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50 Cards in this Set
- Front
- Back
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1.1 describe entrepreneurship, corporate entre.., and the characteristics of entry... firms. |
entre= means to take on the risk, description: process by which individuals pursue opportunities without regard to resources they currently control for the purpose of exploiting future goods and services. corporate entre..: established firms with an orientation toward acting entrepreneurially. entre.. firms: take risk. proactive innovators. |
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1.2 discuss three main reasons people decide to become entrepreneurs |
be their own boss. pursue their own ideas. pursue financial rewards. this one often fails to live up to the hype. |
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1.3 identify four main characteristics of successful entrepreneurs. just say the four characteristics. will build off of them next |
1. Passion for business 2. Product/customer focus 3. tenacity despite failure 4. execution intelligence. |
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1.3 GO OVER THE 5 PRIMARY REASONS PASSION IS IMPORTANT |
1.3 GO OVER THE 5 PRIMARY REASONS PASSION IS IMPORTANT |
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1.4 Explain the 5 myths of entrepreneurship. briefly explain |
1. entrepreneurs are born not made 2. entre... are gamblers 3. entre.. are motivated primarily by money 4. entre... should be young and energetic 5. entre.. love the spotlight |
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1.5 describe the three types of start-up firms |
salary substitute firms: firms that basically provide their owner or owners a similar level of income to what they would be able to earn in a conventional job. lifestyle firms: firms that provide owners the opportunity to pursue a particular lifestyle, and make a living off of it. entrepreneurial firms: bring new products and services to the market, seize opportunity regardless of resources they control. |
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1.6 discuss the changing demographics of entrepreneurs in the US |
minority and women entrepreneurs are increasing in the workplace. still not indicative of the actual percentage of each tho. senior entrepreneurs are increasing too lemonade day! more than 200,000 kids now take part in it. |
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1.7 discuss the positive effects of entrepreneurship and enter. firms on economies and societies. |
innovation: is the process of creating something new. |
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1.8 explain the entrepreneurial process |
step 1: deciding to become an entrepreneur 2: developing successful business ideas 3: moving from an idea to an entrepreneurial firm 4: Managing and growing the entrepreneurial firm |
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2.1 Explain the difference between opportunities and ideas what are the four things needed for an idea to become an opportunity? |
opportunity: favourable set of circumstances that creates a new product, service or business. Idea: is a thought, impression or notion. may or may not meet the criteria of an opportunity. Opportunity = Attractive, Timely, Durable, Anchored in a product that adds value. |
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2.2 describe the three general approaches entre.. use to identify opportunities |
1. observing trends 2. solving a problem 3. finding gaps in the marketplace. |
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2.2 this is a summary of the relationship between the environmental factors and identifying opportunity gaps. There are two "forces", an advancement and a change, that feed into Blank |
economic forces social forces technological advantages political and regulatory changes which feed into: business product or service opportunity gap. aka the difference between whats available and whats possible |
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2.2 give a couple examples of: economic forces social forces technological advancements political changes |
EF: strong economy more disposable income. more chance for start up to succeed. weak economy means start ups that will let you save succeed. baby boomers more money SF: aging population, increasing diversity in workplace growth mobile devices TA: wearable technology, effect on health and welfare. PA: Obamacare, drone start-ups |
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2.2 name the big problems that are mentioned in the book that entrepreneurs can solve. name some gaps in the marketplace that entrepreneurs have solved. |
fossil fuels students can't connect to an online tutor no fitness centre that are open for 24 hours too few women in engineering too few clothing stores for hard to fit people. |
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2.3 discuss the personal characteristics of entrepreneurs that contribute to their ability to recognize business opportunities. theirs four |
prior experience cognitive factors social networks creativity |
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what is the 5 step process for generating creative ideas? |
preparation incubation insight evaluation elaboration |
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2.4 what are the three main ways entrepreneurs create ideas? |
brainstorming focus group library and other resources |
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2.5 define mentor |
someone who is more experienced than you who is willing to be your counselor. |
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3.1 all about feasibility analysis. what are the four "feasibility" factors that make up the feasibility analysis model. |
3.1 product service feas industry target market feas organizational feas financial feas |
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3.2 what is product service feasibility analysis |
an assessment of the overall appeal of the product or service being proposed. |
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3.2 whats a concept test |
showing a preliminary description of a product or service. |
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3.2 what are three broad ways to see if their is a demand for your product or service |
1. talking face to face with potential customers 2. utilizing online tools 3. library internet and gumshoe research. |
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3.3 describe an industry/market feasibility analysis and explain its purpose |
industry market feasibility analysis is an assessment of the overall appeal of the industry and the target market for the product or service being proposed. |
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3.3 name three characteristics of attractive industries |
industry is young are early rather than late in their life cycle fragmented rather than concentrated |
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3.3 most successful startups either introduce a new BLANK into an existing BLANK or introduce a new BLANK to an existing BLANK |
product market market product |
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3.4 explain what an organizational feasibility analysis is |
OFA: is conducted to determine whether a proposed business has sufficient management expertise, organizational competence, and resources to successfully launch. |
