Chapter 1
What term describes “making do” with the resources you already have to solve a problem?
Bricolage
Entrepreneurial action within an established organization; Capitalizes on individuals who can do things differently and better. This is the definition of what term?
Corporate Entrepreneurship
These are the basic building blocks a business uses to operate, such as money, employees, equipment, or knowledge
Resources
Airbnb's founders made do with air mattresses and spare space instead of waiting for ideal resources. This is called
Bricologe
What do you call someone who starts and runs a business?
Entrepreneur
What process starts with what a person already has and then considers several possible outcomes?
Effectuation
Name one of the four ways organizations act entrepreneurially
New business Venturing, Innovativeness, Self-Renewal, Proactiveness
A business is a new entry when it introduces a new product, service, or venture into this area where customers buy and sell
Market
AI and telehealth both already existed separately, but Doctronic combining the two counts as this type of new entry
A new product in an established market
Where in the world has the most start-up businesses?
The U.S.A BABY
What is the conviction that you can successfully pursue entrepreneurial outcomes called?
Entrepreneurship self-efficacy
Working through and processing some aspect of the loss experience and breaking emotional bonds to the object loss describes what approach to facing negative emotions?
Loss Orientation
This happens when customers are not sure whether a new product or service will actually give them value
Customer uncertainty
The founders' unwavering belief that they'd eventually succeed, even through years of almost no profit, is called?
Entrepreneurial self-efficacy
Which is the best dining hall on campus?
D hall
What are the two types of support networks entrepreneurs can rely on?
Moral-support network and a professional-support network
Independent start-ups end up performing how many times more profitably than new ventures within a corporation
Twice
A company that enters a market before its competitors may gain these benefits, such as building customer loyalty early
First-mover advantages
The AMA publicly opposing AI-made prescription decisions reflects doctors' and patients' distrust of the unfamiliar technology. Name this concept.
Customer uncertainty
What amount of money do most start-up businesses have?
Less than $25,000
What are the three types of gains sustainable entrepreneurship can generate for others?
Economic, Environmental, and Social Gains
Name two of the characteristics that describe an entrepreneurial environment
Organization operates on frontiers of technology, new ideas encouraged, trial and error is encouraged, failures allowed, no opportunity parameters, resources available and accessible, multidiscipline teamwork approach, long time horizon, volunteer program, appropriate reward system, sponsors and champions available, support of top management.
This imitation strategy involves using a franchisor’s already successful business model, such as opening a restaurant chain location
Franchising
If a bigger tech or health company builds a stronger prescribing model once regulations settle, Doctronic risks losing ground to this kind of uncertainty. What is this called?
Technological uncertainty
What type of investment provides capital to startups with high growth potential in exchange for equity?
Venture capital