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28 Cards in this Set
- Front
- Back
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The process by which individuals pursue opportunities without regard to resources they currently control
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Entrepreneurship
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The conceptualization of entrepreneurship at the firm level.
All firms fall along a conceptual continuum that ranges from highly conservative to highly entrepreneurial |
Corporate Entrepreneurship
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The position of a firm along the conceptual continuum that ranges from highly conservative to highly entrepreneurial
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Entrepreneurial Intensity
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Thee primary reason people become entrepreneurs and start their own firms
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Desire to be their own boss
Desire to pursue their own ideas Financial rewards |
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Four primary characteristics to a successful entrepreneur
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Passion for the business
Product/customer focus Tenacity despite failure Execution intelligence |
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The number one characteristic shared by successful entrepreneurs
Typically stems from the entrepreneur's belief that the business will positively influence people's lives |
Passion for the Business
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Second defining characteristic of successful entrepreneurs
Typically stems from the fact that most entrepreneurs are, at heart, craftspeople |
Product/Customer Focus
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The ability to fashion a solid business idea into a viable business is a key characteristic of successful entrepreneurs
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Execution Intelligence
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Common Myths about Entrepreneurs
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1) Born not Made
2) Gamblers 3) Motivated Primarily by Money 4) Should be young and Energetic |
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Types of Start-Up Firms
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Salary-Substitute Firms
Lifestyle Firms Entrepreneurial Firms |
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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
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Salary-Substitute Firms
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Firms that provide their owner or owners the opportunity to pursue a particular lifestyle, and make a living at it
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Lifestyle Firms
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Firms that bring new products and services to the market by creating and seizing opportunities regardless of the resources they currently control
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Entrepreneurial Firms
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Four steps in Entrepreneurial Process
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Deciding to become and entrepreneur
Developing successful business ideas Moving from an idea to an entrepreneurial firm Managing and growing the entrepreneurial firm |
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Three Sources of Equity Funding
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Venture Capital
Business Angels Initial Public Offerings |
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Individuals who invest their personal capital directly in start-ups
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Business Angels
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Money that is invested by firms in start-ups and small businesses with exceptional growth potential
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Venture Capital
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A company's first sale of stock to the public. When a company goes public, its stock is traded on one of the major stock exchanges.
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Initial Public Offering (IPO)
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Two sources of Debt Financing
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Commercial Banks
SBA Guaranteed Loans |
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A favorable set of circumstances that creates a need for a new product, service or business
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Opportunity
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Four essential qualities to an opportunity
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Attractive
Timely Durable Anchored in a product, service, or business that creates or adds value for its buyer or end user |
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The process of determining whether a business idea is viable.
The preliminary evaluation of a business idea, conducted for the purpose of determining whether the idea is worth pursuing |
Feasibility Analysis
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Four forms of Feasibility Analysis
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Product/Service Feasibility
Industry/Target Market Feasibility Organizational Feasibility Financial Feasibility |
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Scrounge around for information or clues wherever they can be found
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Gumshoe Research
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Short overview of the entire business plan
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Executive Summary
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Describes the industry the business will enter in terms of its size, growth rate, and sales projections
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Industry Analysis
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Breaks the industry into segments and zeros in on the specific segment to which the firm will try to appeal
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Market Analysis
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Any product that is intangible but has value in the marketplace
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Intellectual Property
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