Entrepreneurship Midterm (CH 1, 2, 3, 11)
LECTURE/PowerPoint
1. What is entrepreneurship?: A process of creating value using resources in the pursuit of opportunities
2. What are the two different mindsets?: - Fixed Mindset
- Growth Mindset
3. What are the critical elements to solve for?: - Sales generation
- Profit Margin
- Properly financed
4. Entrepreneurial Mindset: - Take action
- Be curious about the world and how it can be improved
- Be growth oriented
5. Common characteristics of an entrepreneur: - moderate risk taker
- Optimistic disposition
- Tolerant ambiguity
6. What are other considerations?: - Opportunity Cost
- Personal/Career Goals
- Financial Investment
7. What percentage of all US businesses are considered small?: 99.9%
8. Large Organization: - No one person is crucial to the survival of the business.
- Formal structure of HR, operations, policies
- Knowledge is widely dispersed.
- Greater excess resources.
- Can obtain economies of scale
9. Small Organization: - Any business with fewer than 500 employees
- Dependent on individuals.
1/
13
, Entrepreneurship Midterm (CH 1, 2, 3, 11)
LECTURE/PowerPoint
- Concentration of knowledge (more focused)
- Focused on the needs of their customers(respond quickly and efficiently)
- Not burdened with having organizational layers
- Can operate with Lean Start-Up methods
- Limited slack resources
10.Start Up Categories: - High growth
- Entrepreneurial Firms
11.High Growth Firms: - Often well funded by VC or Angel
- Harvest Plan in place
- Organized to grow as fast as possible
- Org structure in place
- Hire experienced leadership
- Multiple operations locations
- Risky operations with growth dependenton exploiting unknowns
- Employ large number of employees
2/
13
LECTURE/PowerPoint
1. What is entrepreneurship?: A process of creating value using resources in the pursuit of opportunities
2. What are the two different mindsets?: - Fixed Mindset
- Growth Mindset
3. What are the critical elements to solve for?: - Sales generation
- Profit Margin
- Properly financed
4. Entrepreneurial Mindset: - Take action
- Be curious about the world and how it can be improved
- Be growth oriented
5. Common characteristics of an entrepreneur: - moderate risk taker
- Optimistic disposition
- Tolerant ambiguity
6. What are other considerations?: - Opportunity Cost
- Personal/Career Goals
- Financial Investment
7. What percentage of all US businesses are considered small?: 99.9%
8. Large Organization: - No one person is crucial to the survival of the business.
- Formal structure of HR, operations, policies
- Knowledge is widely dispersed.
- Greater excess resources.
- Can obtain economies of scale
9. Small Organization: - Any business with fewer than 500 employees
- Dependent on individuals.
1/
13
, Entrepreneurship Midterm (CH 1, 2, 3, 11)
LECTURE/PowerPoint
- Concentration of knowledge (more focused)
- Focused on the needs of their customers(respond quickly and efficiently)
- Not burdened with having organizational layers
- Can operate with Lean Start-Up methods
- Limited slack resources
10.Start Up Categories: - High growth
- Entrepreneurial Firms
11.High Growth Firms: - Often well funded by VC or Angel
- Harvest Plan in place
- Organized to grow as fast as possible
- Org structure in place
- Hire experienced leadership
- Multiple operations locations
- Risky operations with growth dependenton exploiting unknowns
- Employ large number of employees
2/
13
