1
Q
What is entrepreneurship?
A
A way of thinking and acting that combines creating new opportunities and acting on them
2
Q
What is a startup?
A
A temporary organization in search of a scalable business model
3
Q
What are the features of modern entrepreneur? (6)
A
- Entrepreneurship is a method that requires practice
- Think differently
- Act more than plan
- Aren’t driven purely by profit
- Collaborate more than they compete
- Entrepreneurship is a life skill
4
Q
Why is entrepreneurship a method that requires practice? (3)
A
- Not predictable, cannot be taught as a process
- More self taught
- Embrace uncertainty
5
Q
Why do entrepreneur think differently? (2)
A
- Mindset > characteristics
- Create control
6
Q
How do entrepreneur create control? (4)
A
- Take action to learn
- Collect new and relevant info
- Reduce risk and uncertainty
- Use resources that are available
7
Q
What is the effectuation threory?
A
Entrepreneur start small with what they have rather than what they think they need
8
Q
Why do entrepreneur act more than plan? (2)
A
- Real data & proof > business plan
- Evidence based entrepreneurship > Traditional planning
9
Q
Why are entrepreneur aren’t driven purely by profit?
A
They are almost equally motivated by wealth and impact on society
10
Q
Why are entrepreneur collaborating more than competing? (4)
A
- Building connection is key to business success
- Gives access to external support
- Allows mutual learning
- Fundamental of entrepreneurship
11
Q
Why is entrepreneurship a life skill? (2)
A
- Gives a set a skill that can be applied in other fields
- Help see world through solution-driven opportunity lens
12
Q
What is corporate entrepreneurship? (2)
A
- Employee create product, venture, process
- Corporate venturing invest in startups
13
Q
What are the characteristics of an intrapreneur? (4)
A
- Owner of their work
- Embrace experimentation
- Different level of engagement compared to average employee
- Capacity/desire to change organization from within
14
Q
What is franchising? (2)
A
- Operator buys license from franchisor
- Helps launch a business
15
Q
Buying a small business
A
Buy out existing owner and take over operation
16
Q
What is social entrepreneurship?
A
Process of sourcing innovative solutions to social and environmental problems
17
Q
What is family entreprising?
A
Business managed by family members beyond the founding generation
18
Q
What is serial entrepreneurship? (3)
A
- Starting several businesses
- Not satisfied with just one
- Constantly look for next idea
19
Q
Why is it said that entrepreneurship is a method that requires entrepreneurial thinking?
A
It is traditionally viewed as sequential , nonlinear, unstructured and complex
20
Q
Managerial vs. entrepreneurial thinking (3)
A
- Managers lead corporation
- Entrepreneur lead new ventures
- Ventures needs both of them
21
Q
What are the 7 components of the entrepreneurship model? (7)
A
- Come up with why statements
- Start with means at hand
- Describe idea today
- Identify first or next action
- Enroll stakeholders
- Calculate affordable loss
- Act, learn and build
22
Q
What are the 2 types of mindsets? (2)
A
- Fixed mindset
- Growth mindset
23
Q
What are the characteristics of a fixed mindset? (5)
A
- Talent is set as trait
- Talents are enough to succeed
- Goal: look smart all the time
- Take constructive criticism personally
- Attribute other’s success to luck
24
Q
What are the characteristics of a growth mindset? (5)
A
- Abilities can be developed though hard work
- Talent is that starting point of success
- Enhance qualities through learning
- See failure as an opportunity to improve
- Persevere rather than giving up
25
What is the entrepreneurial mindset
Being able to act on valuable opportunities with incomplete information while being resilient under complex and uncertain conditions
26
What are cognitive strategies?
Ability to identify opportunities, consider the alternatives and take action
27
What is metarecognition
Ability to understand and be aware of how one thinks and the process one uses to think and make decision
28
What is entrepreneurial self-efficacy (ESE)
Belief that entrepreneur have the ability to start new ventures
29
What are indicators of high ESE? (3)
- Put in more efforts
- Persists with ideas
- Persevere with tasks
30
What is a nascent entrepreneur?
Person engaging in startup effort who has not officially started a business (first time entrepreneur)
31
Personal and social values (3)
- Happiness
- Challenge
- Meaning
32
Societal and social values (2)
- QOL improvement
- Environmental benefits
33
Personal and economic value
Personal wealth creation
34
Societal and economic values (2)
- Job creation
- Profit leading to economic growth
35
How do you create value?
