Week 1
"the opening up of new markets, foreign or domestic the organizational development from the craft shop and factory illustrate the same process of industrial mutation that incessantly revolutionizes the economic structure from within incessantly destroying the old one incessantly creating a new one"
Creative Destruction
Which human trait leads to the most innovation for companies?
Creativity
This term refers to something original, useful, and often makes people say "why didn't anyone think of this sooner?"
What is Innovation?
This type of venture focuses on basic survival and meeting personal financial needs.
Survival Venture
What is startup capital?
Money needed to start a business.
What was one of the first areas of specialization for early entrepreneurs?
Hunting and gathering
Fishing
Cooking
Tool-making
Shelter-building
Clothes-making
"but the more willing you are to ______ ____ ____ after careful reasoning and not pure pressure the more likely you are to rise to the top of any field"
change your mind
According to the 4 P's, this asks: "Who will benefit from the innovation?"
What is population?
This type of venture focuses on basic survival and meeting personal financial needs.
Social Entreprenuership
When revenue is higher than expenses.
What invention helped expand entrepreneurship more than any invention in the future?
Money
"Customers don't buy ideas. Customers buy ____"
Emotions
This type of innovation focuses on what customers actually buy, including new features or products.
What is product innovation?
This type of entrepreneurship focuses on solving social or community problems instead of just making profit.
Lifestyle Venture
What are fixed costs?
Costs that do not change with production levels.
"Entrepreneurs are driven by the desire to address ____ ____, disrupt existing markets, and drive economic growth"
unmet needs
"...taking two unrelated frames of reference and connecting them in a new way"
bisociation
According to the 4P's, this refers to what the solution actually looks like or how it works.
What is prototype?
This type of venture provides steady income, usually stays small, and does not aim for major expansion.
Intrapreneurship
What is the break-even point?
The point where total revenue equals total costs.
Entrepreneurship drives what? (2 possible answers)
Job Creation or economic growth
Procrastination
According to the innovation framework, Behavior enablers, Artifacts, and Nudges are collectively known as ______________.
What are BEANs?
This type of venture seeks rapid, large-scale growth, often uses advanced technology, and may go public or be acquired.
Aggressive Growth Venture
What is a cash flow statement?
A financial statement showing money coming in and going out over time.