Entrepreneurship
The process by which change agents undertake economic risk to innovate—to create new products, processes, and sometimes new organizations
What is entrepreneurship?
The second "I" in the innovation process
What is invention?
An innovation that draws on novel methods or materials, is derived either from an entirely different knowledge base or from a recombination of the existing knowledge bases with a new stream of knowledge
What is a radical innovation?
When there are benefits to being the earliest organization to enter a new market.
What is first mover advantage?
The Netflix innovation that disrupted the cable television industry in 2007
The competitive weapon used by entrepreneurs to exploit opportunities created by change, or to create change themselves
A form of intellectual property, gives the inventor exclusive rights to benefit from commercializing a technology for a specified time period
What is a patent?
A new product in which known components, based on existing technologies, are reconfigured in a novel way to attack new market
What is an architectural innovation?
The shape of the crossing the chasm graph
What is a bell curve?
The decade in which the 2nd industrial revolution characterized by electricty and the creation of the assembly line began
What is the 1870s?
The market opportunity that Rihanna's business Fenty Beauty exploited
A social benefit some suggest will occur due to the advancement of automation and robotics
What is a universal basic income (UBI)?
A firm's resistance to changes in the status quo
What is organizational inertia?
The generic strategy most often used by winners of the shakeout stage
What is cost leadership?
A firm’s embeddedness in a complex network of suppliers, buyers, and complementors, which requires interdependent strategic decision making
What is an innovation ecosystem?
A person who starts multiple businesses
What is a serial entrepreneur?
A network of physical objects, such as airplanes, cars, and refrigerators, that are embedded with software, sensors, and other technology for the purpose of connecting and exchanging data over the internet
What is the internent of things (IoT)?
Invading the market from the bottom up is known as a _____ attack
What is stealth?
The name of the market segment that (on-average) consists of up to 2.5% of the market potential
What is technology enthusiasts?
The typical firm structure during the maturity stage
What is an oligopoly?
Apple's continued innovation in mobile devices and user experience is an example of this provided in the book
What is strategic entrepreneurship?
A business model in which companies can obtain a large part of their revenues by selling a small number of units from among almost unlimited choices.
What is long tail?
Digital photography is an example
The four generic options firms have during the decline stage of the industry life-cycle. (Must get 3 of four correct).
Whate are (1) exit; (2) harvest; (3) maintain; (4) consolidate?
Motorolla Iridium's failed innovation
What is satellite-based telephone system?