Understanding Startup Entrepreneurship
What is a short presentation of your business idea?
Elevator Pitch
What is Small Business entrepreneurship?
Opening a business without turning it into a large conglomerate or opening chains.
What term describes the potential benefits of an investment?
Reward
What leadership style has complete authoritarian control over a team in a work environment?
Autocratic
Where do ideas come from?
A large majority of startup ideas come from personal lives, and in many instances unintentionally.
What is a startup?
Young companies founded to develop a unique product or service, bring it to market and make it irresistible and irreplaceable for customers
What is Large Company entrepreneurship?
This type of entrepreneurship is for advanced professionals who know how to sustain innovation and are often part of a large team of C-level executives.
Approximately how many new startups fail in the first 5 years?
70%
Who is responsible for setting the vision and direction of the company, building a talented and motivated team, and creating a culture that promotes innovation and growth
Leader
How to tell what is or isn’t a good idea?
It is important to initially ask yourself if the idea solves a problem, if there is a market for it, and can you supply it
What is the goal for a startup?
Aims to remedy deficiencies of existing products or create entirely new categories of goods and services.
What is Scalable Startup entrepreneurship?
Aims to become an extremely high growth, profitable company but is only just beginning. This startup model requires external capital and risk in order to create demand and company expansions.
What takes the expected return (reward) on the trade and divide by the amount of capital risked?
Risk-reward ratio
What entrepreneur said "If you're trying to create a company, it's like baking a cake. You have to have all the ingredients in the right proportion."
Elon Musk
Is it smart to copy the ideas of larger companies?
It is not typically a good idea to adapt strategies of larger companies to their own process.
How do start up companies work?
A group of employees work together to create a product that customers will buy
What is Social entrepreneurship?
The process by which individuals, startups and entrepreneurs develop and fund solutions that directly address social issues.
What calculation methodology determines excess returns on an investment?
Alpha-ratio
What leadership position provides direction?
Manager
How do you know when to put an idea into action?
In the end, it is your decision if you want to take action on a business idea, but it is much smarter to have a goal before launching.
How do startups succeed?
While many startups will ultimately fail, not all do. For a startup to succeed, many stars must align and crucial questions be answered.
What is Innovative entrepreneurship?
Innovative entrepreneurs develop business models to identify to meet the needs of an organization and improve their competitiveness in the market.
What are technological factors, economic factors, political and legal factors all examples of?
External factors
How many leadership principles are there?
5
Are there any ideas that are off limits?
Of course, there are ideas that are off limits based on their nature.