PHA 305: Entrepreneurship

Helpfulness: 0
Set Details Share
created 2 months ago by brandibyler
9 views
updated 7 weeks ago by brandibyler
show moreless
Page to share:
Embed this setcancel
COPY
code changes based on your size selection
Size:
X
Show:
1

The process by which individuals pursue opportunities w/o regard to resources they currently control

Entrepreneurship

2

True or False: Entrepreneurship processes can be taught and repeated

True

3

What is the end goal of entrepreneurship?

Achieving the vision

4

entrepreneurship involves __________ and ______________

passion and perserverence

5

A way of approaching life to identify problems and turn them into opportunities to improve the situation

Philosophy of life

6

Myths of entrepreneurship

  • Lucky
  • Highly charismatic
  • Greedy
  • Are "born"
7

Characteristics of entrepreneurship

  • Highly motivated
  • Internal locus of control
  • Tolerance for ambiguity
8

What are the 4 types of entrepreneurs?

  • Personal achievers
  • Expert idea generators
  • Super sales people
  • Real managers
9

Name the following type of entrepreneur:

  • Need for feedback
  • Need for achievement
  • Strong commitment
  • Internal locus of control

Personal achiever

10

Name the following type of entrepreneur:

  • Build venture around new products
  • Involved w/ high-tech companies
  • Desire to innovate
  • Intelligence as a source of competitive advantage

Expert Idea Generators

11

Name the following type of entrepreneur:

  • Capacity to understand others, empathize
  • Belief that social processes are important
  • Good at external relationship building
  • Belief in sales force

Super Sales People

12

Name the following type of entrepreneur:

  • Desire to take charge, compete, be decisive, stand out
  • Desire to be corporate leader/power
  • Positive attitude toward authority

Real Managers

13

What is the entrepreneurial process?

  1. Identify opportunity
  2. Develop concept
  3. Determine required resources
  4. Acquire necessary resources
  5. Implement and manage
  6. Harvest the venture
14

When it comes to entrepreneurship, ______________ is key.

Mentorship

15

How does mentorship help in entrepreneurship?

  • helps break down barriers
  • Provides someone to troubleshoot ideas and to give guidance
  • Help shape and mold future opportunities and career growth
16

What are some other things to consider when it comes to entrepreneurship?

  • Intellectual property (IP)
  • Incubators
  • Timing and competition
  • Selling the concept
17
  • Easiest and cheapest way to protect IP (ala $30)
  • Least protection

Copywright

18

True/False: Copywright protects ideas, processes, and methods as well as the form/original work.

False

19
  • More expensive way to protect IP
  • Protects names, brands, logos, and other marketing devices that are distinctive

Trademarks

20
  • Most expensive (and longest process) way to protect IP
  • Highest level of protection

Patents

21

True/False: Patents protect the idea, method, and design of products and business.

True

22

Entity that exists to help get new business started

Incubators

23

True/False: Incubators bring all / many of the necessary areas together to bring ideas to market, and usually take significant equity of the business to get started

True

24

___________ is one of the most important aspects of bringing an idea to market. If the market is not prepared for the idea, it will not reach its full potential

Timing

25

_____________ is generally a positive sign that the market is ready for the concept and can help bring down costs associated w/ doing so.

Competition

26

Gain early rewards of early entry into the market (first/second mover)

First mover

27

Gain advantage bc the first mover has already prepared and educated the market

Second mover

28

To determine the right time, what should you use?

Research, focus groups, forecasting, and competitive analysis

29

Entrepreneurs must be able to quickly communicate the value proposition associated w. the product, service, or business. This is known as __________

Selling the concept

30

What question(s) should an elevator speech answer?

  • What is the benefit?
  • How is the opportunity new and different?
  • What is the reason to believe?
31

When selling the concept, don't focus on ____________ of product/service, focus on ___________________.

features; how it will make buyer's life better