Entrepreneurship Basic
Explain what is an Intrapreneur?
A person who works for a company but display the characteristics of an entrepreneur.
Unlike entrepreneurs who take risks to grow large enterprises, these business owners usually focus on running secure businesses to generate steady income on a smaller scale.
What is a small business owner?
An observation method used to assess potential where an individual closely observes an entrepreneur's daily duties in action
What is shadowing?
The creation of new products or significant improvements in design, components, materials, or functionality.
What is product innovation?
An ideation technique where a main idea is drawn in the center of a page, connected to related words or phrases by lines.
What is mind mapping?
This process involves starting and building a business, assuming its risks, and receiving personal and financial rewards.
What is Entrepreneurship?
Individuals in an organization responsible for planning, organizing, and controlling the work of others to help make visions a reality
What are Managers?
The type of innovation in the business world that disrupts current markets and creates new opportunities for entrepreneurs
What is disruptive innovation?
A technique used by companies to assess how well existing products meet customers' unknown or unstated needs
What is needs analysis?
What is a short catchy phrase that serves as the company's brand. It symbolize what the company offer, its core message and its identity?
What is a Tagline or Slogan?
This first step of the entrepreneurial process involves identifying potential business opportunities and evaluating them for feasibility and profitability
What is Discovery?
This personality trait of an entrepreneur represents the ability to bounce back from setbacks and keep going.
What is resiience?
The interconnectivity of physical devices over the internet, cited as an emerging trend creating new business opportunities.
What is the Internet of Things?
The creation of new or significantly improved production or delivery methods, such as using drones or RFID tracking.
What is process innovation?
A structured ideation method where two completely unrelated ideas or objects are connected to form a new concept.
What are Forced Associations (or Forced Analogies / Forced Relations)?
This third stage of the entrepreneurial process involves seeking out investors, employees, and capital resources to produce goods or services.
What is Resourcing?
Creating business plans, obtaining funding, staffing, and building a clientele are all duties performed during this phase of a business.
What is starting or launching a business?
U.S. legislative reforms have helped small businesses finance and grow by providing these monetary reductions.
What are Tax Breaks?
Shortening of these forces businesses to continually innovate or create new products before their old ones die out.
What are product life cycles?
logical ideation approach that involves listing a product's characteristics and studying them to find improvements
What is attribute listing?
The final step in the entrepreneurial process where an entrepreneur decides when and how to exit the business.
What is Harvesting?
Unpredictable income, irregular paychecks, and long hours that take a toll on personal life represent these aspects of running a business
What are risks of entrepreneurship?
High-net-worth individuals who provide financial capital to help finance new startup enterprises.
Who are angel investors?
Entering an unfamiliar market or rushing a product to market with little value are examples of these in product development.
What are pitfalls or risks?
A person who manages communications, keeps structure, and leads the discussion during an idea-generation session.
What is a facilitator?