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Summary Entrepreneurship And Innovation

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A snapshot of the summary - Entrepreneurship and Innovation

  • College 1

    This is a preview. There are 4 more flashcards available for chapter 22/01/2019
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  • What does entrepreneurship involve?
    the processes of recognizing, evaluating, and exploitation of opportunities. the set of individuals who recognize, evaluate, and exploit them
  • What is Entrepreneurial action?
    Action through the creation of new products/processes and/or the entry into new markets, which may occur through a newly created organization or within an established organization
  • What are the 3 benefits of "design thinking"
    Inspiration; what is the problem?
    Ideation; how might we solve the problem?
    Implementation; how can we make it better?
  • College 2

    This is a preview. There are 10 more flashcards available for chapter 23/01/2019
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  • What are Entrepreneurial opportunities?
    Novelty
    Value
    Unmet needs
  • What does PEST stand for?
    PEST analysis  
    Political changes 
    Economic changes
    Social/societal changes
    Technological changes
  • How would you summarize the difference between inventions and innovations?
    Difference is demand
    Invention is about the generation of new ideas for a new product or process
    Innovation is the first commercial exploitation of the idea • Time lag between invention and innovation
  • What causes interest for corporate entrepreneurship
    Desire for responsibility
    Strong need for individual expression and freedom
    Discontent within the structured organization
  • How would you characterize the individuals undertaking entrepreneurial action within organizations?
    know entrepreneurs 
    have high levels of self-efficacy 
    have low fear of failure 
    are able to recognizing startup opportunities
  • College 3

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  • What is the Window of opportunity
    The period of time when the environment is favorable for entrepreneurs to exploit a particular new entry.
  • College 5

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  • What is Bootstrap financing?
    using your own money to get your business off the ground.
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