Starting a New Business - ENTR 2020

Batch 1: 100 fill-in-the-blank flashcards derived from the lecture notes. Each card uses a fill-in-the-blank prompt (term) with the expected answer (definition).

"Don't worry about people stealing your ideas. If your ideas are any good, you'll have to __ down people's throats."

ram them down

Myself – Name: __

Wenlong Yuan

I earned a PhD from __.

Calgary

Research areas include top management team/narcissism; subsidiary/corporate entrepreneurship; and __.

Entrepreneurial failure

Work Experience/Consulting: __

Block heater cable connector

Teaching and style focus on __.

Entrepreneurship

Meditation (Chinese Qigong) appears on Page 3 along with the acronym __.

OBE

The launch day of a startup is like a wedding: everyone shows up, takes photos, congratulates you… and then leaves you to figure out how to __.

make it work

Perception of entrepreneurship: The two questions are, 'What comes to your mind when you hear the word __ or entrepreneur?'

entrepreneurship

Bill Gates is the founder of __.

Microsoft

Bill Gates was born on __ in Washington, United States.

October 28, 1966

What does entrepreneurship mean? Entrepreneurship is a way of thinking that combines the ability to find or create new opportunities with the courage to __ on them.

act

Entrepreneurship is a vehicle for developing skills like finance, social, communication, marketing, problem solving, and __ thinking.

creative

Intrapreneurs think/act entrepreneurially from within and are the __ of their work.

owners

One of the seven components of the Entrepreneurship Model is 'Calculate __ Loss.'

affordable

One of the seven components is to 'Act, learn, __.'

build

Affordable loss includes money, time, reputation, and __.

opportunity cost

Table 1.3 presents the Entrepreneurship process as sequential; Step 2 is to __ a business plan.

write

Step 6 of the sequential entrepreneurship process is to sell the business and retire __ wealth.

independently

The Entrepreneurship Method links entrepreneurial thought to entrepreneurial __.

action

Feature #1: Entrepreneurship is a method that requires __.

practice

Feature #2: Entrepreneurs think __.

differently

Feature #3: Entrepreneurs act more than they __.

plan

Feature #4: Entrepreneurs collaborate more than they __.

compete

Feature #5: Entrepreneurship is a __ skill.

life

Prediction vs Creation discusses the use of creation and __ logics.

prediction

Feature #6: Entrepreneurship is a __ skill.

life

Managerial thinking means leaders run corporations; entrepreneurial thinking leads startups. This is the idea behind vs. thinking.

managerial; entrepreneurial

Seven components of the Entrepreneurship Model include 'Start with means at hand' and 'Describe idea today' and include 'Identify first actions' and 'Enroll __'

stakeholders

A key phrase in the 'Effectuation' framework is to begin with what you know and can access; this is often summarized as 'NEW __'

means

One example of intrapreneurship mentioned is __ at Sony developing the PlayStation inside the company.

Ken Kutaragi

The 'PlayStation inside Sony' example is attributed to __.

Ken Kutaragi

Muhammad Yunus is a microfinance pioneer and Nobel Peace Prize winner; he is associated with __ Bank.

Grameen

Giovanni Ferrero continued the growth of the family’s confectionery empire with brands like Nutella and __.

Ferrero Rocher

Which founder started as a franchisee and later bought out the McDonald’s brothers?

Ray Kroc

The list of entrepreneurship types includes Corporate Entrepreneurship, Intrapreneurs, Franchising, Buying a Small Business, Family Enterprising, Serial Entrepreneurs, and __.

Social Entrepreneurship

Feature #1 in Table 1.1 states that Entrepreneurship is a method that requires __.

practice

Feature #2 states that Entrepreneurs think __.

differently

Feature #3 notes that Entrepreneurs act more than they __.

plan

Feature #4 notes that Entrepreneurs collaborate more than they __.

compete

Feature #5 asserts that Entrepreneurship is a __ skill.

life

The 'U-bend' refers to self-reported well-being over the __ in the U.S.

lifespan

The 'U-bend' graph is sourced from a PNAS paper titled 'A snapshot of the age distribution of psychological well-being in the United States' by __.

Arthur Stone

The Activity 'Where do you locate these entrepreneurs?' asks you to think about sequential processes, acting quickly, and focusing on __.

practice

Callia Flowers is mentioned as an example of an entrepreneur in the show 'Dragons’ Den' on __.

CBC

The seven components of the Entrepreneurship Model include 'Why' and 'Means' and 'Describe Idea' and 'Identify First Actions' and 'Enroll Stakeholders' and 'Calculate Affordable Loss' and '__'

Act, learn, build

Airbnb case study is used to illustrate the importance of testing ideas with users; founder Paul Graham advised meeting users in __ to validate the idea.

New York City

The 'AirBed and Breakfast' concept led to the creation of the __ platform.

Airbnb

Paul Graham's interview highlighted that you should 'meet users'—the suggested number is 20 to 30 hosts in __ city.

New York

The 'Table 1.1 Features of Modern Entrepreneurship' lists 'Entrepreneurs think differently' as Feature __.

