Entrepreneurship Lecture Notes

Flashcards about entrepreneurship.

What is the process of translating an idea or invention into a good or service?

It is the process that creates value or for which customers will pay.

What is entrepreneurship NOT?

A get-rich-quick scheme, easy, or a road to becoming famous.

What is one purpose of establishing strong ethics as a business owner?

To ensure a level of trust between the business and potential customers and partners.

What is the best definition of an entrepreneur?

An individual who creates a new business, bearing most of the risks and enjoying most of the rewards.

What is the best definition of a startup?

A temporary organization that searches for a repeatable and scalable business model.

What is the best definition of a small business?

Started to fill a gap or provide a service, be your own boss.

Name two essential characteristics of successful entrepreneurs.

Passionate and Purpose-Driven

What type of entrepreneur would best describe Dante from Sock Nation?

Social Entrepreneur

Evaluating an entrepreneurial opportunity requires an analysis of what?

Industry & Market Evaluation

Evaluating an entrepreneurial opportunity requires an analysis of the business's goals and fit the staff, opportunity costs of financial stakeholders, and risk-reward tolerance of stakeholders. This analysis is described as what?

Self & Investor Analysis

Which is more measurable: creativity or innovation?

Innovation

What are some ways to foster a culture of creativity and innovation in the workplace?

Encourage risks, tolerate failure, train for and model creativity, and view problems as challenges.

Select the best definition for the Ideation stage of design thinking.

Developing innovative solutions and moving beyond common ideas.

True or False: The Problem Statement, on the Business Model Canvas, is a firm statement and will not change as you research and develop other areas of the business such as Customer Segments.

False

Name three types of Entrepreneur

Hobby Entrepreneur,Climate/Green Entrepreneur, and Generic Entrepreneur

What type of business would best describe Keira's Sustainable Slabs?

Climate/Green Entrepreneur

True or False: The Business Plan and Business Model Canvas are static documents that are written early in the planning phase.

False

True or False: The Business Plan is a visual summary of the business model, often on one page.

False

What is often required by potential investors, lenders, and other financial stakeholders prior to investing money or other assets into the new business venture?

Business Plan

Select all of the following that are NOT part of a Business Model Canvas:

Executive Summary, Advertising Strategy, Profit Analysis

Select all of the following that are NOT part of a formal business plan:

Owner Resume and Individual Credit Report

Which of the following is the primary objective of the early stage entrepreneurial pitch?

All of the options

Early stage startups spend significant time doing the following:

Finding the customer/s and Understanding the problem