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3.5 explain what a financial feasibility analysis is |
its the final component of a comprehensive feasibility analysis. preliminary financial analysis is usually sufficient. |
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go over 3.6 |
go over 3.6 |
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4.1 describe business models and discuss their importance |
BM: its plan or recipe for how it creates, delivers and captures value for its stakeholders. business model represents its core aspects of its business. |
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4.2 what is churn? |
churn = number of subscribers that a subscription-based business model loses. |
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4.2 name 7 out of the 11 different types of business models |
advertising business model auction business model bricks and clicks business model franchise BM freemium BM Low-cost BM Manufacturer/retailer BM Peer to peer BM Razor and blades BM Subscription BM Traditional retailer BM |
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4.2 what are disruptive BM's |
ones that don't fit in the standard BM, and are impactful enough that they disrupt or change the way business is conducted in that industry. |
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4.2 describe new market disruption, and low-end market disruption |
new market disruption addresses a market that previously wasn't served. example being google Low end market disruption: "performance oversupply" escentially this happens when big companies over produce/make products too good for consumers. low end entre- enter this market with the basics. |
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4.3 what are the four main components of the Barringer/Ireland business model? |
Core Strategy Resources Financials |
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4.3 describe core strategy, and the four components of it. a sentence on each component. |
core strategy: describes how the firm plans to compete relative to its competitors The four components: Business mission, basics of differentiation, target market, product market scope. BM: why the compony exists and what its business model is trying to accomplish. aka overview. BofD: what causes consumers to pick one company's product over another. make points on benefits rather than features. TM: a place within a larger market segment that represents a narrower group of customers with similar interests. PM: defines the products and markets on which it will concentrate. start narrow and pursue adjacent products as finance is more secure. |
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4.3 define resources, and its two components. A sentence on each |
resources: the inputs a firm uses to produce, sell, distributed and service a product or service. first portion: core competency. a specific factor or capability that supports a firms BM and sets it apart from its rivals. Tech know-how, efficient process, trusting relationship with customers, expert product design. Key assets: assets that a firm owns the enables its BM to work. |
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4.3 define financials, and the three components. sentence on each |
financials: describes how it will make money. Revenue streams: some businesses have one revenue stream others have multiple. cost structure: describes the important costs that supports its business model. This is where a company is defined as cost driven or value driven. fixed cost/variable cost driven. financing/funding: start ups need initial funding to get off the ground. |
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4.3 under revenue streams, what are 5 of the 9 different types of revenue streams. |
advertising commissions download fee licensing matchmaking product sale renting/leasing service sale subscription service |
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4.3 define operations, and the 3 components of it. what are the 5 types of business partners? |
Operations: integral to the overall success of the business model and are the heartbeat of the firm. primarily: product, production, channels, key partners. Product: how product is produced. channels: how it delivers its product or service to its customers. sell direct, through intermediaries, etc. Key partners: supplier is key. 5 types: Joint venture, network, consortia, strategic alliance, trade associations. |
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5.1 explain the purpose of an industry analysis. |
to determine if the industry is accessible. |
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5.1 when studying industry trends, what are the two big ones to study? |
environmental trends and business trends. |
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5.1 what are the three T's that are important for becoming active in an industry? |
trade associations, trade shows, trade journals. |
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identify and discuss Porters 5 forces |
Threat of suppliers threat of buyers threat of substitues new entrants rivalry among existing firms |
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describe what a barrier of entry is, and discuss a couple that were mentioned. |
BofE is a condition that creates a disincentive for a new firm to enter an industry. Examples: Economies of scale Product differentiation Capital requirements cost advantages independent of size distribution channels government barriers. |
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what are the four subcategories within rivalry among existing firms? |
number and balance of competitors degree of difference between products growth rate of an industry level of fixed costs. |
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within bargaining power of suppliers explain the sub categories |
supplier concentration switching costs attractiveness of substitutes threat of forward integration |
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what are the four subcategories within bargaining power of buyers? |
buyer group concentration buyer's costs degree of standardization of suppliers products threat of backward integration |
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5.4 identify the 5 primary industry types, and the opportunities that they offer. |
emerging industry; new industry in which standard operating procedures have yet to be developed. fragmented industry: large number of firms of approximately equal size. mature industry: slow or no increase in demand. declining industry: an industry that is experiencing a decline in demand. global industry: significant international sales. |
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5.4 within decline industry; what are the three strategies? within global industries, what are the two strategies? |
leadership strategy niche strategy cost reduction strategy multi domestic industry = compete for market share on country by country basis. global industry = use same basic strategy for all foreign markets. |
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5.5 explain direct, indirect, and future competitors |
direct: businesses that offer products or services that are identical or highly similar to those of the firm. indirect: offer close substitutes to the product the firm completing the analysis sells. future: not yet competitors but could've in at any time. |
