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72 Cards in this Set
- Front
- Back
Whats the standard definition of Entrepreneurship?
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there is not one, A person who creates a NEW business and accepts the RISKS & Awards
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3 Personality types of Entre.
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Grade A personality, adventurous, and a risk taker
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Whats a entre. outlook on risk?
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they are moderate risk takers
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95% of all new business _____ and ________ within 5 yrs
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fail, 75
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The two main words to the definition of entre.
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RISK and NEW
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Entreneurship definition
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THE PROCESS OF creating a new business and accepts the risks and awards
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4 kinds of rewards? PRIM
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Pride, Recognition, Independence, and money
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2 places that entre. find opportunities? whats the difference?
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Behavioral Opportunities have to be created by the entre. and Demand opportunities are out there waiting to be discovered by "well placed individuals"
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whats the theory of causation and effectuation?
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Causation is you can predict future and then get resources, effectuation is you take current resources and create the future
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3 skills and examples?
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Technical skills- how to use technology, Business Mngmnt Skills- dealing with people, hire and fire, and Personal entre skills- personal selling, charasmatic
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Women start new businesses at
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twice the rate of men
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Whats the history of corporations?
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they used to be created for public unity and good, to get something done in a community that couldn't do it, today it is different
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At what point did corporations become ubiquitous and the gov't lose control with them?
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the Industrial Rev
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Whats medicognition
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thinking about thinking
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Whats austrian economics?
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opportunities come from ether, their independent and discovered by well positioned people
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another word for demand opportunities
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austrian economics
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Difference between an inventor and an entre
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Inventor sees the invention as a personal love and wont change it, the entrepreneur falls in love with the business
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Sources for new idea's TCDFY
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Trends, consumers, distribution channels federal government, and yourself
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Examples of trends?
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social networking, green, organic
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Examples of Distribution channels
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The way the product goes from manufacturer to customer
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After using an attribute list and finding a product, what is the next step to deciding on a business?
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List Pluses and Minuses and interesting, like the Yellow cars
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How can we use the idea of More at bats= better averages with entre?
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the more try's the better, aim for an ordinary innovation
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Whats the 6 steps to Product planning and Development process? EICPTP
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Establish evaluation criteria, Idea stage, concept stage, product development stage, test marketing, product lifecycle?
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Whats the idea stage/
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many ideas are considered which looks best
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Concept stage?
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list of attributes, not 3D, show to customers
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Product development stage?
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3d Prototype, send to customer
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Test marketing
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actual sales
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What are the three stages to product lifestyle?
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Growth, Maturity, and decline
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What is market research?
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a systematic and systemic routine for collecting and analyzing your customers and competitors
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What method is used to analize you or your competotors?
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SWOT strength weakness vs, opportunity and threat
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3 types of patents?
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Utility, design, and plant
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A legally binding document?
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contract
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2 offers contracts?
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verbal or written
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At what point does the contract need to be in writing
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greater than 500$
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What is a consideration contract?
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where something of value for both parties is considered
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The parties involved in a contract must be compitent and are given the right to negociate?
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true
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Formal and systematic formulation of long term plans for managing environmental contingencies?
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strategic plannin
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The set of decisions, actions and reactions that first generate and then exploit over time a new entry
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entrepreneur strategy
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Difference between Resource based view and industrial organization
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resource- the companies performance is based on internal factors, idustrial- the companies performance is based on external
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3 resources for RBV
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rare, inimitable(nonsubsitutable) valuable
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when talking about the window of opportunity, 2 mistakes
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Omission- fail to act when window is open, commission- acted with no window
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First mover=. 3 advantages
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Pioneer, lead time, set industry standard, secured distribution channels
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Rule about pioneer and late movers?
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The advantage of the pioneer is the disadvantage to the later
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3 disadvantages to pioneer
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risks, technological uncertainty, Window of opportunity.
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De facto vs de jure standard?
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Industry standard, vs law
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Trademarks and copy rights are good
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as long as they are in use
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4 ways to extend lead time?
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customer loyalty, switching cost to customer, protect uniqueness, supply access
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2risk reducing strategies
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Market scope= narrow vs. broad, Imitation strategy
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how long are plant and utility patents good for??
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20 yrs
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How long are design patents good for?
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14 yrs
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3 types of operations? which has most personal risk?
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PROPRIetorship, partnership, corp
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Who should prepare the business plan?
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The entrepreneur
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When is the executive summary written?
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after the business plan
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How long is executive summary?
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2-3 pages
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where would competitor analysis, market segmentation, and market forcast go ?
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industry analys
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Description of the venture?
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very detailed description
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wheres mission product, location personnel equipment and history go?
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Description of the venture
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operational plan?
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describes flow of good
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recommendation letters, leases, resumes?
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Appendix
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two kinds of partnerships?
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Limited- the partner is only responsible for his share, and general, everyone is limited equally
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two kinds of corporations?
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regular- Buy/sell stock, S- can only sell stock limited to 75 holders
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LLC advantages 2
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most states don't tax LLC and shared income
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2 managing newness examples, describe
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Core capabilities and core rigidity, The capability is how you solve a problem. business get in trouble when they only stick to one capability, it becomes a rigidity
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what are my core rigidites and capabilities?
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right now I have none
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Whats nature vs. Nurture?
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deals with a persons personal abilities vs their personal experiences
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2 types of knowledge?
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Codified- written down, and tacit- something that must come natural, can't be taught
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A situation in which a person can exploit a NEW business idea that has potential to generate a PROFIT
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Entrepreneurial Opportunity
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whats the triple bottome line?
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social, environmental, or financial
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A conflict between mngmnt and owners?
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Agency problems
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Taking out a loan is
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debt financing
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your losing company stakes when you
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equity finance
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transferability?
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ease at which the business is transferred
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