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ENTRP
Final
| Question | Answer |
|---|---|
| entrepreneurship | is a way of thinking, acting, and being that combines the ability to find or create new opportunities with the courage to act on them. |
| entrepreneurial method | results in a body of skillsets with an associated entrepreneurial mindset that—when developed through practice over time—constitutes a toolkit for entrepreneurial action |
| effectuation theory | suggests that entrepreneurs start small with what they have rather than what they think they need |
| corporate entrepreneurship | the process of creating new products, ventures, processes, or renewal within large corporations. |
| intrapreneurs | employees who think and act entrepreneurially within different types of organizations. |
| franchising | a method of distributing products or services involving a franchisor and franchisee |
| social entrepreneurship | defined as the process of sourcing innovative solutions to social and environmental problems. |
| b corp | a form of organization certified by the nonprofit B Lab that ensures that strict standards of social and environmental performance, accountability, and transparency are met |
| entrp method | why statement, start with means at hand, describe idea, identify first/next actions, enroll stakeholders, calculate affordable loss, act learn build |
| entrp thinking | creating something without a concrete set of instructions, ACTION |
| managerial thinking | process, linear view, PLAN |
| in an entrp story the hero is... | the customer |
| mindset has traditionally been described as | established set of attitudes held by someone |
| spontaneously creating something w/o preparation | improvisation |
| seed-stage company value is based on | anticipation of future growth |
| a professional investor who generally invests in early-stage and emerging companies because of percieved long growth | angel investor |
| in class scavenger hunt purpose to | encourage students to rely on trial and error, collaboration and creative thinking when clear solutions are not available |
| babbel enables users to learn language plus info about particular countries... that need are they addressing in CVP | lack of skill |
| skills attributed to entrp using scanning to influence opportunity recognition include | prior knowledge and awareness |
| what phase of the IDEATE method involves expanding a new concept to new application | enhance |
| what is the most common value | economic |
| first step in creating/identifying new opportunities | idea generation |
| what 3 processes are typically gone through before able to identify a new prospective business venture | idea generation, creativity, opportunity recognition |
| brown observing shoppers and dining with them to encourage dialogue to learn more about what they need is an example of | conversations with stakeholders |
| entrp mindset | having the ability to create and identify new opportunities and have the courage to act on them |
| fixed mindset | perceive their talents and abilities as set traits |
| growth mindset | believe their abilities can be developed through dedication, effort and hard work, |
| confirmation bias | the tendency to only use positive information or ignore information that discredits your idea or business |
| resilience | the capacity to withstand and positively recover from life’s challenges - Anticipate failure, manage it, recover quickly, and learn from it |
| habit | an unconscious pattern of behavior that is carried out often and regularly |
| overcoming fear | accept it, identify it, feel it, face it, practice it |
| self-leadership | whereby people can influence and control their own behavior, actions and thinking to achieve self-direction and motivation necessary to build entrepreneurial businesses |
| entrp intelligence | The courage to act on opportunity under varying degrees of unknowingness |
| opportunity | a possibility of generating value through the introduction of unique, novel or desirable products, services and processes that have not been exploited - finding solutions to problems and meeting needs |
| idea | any conception existing in the mind as a result of mental understanding, awareness, or activity |
| invention | high novelty, low usefulness |
| innovation | high novelty, high usefulness |
| improvement | low novelty, high usefulness |
| irrelevant | low novelty, low usefulness |
| scanning ideation | identify opportunities by scanning the environment, alertness, |
| connecting ideation | consciously making links between concepts to create new concepts |
| lateral thinking ideation | uses indirect and creative approaches to solve problems |
| imagining ideation | : imagination based strategies that involve suspending disbelief and dropping constraints in order to create unrealistic ideas |
| observing ideation | : shifting attention outward in order to look at the world in a way you haven’t before |
| collaborating ideation | ideas generated as a group, brainstorming and nominal group technique |
| IDEATE - Identify | identify problems that customers are currently trying to solve |
| IDEATE - discover | search for idea that leverage you passions, experiences, etc |
| IDEATE - enhance | add innovation and novelty to enhance existing products |
| IDEATE - anticipate | change and trends and how they will impact existing markets |
| IDEATE - target | explore target market and identify unmet needs |
| IDEATE - evaluate | select higher quality ideas and avoid confirmation bias |
| pitch | the act of clearly presenting and describing a new venture that includes a call to action |
| design thinking | a tool that focuses on different ways to solve problems to best meet the needs of the people you are designing for |
| empathy - design thinking | essential skill for design thinkers, how and why to solve problems |
| define - design thinking | identify needs and uncover problems – needs = verbs, solutions = nouns |
| ideate - design thinking | brainstorm, generate as many ideas as possible |
| prototype - design thinking | transform ideas into products/actions – rapid protype, not sophisticated |
| test - design thinking | does it work? – early, fast, cheap testing to strengthen ideas and ensure design is meeting user needs |
| AEIOU | activities, environment, interactions, objects, users |
| observation - identifying needs | watch behavior and activities in natural environment; what we see |
| feedback interview | interview after customer purchased a good |
| need-finding interview | peel the onion |
| active listening - identifying needs | golden rule, parroting |
| insight - identifying needs | an interpretation of an observation that provides new understanding of human behavior or attitude that results in the identification of a need; why we see what we see, patterns observed |
| service design thinking | the process of planning and organizing sustainable solutions to enhance the customer experience |
| divergent thinking | thought process that allows us to expand our view of the world without being trapped by traditional problem-solving methods – thinking outside the box, first few states of design thinking process |
| convergent thinking | a thought process that allows us to narrow down the numbers of ideas generated through divergent thinking in an effort to identify which ones have potential – latter stages of process |
| 4 signals of seleable founders | control, certainty, charisma, clarity |