With the opportunity to introduce new products/services
36
True of false? Mindset affects how one views the world and how they recognize opportunity
True
37
What is adaptability and resilience (3)
- Capacity to recover from challenge
- Resilience built over time
- Ability to move forward
38
How to do decision making with limited information? (3)
- Believe in what you are doing
- Open yourself to losses
- Take small and quick actions to learn and move forward
39
What is often called that connection between your why statement and your entrepreneurial mindset?
North Star
40
Why is it important to link the why statement to the mindset?
If you understand your purpose, you will have an easier time finding new opportunities and tolerate more ambiguity
41
What is entrepreneurship passion?
Intense positive emotion when engaged in meaningful venture where they are particularly motivated can remain focused on the goal
42
What are the characteristics of a why statement? (4)
- Simple and clear
- Focused on the impact
- Truthful to who you are
- Connects you to all aspects of your life
43
What is a habit loop?
Certain behavior are likely to be repeated because it is related to a rewarded feeling
44
What are the habits to practice for a entrepreneurial mindset? (5)
- Creativity habit
- Improvisation habit
- Fear management habit
- Self-leadership habit
- Reflection habit
45
Creativity habit (3)
- Use knowledge in new ways
- How new opportunities are created
- Better able to sport problem and find new solutions
46
Improvisation habit (3)
- Relevant when uncertainty is high
- Help manage fear
- Use "yes, and" principle
47
Fear management habit (3)
- Caused by insufficient info
- Take action to get more info
- Failure is part of the learning process
48
Self-leadership habit (3 strategies)
- Behavior focused
- Natural reward
- Constructive thought pattern
49
Behavior focused strategy
Increase self awareness to manage behavior
50
Natural reward strategy
Make aspect of a task more enjoyable by focusing on positive aspect and value it holds
51
Constructive thought pattern
Form positive and productive ways of thinking to benefit performance
52
Reflection habit
Reviewing and evaluating experience
53
What is the purpose of social entrepreneurship
Identify societal problem and create solution
54
What is social entrepreneurship
Organization started from social entrepreneurship
55
What is social innovation
Novel primarily social solution to social problem that is more effective than existing ones
56
What are the 5 elements of social innovation
- Social needs
- Innovative elements
- Implementation
- Improvement
- Relationship and collaboration
57
Social value creation (2)
- When solution can be turned into an organization or used inside an organization
- Created when people place value on changes they are experiencing
58
Wicked problem
Complex social problems
59
Types of social entrepreneurship (3)
- For-profit social ventures
- Enterprising nonprofit
- Hybrid social ventures
60
For-profit social ventures
Social objective + financial stability
- Priority to maximizing profits
61
What is shared value
Generating economic value while providing solutions to social and environmental problems
62
Enterprising Nonprofit
- Priority: social objectives
- Sustain through revenue generation
63
4 models of revenue generation
- Customer model
- Employee model
- Product model
- Combined model
64
Customer model
Sell product to specific target group
65
Employee model
Revenue generated by the type of people hired (services)
66
Product model
Monetize a product/service
67
Combined model
Combination of 2+ of the other models
68
Hybrid social ventures
Balance between social objective and financial sustainability
69
Social venture capital (for-profit social venture) (2)
- Investment in social ventures
- Expectation of achieving social/environmental and financial returns
70
Venture philanthropy
Financial support nonprofits so that they can become financially independent
71
Social impact measurement
Measuring social impact from direct activities
72
Theory of change
Explanation of how/why a set of change initiatives is expected to lead to certain outcome
73
Social return on investment (SROI) (3)
- Measure if the benefits outweigh the costs
- Estimated social value / costs
- If >1, greater social return
74
What is opportunity in entrepreneurship (3)
- Potential economic value
- Novelty
- Perceived desirability
75
How to recognize opportunity
Evaluate ideas and identify those with the highest likelihood of success
76
4 dimensions of idea
- Invention
- Innovation
- Improvement
- Irrelevant
77
Invention (3)
- Product or service
- Becomes an innovation if it reaches a market
- Low usefulness, high novelty
78
Innovation (2)
- Product/service that is novel, useful, and valuable
- High usefulness, high novelty
79
Improvement (2)
- Idea that enhance existing products
- High usefulness, low novelty
80
Irrelevant (2)
- Ideas that scores low on both novelty and usefulness
- Low usefulness, low novelty
81
Myth of isolated inventor
- Ideas don't full form into our mind
- Inventions evolves with improvements
82
Idea generation skillset (6)
- Scanning
- Connecting
- Lateral thinking
- Imagining
- Observing
- Collaborating
83
