EEE 2023- Midterm/Exam 1(Complete)Already Graded A+ Entrepreneurship (academic) - Answer Process by which individuals pursue opportunities without regard to resources currently controlled Venture Capitalist - Answer Art of turning an idea into a business What do entrepreneurs do? - Answer assemble and integrate resources needed to transform an invention or idea into a viable business Four primary Characteristics of successful entrepreneurship - Answer 1. Passion for venture
- Tenacity despite failure
- Customer focus
- Execution intelligence
- Developing successful business ideas
- Moving from an idea to an entrepreneurial firm
- Managing/growing the firm
- Durable
- Timely
- Anchored in a product/business that adds value
- Solving a problem
- Finding gaps in the marketplace
Four steps of the entrepreneurial process - Answer 1. Decision to become an entrepreneur
Four qualities of an opportunity - Answer 1. Attractive
Three ways to identify opportunities - Answer 1. observing trends
Most important trends: - Answer 1. Economic forces
- Social forces
- Technological advances
- Political/regulatory changes
- Cognitive factors
- Social networks
- Creativity
- Incubation
- Insight
- Evaluation
- Elaboration 1 / 2
Characteristics of entrepreneurs - Answer 1. Prior experience
Five steps of creativity - Answer 1. Preparation
EEE 2023- Midterm/Exam 1(Complete)Already Graded A+ Four parts of the feasibility analysis - Answer 1. Product/service feasibility
- Industry feasibility
- Organizational feasibility
- Financial feasibility
- Resources
- Financials
- Operations
- Threat of new entrants
- Rivalry among existing firms
- Bargaining power of suppliers
- Bargaining power of buyers
- Investors/external stakeholders
- / 2
Characteristics of an attractive industry - Answer Young, early in life cycle, fragmented rather than concentrated, growing, not crowded, high operating margins and not dependent on low price raw materials Business model definition - Answer Firm's plan or recipe for how it creates, delivers and captures value for its stakeholders Individual sections of the business model - Answer 1. Core strategy
Market Segment vs. Target market - Answer Target market is a place within a larger market segment that represents a narrow group of customers.Porter's five forces - Answer 1. Threat of substitutes
Audiences for business plans - Answer 1. Firm's employees
Summary business plan - Answer 10-15 pages, works best for new ventures in the early stages of devlopment Full business plan - Answer 25-35 pages, works best for new ventures who are at the point of needing funding. Considered a "blueprint" Operational business plan - Answer 40-100 Pages, meant primarily for an internal audience Nondisclosure agreement - Answer A promise made by an employee to not disclose secrets of a company Non-compete agreement - Answer an agreement that prevents an individual from competing against a former employer for a specific period of time