2

A 'Legal entity' or 'corporate form' often matters for how a venture can scale; this concept is related to __ entrepreneurship.

corporate

Table 1.3 describes a six-step entrepreneurship process; Step 3 is to 'Get resources and __'

financing

The Babson ET&A Model emphasizes 'Entrepreneurial Thought' and 'Entrepreneurial Action' as a cycle with the 'WHY' and 'HOW' components.

ET&A

'What questions do I need to answer?' is a prompting question within the first actions stage of the Entrepreneurship Model.

actions

Deliberate Practice requires 'continuous feedback on outcomes' and 'setting goals beforehand' and 'self‑observation and self‑reflection' and__.

repetition

The 'Affordable Loss' concept asks what you are truly willing to give up, including money, time, reputation, and __.

opportunity cost

The 'Entrepreneurship: The Practice and Mindset' textbook is published by __.

Sage

The 'Mentions of Airbnb' in the notes illustrate the concept of 'testing the market with real users' and '__' of the business model.

validation

Ken Kutaragi developed the PlayStation inside Sony as a 'side project' before it became a core product; this is an example of __ entrepreneurship.

intrapreneurial

Muhammad Yunus is associated with microfinance and the Nobel Peace Prize; he founded the Grameen __.

Bank

The 'serial entrepreneurs' are defined as those who are 'starting several __' businesses.

different

'Franchising' is defined as an operator buying a license from a __.

franchisor

'Buying a Small Business' means to 'Buy out and take over __' operations.

the

'Family Enterprising' refers to family members who own and manage the business; the note mentions that 'blurred lines' can occur when working with __.

family

The 'Social Entrepreneurship' feature highlights solutions to social problems and alignment with the __.

SDGs

The 'North Star' in the 'My Why' section refers to your high-level __.

vision

The 'Process vs Method' discussion differentiates 'analytical planning' from 'action-based learning' and emphasizes 'Action before __' in some cases.

analysis

Effectuation emphasizes starting with 'means at hand' and asking 'What can I do with what I already have' rather than seeking __ before acting.

resources

'Gmail' was created by Paul Buchheit while working at __.

Google

The 'Google, Facebook, Airbnb' list in the notes highlights companies built through strong __.

networks

Airbnb’s 2008 growth story includes 800 listings and 100 __.

bookings

The term 'intrapreneurs' refers to employees who behave like entrepreneurs 'inside' a __.

corporation

The 'Saved the world, one overpriced tote bag at a time' is a humorous line related to __ entrepreneurship.

social

The 'Book a room anywhere in the world' feature of Airbnb illustrates '__ testing' of a business model.

market

Law/Policy note: 'B Corp' is a type of corporate structure aligned with __ goals.

social

The 'Deliberate Practice' table (1.6) emphasizes that practice must be repeated to produce __ results.

lasting

In the 'Entrepreneurship Process' table, Step 4 is to 'Execute the plan and develop a __.'

strategy

'Enroll Stakeholders' asks you to identify whom you can __ in your idea.

enroll

'Identify first actions' is one of the seven components; the first actions should be __ actions.

initial

The 'Markets' analysis for Curry in a Hurry involves identifying target segments and developing positional concepts for each target segment; this is called 'Develop profiles of resulting __.'

segments

The 'Why' in the ET&A method asks for your high-level __.

vision

The 'To start a venture, you should 'Meet users' and talk to them 'early' to validate assumptions; this advice is attributed to __.

Paul Graham

'Effectuation theory' was developed by S. Dasgupta?

Sarasvathy

The 'Linear progression' of the entrepreneurship process is contrasted with the 'Entrepreneurial Method' that emphasizes 'act, learn, build' rather than lengthy __.

planning

The 'Kor Kutaragi' example is commonly cited as a case of __ entrepreneurship (intrapreneurship).

corporate

'Gmail' creation by Paul Buchheit demonstrates the value of __ experiments.

low-cost

The 'serial entrepreneur' concept means starting several ventures, often seeking the 'next __'.

idea

'Franchising' reduces risk by providing a turnkey operation and ongoing __ payments.

royalties

The 'Family Enterprising' section notes that 'blurred lines' can create both collaboration and __ challenges.

conflict

Entrepreneurship is described as a 'life skill' that can be applied beyond traditional __.

business

One of the quotes on page 17 highlights that 'corporate entrepreneurs' can innovate inside a large company until the 'legal department' __ it.

kills

The 'Grameen Bank' is associated with the concept of __ finance.

micro

The 'first actions' stage asks you to identify immediate steps you can take to move the idea forward; this is part of the __ cycle.

action-learning

The 'Affordable Loss' concept emphasizes that you must consider not only money but also __ and reputation.

time

The 'North Star' concept is often used in entrepreneurship to describe your guiding __.

vision

'Ask for help' and 'Enroll stakeholders' emphasize that entrepreneurship is a __ process.

collaborative

The 'Airbnb' case is used to illustrate how a startup can start with a simple idea and validate it through real-world __.

testing

'The seven components' include 'Why' and 'Means' and 'Describe idea' and 'Identify first actions' and 'Enroll stakeholders' and 'Calculate affordable loss' and '__'.

Act, learn, build

The 'Opportunity identification' step in TABLE 1.3 is followed by 'Write a __'.

business plan

'The Entrepreneurship Method' credits Babson College; the figure shows how 'ENTREPRENEURIAL THOUGHT' leads to 'ENTREPRENEURIAL __'.

ACTION