| storytelling | put meaning behind facts, authenticity and passion, emotions |
| conviction | don’t apologize, don’t hedge, don’t hope for approval |
| controlled energy | purposeful pauses, vocal variety, strong posture, eye contact, composure under pressure |
| proof | data, clear reasoning, evidence it could work |
| composure | pause before answering, stay calm, answer directly |
| memorable close | clear call to action, strong statement, confident final sentence |
| experiment | a test to help you learn and answer questions related to the feasibility and viability of your venture |
| paper testing | storyboard – outline your visions and spot mistakes before process goes further |
| advertising | spreading the word about your business and assessing market response |
| task completion-usability test | watch someone use your product to understand what works and what doesn’t |
| rapid prototype | low fidelity - user-driven prototype require user to create the prototype enabling you to better understand their thinking, storyboard |
| preselling | booking orders for product before it has been developed |
| problem solution benefit framework | ensures that the product directly addresses specific, valid user needs, reducing the risk of failure and resources wastage |
| innovation | anything that proposes an alternative to something that is doen in a certain way, brings economic and behavioral benefits, solves problems and makes people daily lives more practical |
| innovators | 2.5% - want to be trend setters, first people to try new idea |
| early adopters | 13.5% - hop on the trend, influential people |
| early majority | 34% - wait a little longer before hopping on the trend |
| late majority | 34% - don't have much of a choice |
| laggards | 16% - never partake in new idea |
| COGS | cost of goods sold - the direct cost of producing a product |
| operating expense | the cost of running the business |
| fixed costs | the cost associated with your business products that must be paid regardless of how much you sell; rent, payroll, equipment |
| variable costs | costs directly related to sales volume of business (fluctuate); shipping/delivery, sales commission, advertising |
| competition led pricing | you copy the prices suggested by your competition |
| customer led pricing | ask customers how much they are willing to pay and then offer your product at that price |
| loss-leader pricing | offering a product or service at a below cost price in an attempt to attract more customers |
| introductory offer pricing | encourage people to try your new product by offering it for free or discounted for a certain number of days |
| skimming | form of high pricing of new products that face little to no competition |
| psychological pricing | encourage customers to buy based on their belief that the product is cheaper than it really is |
| fair pricing | the degree to which both businesses and customers believe that the pricing is reasonable |
| bundle pricing | packaging a set of good together that are sold at a lower price than if they were sold separately |
| unit sales | measure the amount of revenue generated by the number of items sold by a company; physical goods and intangibles |
| advertising | relies on amount of revenue gained through sales of advertising products and services |
| data | when they generate revenue by selling high-quality, exclusive data assets |
| intermediation | the different methods by which third parties can generate money (doordash) |
| licensing | a way of earning revenue by giving permission to other parties to use protected intellectual property in exchange for fees |
| franchising | : the owner of an existing company sells the rights to another party to operate under the nae of that business using preestablished processes and procedures |
| subscription | charging customers to gain continuous access to a product or service |
| professional revenue model | provide professional services on a time and materials contract (lawyers, accoutnants, etc) |
| utility and usage | charge customers fees based on how often goods or services are used – “pay as you go” |
| freemium | : involves mixing free basic services with premium services – spotify |
| CVP | customer value proposition - a statement why a customer should buy your product/service |
| mass market | targets a broad audience with similar needs – “one product fits most”(coca cola) |
| segmented market | target different groups within a larger market (nike, different sports) |
| niche market | focus on very specific, narrow group with unique needs (peloton) |
| multi-sided market | serves two or more distinct customer groups that depend on each other (Airbnb) |
| diversified market | serves completely different customers with unrelated needs (amazon) |
| deviance - failure | occurs when an entrepreneurs defies legal and ethical boundaries leading to mismanagement of the venture |
| inattention - failure | delegating too much too soon, moving on in a new business direction |
| process inadequacy - failure | the wrong processes are set up in the organization, communication breaks down |
| lack of ability - failure | : lack skillset to get the job done, company outgrows founder |
| uncertainty - failure | : lack of clarity abt future events, take unreasonable action |
| exploratory experimentation - failure | : market tests to get early feedback and important information/learning |
| fear of failure | : emotional, cognitive and behavioral reaction to the negative consequences you anticipate for failing to achieve a goal |
| bootstrapping | : the process of building or starting a business with minimal financial resources (do all work yourself, utilize own tools/space) |
| equity financing | : sale of shares of stock in exchange for cash, selling part of business in exchange for cash |
| 3 F's | family, friends, fools ($1,000-100,000) |
| venture capitalist | part of other companies, use other peoples money (500k+), fund early-late stage, strategic support, return on investment |
| angel investor | not friends or family, use their own money (25k-100k), fund seed or early stage, offer advice and guidance, return on investment |
| entrp marketing | - Different from traditional marketing due to lack of money, communication with customers (relational), sole focus on customer connection |
| guerilla marketing | big flashy statement that gets people talking |
| social media marketing | inspire, entertain and build trust |
| building fan base marketing | : influencers have become the most powerful customer engagement strategies |
| branding | the process of creating a name, term, design, symbol that identifies a product or service that differentiates from others |
| brand strategy | a long term plan to develop a successful brand, involves how you plans to communicate your brand messages to customers |
| 7 P's | product, price, place, promotion, people, packaging, positioning |
| grit | persisting through repeated failures and setbacks in pursuit of long term goals |
| 3 characteristics of opportunity | novelty, economic value, and desirability |
| incremental innovation | minor adjustment to an existing product |
| key business model aspects | value, customer and strategy |
| business model canvas | key partners, key activities, key resources, value prop, customer relationships, customer segments, channels, |
| customer vs consumer | customer pays, consumer uses product |
| crossing the chasm | moving from early adopters to early majority |
Created by:
kayleejh0829