Definitions
(First half of semester)
(First half of semester)
What is Entrepreneurship?
Entrepreneurship involves starting and managing a business, taking on financial risks in hopes of profit. It requires creativity, resilience, and innovation, as entrepreneurs identify market needs and develop solutions to meet them.
What is Blue Ocean Strategy?
Blue Ocean Strategy is about creating new markets with minimal competition, focusing on innovation and untapped customer needs.
What Does it Mean to Have Entr. Mindset?
An entrepreneurial mindset involves being proactive, innovative, and risk-tolerant. It includes a drive to create, solve problems, and learn from failures, while constantly seeking growth and embracing challenges.
What was the First Case Study we Ever Looked At?
Invisiwear
What is a Pivot?
A pivot in entrepreneurship is when a business changes its strategy or direction to adapt to new conditions or improve success.
What is a Start Up?
A startup is a newly established business venture, typically characterized by its innovative ideas, scalable business model, and potential for rapid growth.
What is JTBD?
Jobs to be Done (JTBD) is a framework that focuses on understanding what tasks customers need to accomplish and designing products or services to meet those needs.
Why Do We Need JTBD?
Jobs to be Done helps entrepreneurs identify customer needs and create targeted, effective solutions.
When we Watched the EmbraceBabyWarmer TED Talk, What Type of Entr. was This?
Social Entrepreneurship
What is Crowd Sourcing?
Crowdsourcing is when businesses ask a large group of people for ideas, help, or information to achieve their goals.
What is Social Entrepreneurship?
Social entrepreneurship combines business principles with a mission to address social issues, aiming to create sustainable, impactful solutions.
What is Ideate Method?
The Ideate method involves generating many ideas and selecting the best ones for development, fostering innovation.
What are the 4 Types of Entrepreneurship?
Franchising, family business, small business, start up.
Who is the Most Powerful Person in the World? -Steve Jobs
The storyteller
What is the Business Model Canvas?
A visual tool that outlines key aspects of a business. It serves as a blueprint.
What is Mission Drift?
Mission drift occurs when a business shifts focus from its original mission to prioritize profit, often due to financial pressures or growth goals.
What is Lean Startup?
This methodology is about experimenting, getting feedback from customers, and making continuous improvements to the product or service. By learning from these interactions, you can create a sustainable and scalable business model.
What is the Difference Between Causal vs Effective Thinking?
Causal thinking analyzes past events to predict outcomes, while effective thinking focuses on actions to achieve goals.
Who was Muhammad Yunus?
Muhammad Yunus is an economist who founded Grameen Bank and pioneered microfinance. He won the Nobel Peace Prize in 2006 for his work in poverty alleviation.
What are the 5 Dysfunctions of a Team?
Absence of trust, fear of conflict, lack of commitment, avoidance of team accountability, and inattention to results.
What is Creativity?
Creativity in entrepreneurship involves innovating, generating unique ideas, and finding solutions to business challenges.
What is Crowdfundng?
Crowdfunding is a method where entrepreneurs raise money for projects by getting small contributions from many people online. It helps validate ideas and gather support without traditional funding.
What are the 9 Building Blocks of the Business Model Canvas?
Customer segments, value proposition, channels, customer relationships, revenue streams, key resources, key activities, key partnerships, and cost structure.
Which team won the Kitty Hawk Experiment?
Whatever team I was on…
What are the 7 Domains of Attractive Opportunities?
Market attractiveness, market size, competitive landscape, customer needs, industry trends, unique value proposition, and entrepreneurial team