ENT211: Entrepreneurship and Innovation Course Outline

This set of flashcards covers key concepts, definitions, and significant aspects related to the course on Entrepreneurship and Innovation, helping students review essential material for their upcoming exam.

What is the meaning of innovation?

Innovation is the process of creating new ideas, products, services, or methods that bring about significant improvements or solve problems in novel ways.

What are the two primary levels of innovation?

Incremental innovation and Radical (or Disruptive) innovation.

Define Incremental Innovation.

Incremental innovation involves small, continuous improvements to existing products, services, or processes.

What defines Radical Innovation?

Radical innovation refers to breakthroughs that create entirely new products, services, or markets.

What is the difference between invention and innovation?

Invention is the creation of something entirely new, while innovation is the application or improvement of an invention in a new context.

What does the Invention Cycle entail?

The Invention Cycle includes stages like Imagination, Creativity, Invention, Innovation, and Entrepreneurship.

What are some sources of innovation within an organization?

Sources include Organizational Structure, Long Tenure in Management, Slack Resources, and Interunit Communications.

What is Open Innovation?

Open Innovation is a hybrid ideation approach combining internal and external sources for innovation.

What is a Minimum Viable Product (MVP)?

An MVP is a basic version of a product used to test and validate business ideas with minimal resources.

What is the entrepreneurial decision-making process?

It involves identifying opportunities, evaluating risks, conducting market research, and making informed choices.

What constitutes a strong business plan?

Key elements include an Executive Summary, Products and Services, Market Analysis, Marketing Strategy, and Financial Projections.

How can startups effectively secure funding?

Startups can use methods like Personal Savings, Loans, Equity Financing, and Crowdfunding.

What key factors influence the valuation of a startup?

Factors include Market Size, Revenue, Growth Potential, and Competitive Landscape.

What is the role of entrepreneurship in economic development?

Entrepreneurs create jobs, drive innovation, enhance competition, and improve infrastructure.

What are some common challenges faced by startups?

Challenges include securing funding, customer acquisition, market competition, and regulatory compliance.

Define the concept of market feasibility.

Market feasibility assesses whether there is sufficient demand for a product or service and evaluates competition.

What is a Unique Selling Proposition (USP)?

A USP defines what makes a product or service distinct and valuable compared to competitors.

What is the importance of market research for businesses?

Market research provides insights on trends, consumer preferences, and competitive analysis, aiding informed decision-making.

What does the Entrepreneurial Mindset involve?

It includes resilience, adaptability, risk-taking, creativity, and a focus on learning and growth.

What is the impact of innovation in entrepreneurship?

Innovation in entrepreneurship leads to the development of new products, processes, and business models that create value.