Entreprenörskap

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• Intellectual property - vilken hör inte hemma här? trade screening, patent, copyright, trademark, trade secret
• New entry strategy - which is wrong? new product in a saturated market, new product to an established or new market, established product to a new market, creating a new organization
• The 4 evaluation criteria for Opportunity Recognition are Competition market opportunity, financial factors and production factors
• VRIN-attributes (resources) valuable; rare; imperfectly imitable; non-substitutable, valuable; rare; non-substitutable; technical, rare; imperfectly imitable; unique, innovative
• Entrepreneurial strategy is... a set of decisions, actions and reactions that maximize the benefits of newness and minimize the costs.
• What is a market scope strategy? choice about which customer groups to serve
• Imitation strategies equals.. copying practices from other firms
• which of the following is NOT a reason to grow? customer relationships, Employees, Key customer growth, influence power and survival, capturing economies of scope, capturing economies of scale
• External resources for growth - 1 is wrong Strategic buyouts, Strategic alliances, Joint ventures, Acquisitions, Mergers, Leveraged buyouts, Franchising
• Sources for ideas include consumer, trends R&D and products & services
• Methods: interviewing, create user profiles, looking at existing solutions, creating prototypes, asking 5-why questions, draw mind maps, situational analysis Design thinking
• Three steps of generating ideas are inspiration ideation and implementation
• Which is NOT a restrain for creativity? Viewing play as necessary, Searching for the one “right” answer, Fearing looking foolish Avoiding ambiguity, Becoming over-specialized Constantly being practical Blindly following the rules, Focusing on “being logical”
• Innovation is... a process of translating an idea or invention into a good or service that creates value
• Characteristics of an innovation (not) includes: Can be reactive or radioactive, Degree of novelty: new or change made of existing idea, Satisfy a need, type of innovation (e.g. product, process, service, technology or business model), Can be reactive or proactive, Can be evolutionary or revolutionary
• Represent important assets to the entrepreneur that need to be protected. There are different types of... intellectual property
• Preventing others from making, using or selling a similar idea patent
• Preventing others from making, using or selling a similar idea copyright
• is a distinguishing word, name, or symbol used to identify a product. Trademark
• is the protection against others revealing or disclosing information that could be damaging to business. Trade secret
• What is NOT a reason that startups fail? unsaturated market, run out of cash, no market need, not the right team, competition, pricing, timing, wrong business model, grow to fast, to little focus on the customer
• Entrepreneurship is.. the art of turning an idea into a business
• Which is not a characteristic of entrepreneurship? Desire to manufacture resources, Desire for responsibility, Self-reliance, Preference for moderate risk, Confidence in their abilities, Determination, Future orientation
• Three fields for Entrepreneurship include social entrepreneurship corporate entrepreneurship and sustainable entrepreneurship
• Three types of entrepreneurs include Opportunity entrepreneurs Necessity entrepreneurs and Serial entrepreneurs
• An Entrepreneurial Mindset includes the Ability to rapidly sense, act and mobilize, even under uncertain conditions, to make sense of opportunities Constantly questioning the “dominant logic”, Continuously “rethink” and to revisiting “deceptively simple questions”
• which is the correct order for the Entrepreneurial process? opportunity action and thinking, thinking, opportunity and action, opportunity thinking and action
• The opportunity must represent something new and the individual must recognize and evaluate this situation as a possible opportunity – successful business idea Entrepreneurial opportunity
• Meaning the actually creation of something new Entrepreneurial Action
• Is the individuals mental process to decide whether a signal represents an opportunity worth exploiting Entrepreneurial Thinking
• Entrepreneurial Thinking includes to think structurally, bricolage Cognitively adapt and to effectuate (cake vs looking in the fridge)
• The planning process is important for providing guidance and structure regardless which stage in the planning you are
• The (3) different types of plans are Opportunity assessment plan Product development plan and Business plan
• a written document describing all relevant internal and external elements involved in starting a new venture. Business plan
• A company description does NOT include Commission statement, History of the company, Mission statement, Products/Services, Current status, Legal status and Ownership
• The marketing mix includes pricing distribution and promotion
• What should be included in a financial plan? Income statement Cash flow Balance sheet Break even, Income statement Cash flow Balance bank Break even, Income statement Resources Balance sheet Break even, Income statement Cash flow Balance sheet Cutting point
• What term am I looking for? Characteristics High network individuals • Individual investors • Investment of private capital • Relevant industry knowledge • Active/strategic hands on Business Angels
• Venture capitalists aims to add value take board seats and take observer roles
• high risks in investors do not include: Liability of newness, Liability of smallness • Uncertainty of supply Uncertainty of demand • Competitive uncertainty, Dependence on founder
• High risks for early investors do NOT include Liability of uncertainty, Liability of newness, Liability of smallness, Uncertainty of supply, Uncertainty of demand, Competitive uncertainty, Dependence on founder
• Sources of capital includes bootstrap crowdfunding, personal funding, debt funding, angel funding, accelerators, venture capital

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