Midterms: ELEC
it defines as the one who bares uncertainty; an adventurer and undertaker; an innovator; always searches for a change
entrepreneurs
he said and entrepreneur is the one who bears uncertainty
cantillon
an adventurer; undertaker
french concept
he said, an entrepreneur is an innovator
schumpeter
he said, an entrepreneur always searches for a change
peter ducker
an establishment that supplies products and services in exchange of payment
enterprise
intangible innovation
service
tangible innovation
product
an act or process of organizing and directing a business enterprise
entrepreneurship
he said there are five major dimensions: (1) what are the five major dimensions? (2)
individual
organization
environment
process
institution
(1) albert shapero
the organized efforts of enterprise to supply consumers with good services and products for a profit
nature of business
businesses shares the same purpose:
to earn profit
ex: concernced with population, age structure, geographic distribution, ethnic and income distribution
demographic segment
ex: refers to the nature and direction of the economy
economic segment
ex: the arena in which orgs and interest groups compete for attention, resources and overseeing the body of laws & regulations
political/legal segment
ex: concerned with society's attitude and cultural values
sociocultural segment
ex: the institution and acts invloved with creating new knowledge by technologically changes
technological segment
ex: includes relevent new global markets that creates finite lists of opportunities
global segment
key elements of internal environment
resources capabilities core competencies
economic traits & competitive conditions on how theybare expected to change
industry analysis
S in SWOT ANALYSIS
strength
W in SWOT ANALYSIS
weakness
O in SWOT ANALYSIS
opportunities
T in SWOR ANALYSIS
threat
porter's five forces
threat of new entry
competitive rivalry
buyer power
threat of substitution
power supplies
applying your creativity to come up with a unique idea or solution
innovation
applying innovations to bring ideas into life
entrepreneurship
a significant improvement that aims to sustain the existing products / services in the market
sustaining
a new technology or business that expel the existing market
for example: beeper -> cellphone
typewriter -> laptop
CD / CD players -> netflix
disruptive
transforms industries often to create a new market
radical
gradually continuous of improvements
incremental
a tangible innovation and the most common form of innovation
product innovation
an intangible innovation refers to a new significant improvement skills of serving your customers
service innovation
treated as critical success factor for increased market competitiveness
technology innovation
how a company functions and earns money
business model
includes the traditional marketing (4ps)
marketing innovation
described as the reconfiguration of existing product
architectural innovation
are new practices & technological inventions that aim to meet social meed better
social innovation
a starting line for new idea
idea generation
weighing an idea's pro's and con's
screening
tests the sustainability
experimenting
the process of gaining final acceptance of an innovation
diffusion
the process of setting up the maintenances needed to produce it
implementation
innovative skills of entrepreneurs
embrace opportunity
adept critical thinking
develop empathy for customers
proactively think ahead
continually fortify your idea
become a standout collaborator
adept at building the but in
the sum of total of all individuals
business environment