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16 Cards in this Set
- Front
- Back
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2 Ways entrepreneurs come up with ideas for new ventures
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- Idea Driven
- Market Driven |
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10 Characteristics Entrepreneurs Posess
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- Flexibility
- Persistent - Goal Setting - Self-Confidence - Risk Taker - Perceptive - Curious - Imaginative - Independent - Hard Working |
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What is the difference between inventions and innovations?
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Inventions are brand new ideas and innovations are improvements to a previous invention
E.g. ORIGINAL TELEPHONE -> Rotary Dial -> Touch tone -> portable phone -> Cell phone |
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Why a new venture must know what customers need and want?
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So they will know...
- Whether or not the product/ service will be successful - Don't waste time or money - So that the needs/ wants of the customers are met |
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Examples of how a venture has paid attention to its customers
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- Change options to meet customer tastes
- Giving opportunities for consumer feedback - To increase convenience or improve other areas Tim Hortons --> Roll Up the Rim |
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The purpose of "What if" questions
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- To help generate ideas
- To help innovate the product - See what can and can not work |
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What is a business plan?
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An outline for a business that helps understand how to go form an idea to an actual business
Includes: - Finances - Ideas - Marketing Plan - Distribution Strategy |
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Who needs a business plan?
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All entrepreneurs need a business plan
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What is the criteria for evaluating a venture?
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- Feasibility
- Marketability - Profitability |
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The four functions of management?
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- Planning
- Directing/ Leading - Organizing - Controlling |
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3 Skills entrepreneurs need?
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- Research
- Management - Relationship |
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Venture capitalists
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Business people who invest their money in other people's ideas or businesses
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Franchise Agreement
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An arrangement for one business to license the rights to its name and procedures to another person
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Licensing
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When the inventor allows another business to use his/her invention for a fee
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Copyright
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Protects literary works and gives exclusive right to publish, produce, sell, or distribute literature, music, software, or art.
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Product Mapping
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Allows Entrepreneur to visualize all the products on services that are available in a particular segment and group them by specific feature.
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