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iRAT Enterpreneurshi
| Question | Answer |
|---|---|
| entrepreneur | is an individual who, rather than working as an employee, runs a small business and assumes all the risks and rewards of a given business venture, idea, or good or service offered for sale |
| Entrepreneurship | is the pursuit of opportunity beyond resources controlled |
| Innovation | is the process of translating an idea or invention into a good or service that creates value or for which customers will pay |
| Social entrepreneurs | drive social innovation and transformation in various fields including education, health, environment and enterprise development |
| Social entrepreneurship | is about applying practical, innovative and sustainable approaches to benefit society in general, with an emphasis on those who are marginalized and poor. |
| social enterprise/social venture | is an organization that applies commercial strategies to maximize improvements in human and environmental well-being |
| A social enterprise has two goals | to achieve social, cultural, community economic and/or environmental outcomes; and, to earn revenue |
| Commercial entrepreneurship ends with: | “Harvest the venture” (maximizing profit and exiting the venture) |
| Social entrepreneurship ends with: | “Goal attainment” (achieving the social mission) |
| Demand risk | relates to prospective customers’ willingness to adopt the solution envisioned by the entrepreneur. |
| Technology risk | is high when engineering or scientific breakthroughs are required to bring a solution to fruition. |
| Execution risk | relates to the entrepreneur’s ability to attract employees and partners who can implement the venture’s plans. |
| Financing risk | relates to whether external capital will be available on reasonable terms. |
| what are the four factors of Opportunity | 1) pioneering a truly innovative product; 2) devising a new business model; 3) creating a better or cheaper version of an existing product; or 4) targeting an existing product to new sets of customers. |
| 5 Key Principles of Entrepreneurship | Don’t rush profits Wait for the right opportunity — then seize it Invest in people and build the right team Walk your talk Be a self-actualizing visionary |
| Entrepreneurship | Been around for a long time200+ yrsFrench “to undertake” |
| innovation | is seen as a process called Jugaad (alternatively Juggaar). |
| Bill Gates Arianna Huffington Walt Disney Oprah Winfrey Madame C.J. Walker J.K. Rowling | examples of a real entrepreneur |
| Bootstrapping ventures Nonprofits pursuing opportunities with limited resources | examples of entrepreneurship |
| A business venture A nonprofit organization A social enterprise operated by an NPO or FPO | examples of enterprise |
| Jugaad innovation (DIY or innovative thinking) Creating better or cheaper versions of existing products Applying better solutions to meet unmet needs | examples of innovation |
| Richard Branson Oprah Winfrey Mother Teresa | examples of social entrepreneur |
| Turning a dumping ground into a community garden Addressing unmet social needs not met by government or the market Blazer Kitchen at UAB | examples of social entrepreneurship |
| TOMs Shoes Blazer Kitchen | examples of a social enterprise |
| not doing it alone. | Maura Aarons-Mele’s biggest strategy for dealing with the overwhelming parts of entrepreneurship is |
| building support systems and structures | Maura Aarons-Mele emphasizes _______ to counter anxiety and overwhelm—like relying on partners, advisors, and teams, and creating clear processes (spreadsheets, routines, boundaries) so she doesn’t have to carry everything in her head. |
| isolation | Maura Aarons-Mele believes ______ makes anxiety worse |
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