Scanning (3)
- Alertness
- Prior knowledge
- Combination = Ability to scan environment for new opportunities
84
Connecting
Making links between concepts
85
Bisociation
Connecting 2 things that are seemingly unrelated into something new
86
Pattern recognition
Interpret what we are seeing to make better decisions
87
Lateral thinking
Indirect and creative approaches to solve problems (looking at a problem from a different angle)
88
Imagining
Thinking in a way we had not though possible
89
Observing
Looking outward to see the world in a new way
90
Collaborating
Generate idea as a group, do brainstorming
91
4 pathways to opportunity identification
- Find the pathway
- Search the pathway
- Effectuate pathway
- Design pathway
92
Favorable opportunities are those that are... (4)
- Valuable
- Rare
- Costly to imitate
- Fits
93
Find the pathway (3)
- Opportunity exist, needs to be found
- Least complex, most common
- Clear problem, just need to act on potential solutions
94
Search the pathway (2)
- Engage in active search to discover new opportunities
- Use prior knowledge
95
Effectuate pathway (2)
- Create opportunity by overcoming it with what you have
- Take action, see how market respond, recognize patterns
96
Design the pathway (2)
- Focus on unmet needs
- More complex, but more value-creating
97
IDEATE method (6)
- Identify
- Discover
- Enhance
- Anticipate
- Target
- Evaluate
98
Identify (IDEATE) (2)
- Find migraine headache problems (MHP)
- Look at how MHP are solved and see if it can be improved
99
MHP
Significant problem that needs to be solved, which many are willing to pay for a solution
100
Discover (IDEATE) (2)
- Look at problem -rich environment that you are already familiar with
- Look for MHP based on your own experience
101
Enhance (IDEATE)
Adding innovation to existing product/services to make inferior ones better
102
SCAMPER technique (7)
- Substitute
- Combine
- Adapt
- Modify
- Put to other use
- Eliminate
- Reverse
103
Anticipate (IDEATE)
Predict new opportunities from change from unknown futures
104
4 sources of change
- Social/demographic
- Technological
- Political/regulatory
- Market/industry
105
Target (IDEATE)
Better to find a larger customer group
106
Evaluate (IDEATE)
Sort through all new ideas and keep those with potential
107
Challenge moving from idea to opportunity (2)
- Entrepreneurial drive doesn't always translate into entrepreneurial success
- Ability to sustain a business is still very challenging
108
What is design thinking
Human centered problem-solving process focused on identifying people's needs, creating solution and testing them to make them better
109
5 skills of designer that entrepreneur should have
- Observation
- Listening
- Emotional intelligence
- Problem framing
- Problem solving
110
Innovation and valuable solution sits at an intersection of ... (3)
- Desirability - what do people need
- Feasibility - can it be done
- Viability - can we make money
111
What is the human centered approach based on (4)
- Thinking about what people need
- Exploring how people behave
- Asking people what they think
- Empathizing with how people feel
112
Empathy vs sympathy (2)
- Empathy: Experience feeling with another person
- Sympathy: Experiencing feeling for another person
113
Divergent thinking
Expand view of the world to generate as many ideas without restraint
114
Convergent thinking
Narrow down ideas generated from divergent thinking and identify the ones with most potential
115
Design challenge (2)
- Problem that stimulate the start of the design thinking process
- "How might we..."
116
5 phases of design thinking process
- Empathize
- Define
- Ideate
- Prototype
- Test
117
Empathize (Design-thinking process) (2)
- Help wee world through eyes of other people
- Observe people in their environment to identify real needs
118
Latent needs
Needs we have, but don't know we have yet
119
Define (Design-thinking process)
Identify need and uncover problems encountered by users
120
Ideate (Design-thinking process) (3)
- Generating and developing new ideas to address need based on observation from step 1&2
- Work with a diverse group of people with experience that span many discipline
- Use brainstorm
121
Prototype (Design-thinking process) (2)
- Model of product used as prop for feedback from potential users
- Rapid prototype: Quickly created model used to visualize a product/service
122
Test (Design-thinking process)
Getting feedback from potential customer/users
123
Service design thinking
More about journey and experience than consumption or use
124
Principles of service design (5)
- Use-centric
- Co-created
- Sequencing
- Visualizing
- Holistic
125
User-centric (Service design)
Designed to meet customer needs
126
Co-created (Service design)
Collaborative process involving interaction with the users
127
Sequencing (Service design)
Analysis of overall customer journey separated into small process, interaction or touchpoint
128
Visualizing (Service design)
Visual aid to help to focus on each step and create solution to any issues
129
Holistic (Service design)
Look at the complete picture of the process to understand each aspect of the service
ACCO360 Final
flashcards
Decks in class (8)
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