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ENTRP 340 - Final
Final Exam
| Question | Answer |
|---|---|
| Social Capital three dimensions | structural, relational, cognitive |
| Structural Dimension (SC) | the types of social ties you may or may not have and the degree to which these ties may be formal or informal |
| Relational Dimension (SC) | degree of trust in relationships |
| Cognitive Dimension (SC) | the norms, visions, values, interpretations, and beliefs you may share with others, which provide a good foundation for working well together toward a common goal |
| Bonds | connections with people who are just like us, such as FAMILY, friends, and others who have a similar cultural background or ethnicity |
| Bridges | Links that go further than simply sharing a sense of identity (connecting with colleagues who may have different backgrounds, cultures, etc.) |
| Linkages | Connections to people or groups regardless of their position in an organization, society or other community |
| 3 advantages to networks | private info, access to diverse skillsets, and power |
| Impression Management | paying conscious attention to the way people perceive you and taking steps to be perceived in the way you want others to see you |
| Self-Selected Stakeholders | the people who "self-select" into a venture in order to connect entrepreneurs with resources in an effort to steer the venture in the right direction |
| Startup Incubator | an organization that helps early stage entrepreneurs refine an idea and help transition from an idea to viable business model |
| Startup Accelerator | an organization that provides tailored support for existing startups that have already built an MVP by helping to scale and grow their business through focused programming designed to accelerate scales and establish a presence in the market |
| Mission | What do we want to achieve? |
| Vision | Core Values + Purpose + Mission |
| Values | What do we believe in? |
| Characteristics of a Great Founding Team | Lead entrepreneur who creates the vision, full belief in the venture, motivation and passion to persevere, inspire team members, make judgments and decisions during difficult times |
| Key Attributes of Founding Team Members | Determination, humility, resilience, work ethic, tenacity, curiosity, commitment |
| Groupthink | a phenomenon in which people share too similar a mindset, which inhibits their ability to spot gaps or errors |
| Revenue Model | a key component of the business model that identifies how the company will earn income and make profits |
| Unit Sales Revenue Model | measures the amount of revenue generated by the number of items (units) sold by a company |
| Advertising Revenue Model | generating revenue by selling advertising for products and services |
| Data Revenue Model | generating revenue by selling high-quality, exclusive, valuable information to other parties |
| Intermediation Revenue Model | methods by which third parties such as brokers (or intermediaries) can generate money |
| Licensing Revenue Model | Earning revenue by giving permission to other parties to use protected intellectual property (patents, copyrights, trademarks) in exchange for fees |
| Franchising Revenue Model | earning revenue by selling franchises of an existing business to allow another party to trade under the name of that business |
| Subscription Revenue Model | Charging customers to gain continuous access to a product or service |
| Professional Revenue Model | earning revenue by providing professional services on a time and materials contract |
| Utility and Usage Revenue Model | a pay-as-you-go model that charges customers fees on the basis of how often goods or services are used |
| Freemium Revenue Model | mixing free (mainly web-based) basic services with premium or upgraded services |
| 4 Revenue Drivers | Customers, Price, Frequency, Selling Process |
| Cost Drivers | COGS and Operating Expense |
| COGS | the direct cost of producing a product |
| Operating Expense | the costs of running your business, including your rent, utilities, administration, marketing/advertising, employee salaries, etc. |
| Income Statement | a financial report that shows revenue, expenses, and profit for a period of time, typically a month, quarter, or year |
| Competition-Led Pricing | a pricing strategy that matches prices to other businesses selling the same or very similar products and services |
| Customer-Led Pricing | asks customers how much they are willing to pay and then offers the product at that price |
| Loss-Leader Pricing | business offers a product or service at a lower price in an attempt to attract more customers |
| Introductory Offer Pricing | encourage people to try a new product by offering it for free or at a heavily discounted price |
| Skimming Pricing | generally used for new products or services that face very little or even no competition |
| Psychological Pricing | intended to encourage customers to buy on the basis of their belief that the product or service is cheaper than it really is ($X.99) |
| Fair Pricing | the degree to which both businesses and customers believe that the pricing is reasonable |
| Bundled Pricing | companies package a set of goods or services together and then sell them for a lower price than if they were to be sold separately |
| Reasons Why Startups Fail | Lack of financing/investors, running out of cash, poor timing |
| Deviance | the entrepreneur defies legal and ethical boundaries leading to mismanagement of the venture |
| Inattention | the entrepreneur gets sidetracked from the core business |
| Lack of Ability | the entrepreneur is overextended and lacks the skillset to get the job done |
| Process Inadequacy | the wrong (or lack of) processes are set up in the organization such that communication breaks down among employees and things begin to fall through the cracks. |
| Uncertainty | the entrepreneur takes unreasonable actions due to a lack of clarity about future events |
| Exploratory Experimentation | the entrepreneur conducts market tests to get early feedback and acquire important learning and info |
| Resilience | the process of overcoming adversity |
| Grit | the quality that enables you to work hard and sustain interest in long-term goals |
| Equity Financing | the sale of shares of stock in exchange for cash |
| Seed-Stage Financing | a stage of financing in which small or modest amounts of capital are provided to entrepreneurs to prove a concept |
| Startup Financing | a stage of financing in which the money is provided to entrepreneurs to enable them to implement the ideas by funding product research and development |
| Early Stage Financing | a stage of financing that involves larger funds provided for companies that have a team in place and a product or service tested or piloted but have little or no revenue |
| Angel Investor | investors who use their own money to provide funds to emerging startups run by entrepreneurs who are neither friends nor family |
| Venture Capitalist | a type of professional investor who generally invests in early stage and emerging companies because of percieved long-term growth potential |
| Accredited investors | earn an annual income of more than $200k or have a net worth of more than $1mil |
| Entrepreneurial Angels | entrepreneurs who have already successfully started and operated their own businesses |
| Corporate Angels | individuals who are usually former business executives looking to use their savings or current income to invest |
| Professional Angels | doctors, lawyers, dentists, accountants, consultants, etc. who use their savings and income to invest in entrepreneurial ventures |
| Enthusiast Angels | independently wealthy retired or semiretired entrepreneurs or executives who often invest their personal capital in startups as a hobby |
| Debt Financing | borrowing money to start a business that is expected to be paid back with interest at a designated point in the future |
| Due Dilligence | a rigorous process carried out to evaluate an investment opportunity prior to a deal being finalized |
| IPO (Initial Public Offering) | a company's first opportunity to sell stocks on the stock market to be purchased by members of the general public |
| Marketing Mix | the combination of product, price, promotion, and placement of what a company is offering |
| 4 Ps | Price, Product, Promotion, Place |
| Entrepreneurial Marketing | set of processes adopted by entrepreneurs based on new and unconventional marketing practices to gain traction and attention in competitive markets |
| SMILE vs SCRATCH | keep or scratch company/product name |
| Influencer Marketing | a type of social media marketing where brands collaborate with influencers to promote products or services |
| Mega or celebrity influencers | 1 mil+ followers |
| Macro influencers | 100k-1mil followers |
| Micro influencers | 10k-100k followers |
| Nano influencers | <10k followers |
| Influencer Marketing Strategy | setting goals, identifying your audience, choosing a type of campaign, finding brand influencers, promoting your campaign, and tracking your success |
Created by:
lexi.welte
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