Coming To Terms Myths T or F? Possibilities & Challenges 10pt 10 pt Famous Entrepreneurs Possibilities & Challenges Planning 10pt 10 pt 10 pt 10pt 10 pt 20 pt 20 pt 20pt 20pt 20 pt 30 pt 30 pt 30 pt 30 pt 30 pt 40 pt 40 pt 40pt 40 pt 40pt 50pt 50 pt 50 pt 50 pt 50 pt
Pursuit of lucrative opportunities By enterprising individuals
What is entrepreneurship?
It has less than 100 employees
What is a small business?
An insider entrepreneur
What is an intrapreneur?
A protected environment where new ideas can hatch
What is a business incubator?
IPO
What is Initial Public Offering?
Anyone can start a business
(lots of prep, talent, planning required) What is FALSE? (lots of prep, talent, planning required)
Entrepreneurs avoid risk
(they manage risk and avoid it as What is TRUE? (they manage risk and avoid it as much as they can)
Entrepreneurs are motivated by realization of their vision more than money
(money is not the driver, but it’s their What is TRUE? (money is not the driver, but it’s their feeling of achievement and thrill of Succeeding)
Any entrepreneur with a good idea can raise venture capital
(less than 3 out of 100 are funded) What is FALSE? (less than 3 out of 100 are funded)
Statistically, you don’t need high SAT scores to become an entrepreneur
(besides IQ, you need creativity, motivation, integrity, leadership, What is TRUE? (besides IQ, you need creativity, motivation, integrity, leadership, and other traits.
Bill Gates
What is Microsoft?
Steve Jobs
What is Apple Computer?
Fred Smith
What is Federal Express?
Phil Knight
What is Nike?
Masaru Ibuka
What is SONY?
Advertising support model, Transaction fee model, Advertising support model, Intermediary model, Affiliate model, Subscription model
money from the Internet? What are 5 ways to make money from the Internet?
Technological discoveries, Demographic changes, Lifestyle and taste changes, Economic dislocations, Calamities, Government initiatives and rule changes
What are categories of opportunity for new innovation?
Common management challenges of innovation (name 3)
Growth creates new challenges, What are: You might not enjoy it, Survival is difficult, Growth creates new challenges, Hard to delegate, Misuse of funds, Poor controls, and Mortality??
A project team designated to build a new, innovative product, originating at Lockheed.
What is skunkworks?
Informal projects that are not officially sanctioned being worked on by employees
What is bootlegging?
Formal planning step that focuses on the entire venture and describes all the elements involved in starting it
What is a business plan?
It describes the good or service, assesses demand, assesses the entrepreneur, and specifies activities and resources
What is an opportunity analysis?
When people judge whether the company is acceptable, A company is considered _________ When people judge whether the company is acceptable, appropriate, desirable, and consistent with societal values
What is legitimate?
Massachusetts, Washington, Maryland, New Jersey, and Connecticut
hospitable states for starting a new and innovative business? What are the most hospitable states for starting a new and innovative business?
A competitive advantage in the form of relationships with other people and the image other people have of you
What is social capital?