakeholders, lead time advantage, secrecy) - No protective actions |
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What do you need to start a business? (7) |
- A good idea - ideas on capital needs - a good business plan - tangible resources - intangible resources - bootstrapping - good fortune |
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Why do you need a business plan? |
To build trust with a written reflection of your mind. |
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What are tangible resources? (3) |
- financial resources - organizational resources - physical resources |
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What are intangible resources? (4) |
- human capital - social networks - intellectual property - reputation |
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What is bootstrapping? |
Creative means to overcome resource constraints when entrepreneurs launch and grow their venture. |
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What kind of modes does bootstrapping entail? (3) |
- internal mode - social mode - quasi -market mode |
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What kind of methods of bootstrapping are there? (5) Examples? |
- owner related e.g. credit card withdrawals - customer related e.g. cease relation late payers - payment related e.g. speed up invoices
- joint utilization e.g. borrow equipment
- subsidy finance e.g. subsidy from local/regional and national support |
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Who are the F-F-F? |
- Friends - Fools - Family |
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What are business angels? |
Person that gives you money in exchange for equity, is often involved on a personal basis and gets involved with the firm. |
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What are venture capitalists? |
Person or instance that gives you money in exchange for equity. |
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What is the difference between business angels and venture capitalists? (3) |
They are much alike, except that business angel: - closer related to the company - more committed - more patient |
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What is non-financial organization that could provide funding? |
A university |
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Why would a non-financial organization invest in startups? |
It is very rare, though sometimes universities could benefit from spinoffs. Mendeley would have been a great university related opportunity for funding |
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What is the conclusion of the F-F-F model? |
The financing instruments are closely related to the firm. |
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What are the entrepreneurial competences? (9) (6) (1) |
- Risk taking propensity - Independence - Need for achievement - Goals setting - Drive - Internal locus of control - Egoistic passion - Tolerance for ambiguity - Self - efficacy
- Perseverance - Empathy - Patience - Social commitment - Imagination - Team spirit
- Immunity to stress |
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What is a role model? |
A person who may be takes as an example or copied. Someone who appeals to you when starting your own firm. |
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What is the effect of role models? Example? |
Role models affect entrepreneurial intentions by changing attitudes and beliefs. e.g. Self-confidence: If he can do it, I can do it. |
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What is the most important positive variable of role models? |
A comfortable lifestyle as a result of their business |
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What is the most important negative variable of role models? |
Working long hours in the business they own |
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What is a family business? (2) |
- at least 50% of equity is owned by members of the family - the managing director thinks that the firm is a family firm |
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What is the most famous family business? |
Corleone family |
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What was the thing Masurel liked about the Corleone family in this context? |
The business expanded when the father (and founder) died. --> Founder's shadow |
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Why is profitability a bad way to measure? |
Profitability can be influenced by many factors as taxes and owners' salary |
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Why are assets a bad way to measure in this context? |
Assets don't say a lot about entrepreneurial competences according to Masurel and existing literature |
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What would be a better way to measure? (2) |
- sales - employment |
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What were the effects found on growth rate by molly et al? |
First succession decreases. Thereafter no effect |
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What were the effects found on debt rate by molly et al? |
First succession decreases. Second succession increases |
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What is meant with the founders' shadow? |
That even though the founder has passed his business to his successor he still has influence on the business |
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What is the best research setting when focusing on growth? (2) |
- sales - employment |
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What is the best research setting when focusing on performance? |
Labor productivity |
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What are the advantages of financial bootstrapping?
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- efficient use of resources
- overcoming information assymetries - discipline to resource use - enabling work delivery |
